{"id":24018,"date":"2025-01-12T07:14:03","date_gmt":"2025-01-12T07:14:03","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/quiz-time-public-adjuster-compensation-question-for-ny-property-insurance-claims-professionals\/"},"modified":"2025-01-12T07:14:03","modified_gmt":"2025-01-12T07:14:03","slug":"quiz-time-public-adjuster-compensation-question-for-ny-property-insurance-claims-professionals","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=24018","title":{"rendered":"Quiz Time! Public Adjuster Compensation Question for NY Property Insurance Claims Professionals"},"content":{"rendered":"


\n<\/p>\n

\n

\u00a0<\/p>\n

\"\"<\/a><\/div>\n
You’ve just reached a $100K settlement with the named insured’s public adjuster on the building claim under a NY property insurance policy (homeowners, commercial property, etc.) and are about to cut checks.<\/span> <\/span>
<\/span>
<\/span>The policy has a listed mortgagee, the mortgage balance is $100K, and the PA has provided a Regulation 10 (11 NYCRR \u00a7 23.13(d)<\/a>) Direction to Pay Letter signed by your named insured, checking the first, one-check-payable-only-to-the-PA-for-their-10%-fee and one-check-for-the-balance-payable-to-the-NI-and-mortgagee option. The mortgagee has not signed either a PA compensation agreement or a Direction Pay Letter.<\/span>
<\/span>
<\/span>How many checks do you issue, in what amounts and to whom?<\/span>
<\/span>
<\/span>Answer A:<\/span>
<\/span><\/b>Two checks.<\/span>
<\/span>> One check for $90K to the NI and the mortgagee; and<\/span> <\/span>
<\/span>> One check for $10K to the PA.<\/span>
<\/span>
<\/span>Answer B:<\/span>
<\/span><\/b>Two checks.<\/span>
<\/span>> One check for $90K to the NI and the mortgagee; and<\/span> <\/span>
<\/span>> One check for $10K to the PA and the mortgagee.<\/span><\/div>\n

Answer C:<\/b><\/span><\/p>\n

One check for $100K payable to the NI, mortgagee and the PA.<\/span><\/p>\n

What say you?\u00a0 Record your answer in the comments.\u00a0 I’ll then wait a week or so and provide the correct answer with its explanation.\u00a0\u00a0<\/span><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

\u00a0 You’ve just reached a $100K settlement with the named insured’s public adjuster on the building claim under a NY property insurance policy (homeowners, commercial property, etc.) and are about to cut checks. The policy has a listed mortgagee, the mortgage balance is $100K, and the PA has provided a Regulation 10 (11 NYCRR \u00a7 […]<\/p>\n","protected":false},"author":1,"featured_media":24019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[1890,11693,14819,11034,16300,14928,5294,4112,6461,1231],"dealstore":[],"offerexpiration":[],"class_list":["post-24018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-adjuster","tag-claims","tag-compensation","tag-insurance","tag-professionals","tag-property","tag-public","tag-question","tag-quiz","tag-time"],"yoast_head":"\nQuiz Time! 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