NY License Pre Test

A person, firm or corporation that, for compensation, acts on behalf of an insurer in investigating and adjusting claims arising under policies issued by an insurer and who performs any duties required by the insurer that are incidental to those claims is known as a/an: 

Motels insured under the BOP may not exceed how many stories?

All of the following statements about HO-8 are correct, EXCEPT:

Who makes a declaratory judgment?

The insured owns a 50 HP fishing boat covered under a watercraft policy for hull insurance. He also carries a homeowner policy. He ties his boat to a tree and goes ashore to camp. The next morning he discovers that his boat is stolen. Which policy would pay the claim?

Coverage E under a farmowner policy covers which of the following?

Brian Hendricks is adequately insured with a Homeowner Policy containing a requirement to carry at least 80% of replacement cost value. If he suffered a partial loss to his dwelling structure he would be able to collect which of the following percentages of loss?

All Homeowner policies provide "Property Removed" coverage for up to how many days?

Which of the following is not considered "covered property" under all homeowner forms?

Before revoking or suspending a license, the Superintendent must first send _____ notice and give the accused an opportunity for a hearing.

A mutual insurance company is:

If a crop insurance policy does not cover loss of the first 10% of a crop's value, but does cover a fixed percentage of any additional loss, the policy is said to be written:

The $1,000 for reasonable expenses incurred to remove property to another location to protect it from flood damage is available on flood insurance:

John has commercial property coverage written on a value reporting form.  The maximum limit of coverage for inventory values is $150,000. The insured has reported an inventory value of $75,000 when the actual value was $100,000.  A $20,000 loss occurs. The insurer will pay: 

In ocean marine insurance, each of the following is considered to be an "implied warranty" EXCEPT:

Which of the following is not an "insured" under homeowner policies?

Diane is fined by the Superintendent for a violation of the insurance law of New York. The fine is not paid within 20 days. What action may the Superintendent take?

In a Homeowner Policy under the additional coverage of glass breakage building glass is:

Losses caused by all of the following are covered under the National Flood Insurance Program, EXCEPT:

An insured is covered under a homeowner policy with the HO-3 form and $500,000 for coverage A. The dwelling is a total fire loss. What is the extra coverage provided by the policy for debris removal if needed?

Which of the following dwelling forms provides broad form coverage for personal property?

If the insured carries a DP-2 dwelling form and insures the dwelling for 80% of its replacement cost value, what will he be paid if his 30 year old roof sustains $10,000 in damages(disregarding any deductible)?

In the property insurance field, a "friendly fire" is one which:

In New York, insurers must maintain records pertaining to claims, rating, underwriting, marketing and other pertinent information for a period of

An insured's television set is damaged while at a repair shop. The interest of the repair shop is not covered because of which of the following clauses?

Instead of revoking an adjuster’s license because of a violation, the Superintendent of Insurance may invoke a penalty of up to ______ for each offense up to an aggregate penalty of ______ for all offenses.

An HO-2 form sets special coverage limits on all of the following items, EXCEPT:

Mary has insured her one-family home under an HO-3 form with a limit of $100,000. What limit is she automatically entitled to for her unattached garage on the premises?

A family takes their 50 horsepower power boat to the lake on a trailer towed behind their personal auto. The pleasure boat is adequately covered under which of the following policies?

Insurers must maintain a complaint record for _________ after all elements of the complaint are resolved and the file is closed

The BOP has limitations on the square footage in regard to eligible risks. What is the maximum square footage a building can contain and still be eligible for the policy?

In New York, if an insured and an insurer cannot agree on the value of a property loss, they each can select an appraiser.  If the appraisers cannot agree, an umpire is selected by:

A New York insurance licensee must advise the insurance department of a change of address within:

On a homeowner policy, Coverage A would include all of the following, EXCEPT

If an insured desires broader coverage than provided under the homeowners program for camera equipment this coverage can be obtained through: 

Before an authorized/non-admitted company can begin selling policies in the state of New York they must:

On an unendorsed special form BOP, how much coverage is there for theft of money & securities?

Which of the following relieves the financial burden on the claimant by making certain payments to the claimant even before the claim is negotiated?

Dan insures a home for adequate limits under a DP-2. If a flood causes $1,000 in damage, what is the maximum the insurer will pay, disregarding deductibles? 

Crop insurance provides coverage for losses to:

In New York no suit or action against the insurer for the recovery of any claim shall be sustainable in any court of law unless all of the requirements of the policy shall have been complied with, unless commenced within ______ months next after inception of the loss.

Medical payments coverage under the farmowners policy covers which of the following?

An adjuster commits an act of insurance fraud addressed by the Federal Insurance Fraud Act. The fraud does not affect the financial stability of the company. What is the maximum time the adjuster may be confined to prison?

Insurers can recoup payments under the Terrorism Risk Act of 2002 (which was  extended in 2007 to expire 12/31/14) by:

Richard Lanham has been advised by the Superintendent of Insurance to cease and desist in the performance of certain infractions of the insurance code. He has had a hearing and been issued a cease and desist order. He continues to violate the cease and desist order. He can be fined a penalty of up to:

How are crop insurance premiums calculated?

The adjuster has uncovered some discrepancies in matters pertaining to a claim. He is unable to contact the insured to discuss these matters. What should the adjuster do?

An innocent party relies on certain statements made by the adjuster and is damaged as a result. The guilty party may be legally prohibited from asserting that the fact does not exist because of:

When can two insurance companies arbitrate a subrogation question?

Joann Larson, an adjuster, has had administrative action taken against her in another jurisdiction. What must she do?