CIR- FINAL EXAM, NM ADJUSTERS REVIEW, NY PRACTICE EXAM W/FEEDBACK Q&A

CIR- FINAL EXAM, NM ADJUSTER EXAM, CONTINUED PRACTICE EXAM, PROPERTY CASUALTY, CIR- FINAL EXAM, NM ADJUSTERS REVIEW, NY PRACTICE EXAM W/FEEDBACK, PRACTICE EXAM #3, CIR- FINAL EXAM, INSURANCE ADJUSTER EXAM QUESTIONS , NY PRACTICE EXAM|GUARANTEE PASS|2023-2024|+1260 Q&A

Dragonfly Landscapers has one landscaper and one bookkeeper. The landscaper makes $25/hr, and the bookkeeper makes $15/hr. The landscaper worked 20 hours in 2014, so he made $500. The bookkeeper also worked 20 hours, so she made $300. So Dragonfly's entire payroll for 2014 was $800. Let's say that for every $100 of payroll, the WC rate for landscapers is $50 and the rate for bookkeepers is $5. How much did Dragonfly have to pay in workers compensation premiums for 2014? {{Answer:- 265

Greg works for XYZ Insurance. Part of his daily tasks involve visiting sites, investigating liability, and determining the time and cost of repairs. On occasion, Greg will have to negotiate with claimants as part of his job. Which type of agent is Greg? {{Answer:- Claims Adjuster

Kathryn, a manager at XYZ Distributors, leaves her diamond earrings on her desk in her office. Jordan, an employee at XYZ sees the earrings and takes them when he leaves for the day. Which term best describes what Jordan did? {{Answer:- Larceny

When Shay purposefully caused fire damage to Jim's restaurant, Jim was covered under his commercial property policy. Which policy condition allows Jim's insurer to now attempt to recover those damages from Shay? {{Answer:-

Jane's health insurance policy has a supplemental coverage that pays a flat daily amount if Jane were to be admitted into a hospital. What type of supplemental coverage does Jane have? {{Answer:- Hopsital Indemnity Insurance?

Which of the following is often Coverage B in the Business Owners Policy? {{Answer:- Business Personal Property.

Which of the following people is NOT occupying a vehicle that would qualify as "your covered auto" on the declarations page of his Personal Auto Policy? {{Answer:- Patrick borrows his neighbor's 45,000 pound semi truck to help his neighbor move.

A loss to which of the following items would be covered under Coverage A - Buildings and Structures in a BOP? {{Answer:- Fire and smoke

Lightning

Wind

Hail

Theft

Vandalism... DOES NOT COVER FLOODS OR EARTHQUAKES...also covers... additions , additons under construction, any construction equipment within 100 ft of insured property.. Machinery and equipment inside the building.. maintenance property.

Julie owns the local shopping mall. One day, Julie sees Greg walking through the mall and doesn't like the way he looks, so she forces him to leave the premises. Greg then sues Julie for her actions. This is an example of what type of personal injury ... {{Answer:- Wrongful Eviction.

Everstrong Insurance enters into a surety contract with Homestead Construction, in which Everstrong guarantees that Homestead will finish a new housing development. In order to protect itself from being on the hook for large losses if the construction company fails to complete its contract, Everstrong Insurance turns to a fourth company, the KLM Group, which agrees to indemnify Everstrong Insurance if Homestead Construction fails to complete its contract. In this arrangement, Homestead Construction is the _______, Everstrong Insurance is the _______, and the KLM Group is the _______. {{Answer:- principal; surety; indemnitor

Protects seaman. {{Answer:- The Jones Act

Which of the following would be covered perils under theDP-1 Basic policy form? {{Answer:- Riots or Civil Commotion

African Spice Exporters Inc. brings two shipments of cloves from Zanzibar, Tanzania to the United States each year. When their second shipment of the year is stopped ... {{Answer:- African Spice Exporters Inc. violated the "legality" implied warranty of ocean marine insurance.

Under which circumstances may an insurer cancel a policy after 60 days with sufficient notice? {{Answer:- (2) No notice of cancellation of a policy shall be effective unless it is based on one or more of the following grounds:

(a) Nonpayment of premium.

(b) Material misrepresentation or fraud.

(c) The driver license or motor vehicle registration of the named insured or of any other ?

LMN Insurance and ABC Mortgage have struck a deal where ABC Mortgage requires mortgage clients to purchase homeowners insurance through LMN Insurance. In return, LMN Insurance pays ABC Mortgage $500 for each new policy they refer. In regards to the consumers, these two companies are practicing: {{Answer:-

An economic device used to protect against the risk of realizing unforeseen and extraordinary financial loss is called: {{Answer:- A Peril

Jim has a PAP with liability limits of 25/50/25 and $5,000 in medical payments coverage. Jim causes an accident which leaves him with $7,500 in medical costs and $50,000 in property damage to a parked BMW. How much will Jim be out of pocket in total for all damages occurring in this accident? {{Answer:- 27,500

n a condo association's commercial property policy, which of the following items would be covered by the Condominium Coverage Form? {{Answer:- An elevator in common ground