New York Adjuster Exam Questions With 100% Correct Answers 2023

The insured is covered under a BOP policy. Contents coverage is included. If the insured buys a separate piece of machinery and insures it separately, how will the BOP policy respond to a loss to this machinery? The BOP will only pay on an excess basis if the other coverage does not provide adequate limits of coverage. Answer Choices: Select the Correct Answer The equipment policy will be primary and the BOP will be excess if the separate policy does provide adequate limits of coverage. The BOP would be primary and the separate policy would be excess. The BOP policy will not pay since the equipment is separately insured. Both will share in the loss on a pro/rata basis. {Ans: The equipment policy will be primary and the BOP will be excess if the separate policy does provide adequate limits of coverage. is correct.}The giving up of a known right is known as: {Ans: Waiver}If an insured wishes to cover the mobile home while it is being transported from one location to another would: {Ans: Purchase the Mobile Home Transportation Coverage Endorsement on the homeowner policy}If an employer does not qualify to obtain Workers Compensation by self