NY 15 Q Test 3

1.

1 point

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

Pay a fine based on the insurance laws of the state

Return her license for suspension or termination

Nothing because the other jurisdiction will apply any appropriate action

Report the final disposition of the matter to the Insurance Superintendent within 30 days

2.

1 point

How are crop insurance premiums calculated?

Number of fields

Number of acres

Number of crops

Per farm

3.

1 point

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

Has an unknown origin and only causes minor damages.

Is intentionally set and remains within its intended limits.

Has an accidental origin but causes no damage.

Is the type of fire covered by fire insurance.

4.

1 point

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:

$10,000.00

$15,000.00

$13,333.00

$20,000.00

5.

1 point

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

3 months

45 days.

10 days

60 days.

6.

1 point

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?

$1,000

$900

$0

$750

7.

1 point

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

Scheduled Personal Property Endorsement.

Increased coverage D.

Increased coverage C.

Increased coverage A.

8.

1 point

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:

With an increasing payment feature.

On a standard basis.

On an excess over basis

With a disappearing deductible.

9.

1 point

Crop insurance provides coverage for losses to:

Farm income because of crop damage or loss of market.

Crop seeds from the moment they are planted.

The marketable portion of growing crops.

Trees, vines, bushes and plants that produce the crop.

10.

1 point

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

Unscheduled personal property

Scheduled real property coverage

Blanket real property coverage

Scheduled personal property

11.

1 point

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

10 years.

6 years

15 years.

5 years

12.

1 point

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?

Put Diane in prison

Add an additional fine

Suspend or revoke her license

Ask her to reapply for a license and double the fees

13.

1 point

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)?

$10,000

$333

$5,000

$8,000

14.

1 point

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:

The Superintendent.

A public adjuster.

A court of law.

The insurance agent

15.

1 point

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?

90%

75%

80%

100%