Rules & Regulations - NY Adjusters

In which section of the policy would you find a warranty?

• endorsements
• the declarations page
• exclusions
• the conditions page

Who covers the cost to get a repair estimate done?

• the public
• the insured
• the insurer
• the dog

When do all adjuster licenses expire?

• June 31 of even numbered years
• December 31st of even numbered years
• December 31 of odd numbered years
• every two years on the adjusters birthday

If an insurer wishes to cancel a commercial policy within the first 60 days, how soon must he notify the policyholder?

• He must notify the insured at least 120 days in advance.
• He must notify the insured at least 10 days in advance.
• He must notify the insured at least 30 days in advance.
• He must notify the insured at least 20 days in advance.

According to New York's cybersecurity requirements, an insurance company must keep records of financial transactions for at least ___, and records of cybersecurity events for at least ___.

• 10 years and 5 years
• 5 years and 3 years
• 5 years and 1 year
• 3 years and 5 years

Which of the following adjusters could get their license revoked or suspended in New York?

• Tammy, a licensed adjuster in New York, hands over some of her unfinished auto claims to Deborah, a NY licensed appraiser.
• Chris, a licensed independent adjuster, takes on a contract to adjust some claims for Public Adjusters, Inc.
• Gary, an independent adjuster, pays his high school aged son to help him adjust some claims.
• Julie, an experienced independent adjuster in New York, hires Krista, a newly licensed independent adjuster, to help her finish adjusting some of her recent claims.

Residual market insurance programs are funded by:

• investment companies.

• private owners.

• surplus lines companies.

• insurers.

Answer explanation

Residual market insurance programs are funded by insurers, who then pass the cost on to their policyholders through higher premiums.

After a settlement amount is agreed upon, an insurer in New York must pay the claim within ____ days.

• 10
• 5
• 15
• 30

Each year, the superintendent appoints two _____________ as committee members to represent those who obtain insurance through the NYAIP.

• consumers who participated in the NYAIP over the past year
• city council members
• licensed agents or brokers
• experienced adjusters

States that allow private insurers to offer workers' comp coverage as an alternative to the state workers’ comp fund are called:

• competitive
• elective
• monopolistic
• compulsory