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New York Personal Lines Final Exam 2024/2025 graded A+
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New York Personal Lines Final Exam 2024/2025 graded A+
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New York Personal Lines Final ExamA passenger is injured while getting into a friends car. Which of the following statements
would apply if both the passenger and the driver had medical payments coverage under the
auto policy. - ANSThe drivers policy would be primary.
Adverse selection is a concept best described as: - ANSRisks with higher probability of loss,
seeking insurances more often than other risks.
An example of an alien insurer doing business in NY is one formed under the laws of -
ANSMexico
According to the NY motor vehicle financial responsibility law what are the required limits of
liability on auto policies issued in this state? - ANS25/50/10
Which of the following examples of losses paid under an HO-3 homeowners policy? -
ANSDamage to the dwelling caused by lava or dust from volcanic eruption.
The insureds car was hit and damaged by a deer. Under which of the following coverages in
a personal auto policy would this loss be paid? - ANSOther-Than- Collision
Negligence may be defined as - ANSThe failure to use reasonable and prudent care
When the direct chain of events resulting from a negligent act causes injury or damage that
act is considered to be - ANSA proximate cause
All of the following are major coverages included in the homeowners policy except -
ANSLoss of income
Which of the following would be added for coverage under a property policy by an
endorsement? - ANSAdditional Insureds
Under the automobile assigned risk plan how much coverage must be provided to the
insured for liability arising out of the death of two persons caused by a single auto accident?
- ANSUp to 100,000$
An insured relocated to another state for work. However, she still owns and insures a house
in this state, but has had no one living in it for 3 months. She is also storing some of furniture
and clothes in the house. From an insurance standpoint, the insured's house is considered -
ANSUnoccupied
If the insured owns a watch valued at $10,000, full coverage can be provided on a
homeowners policy by purchasing the - ANSScheduled personal property endorsement
, Which of the following statements is not true regarding a personal umbrella liability policy? -
ANSIt provides errors and ommissions coverage for an agency
What is not part of the policy structure? - ANSprovisions
Under the personal auto policy, liability for bodily injury resulting from the insureds use of a
nonowned automobile is - ANSProvided by the insureds policy on an excess basis
What is not true regarding physical damage coverage? - ANSIts not true that the limit of
liability is the greater of the actual cash value of the vehicle at the time of loss or the amount
necessary to repair or replace the vehicle.
The law that protects consumers against the circulation of inaccurate or obsolete personal or
financial information is known as - ANSThe fair credit reporting act
Transportation expenses are covered under a personal auto policy - ANS$20 per day for a
max of $600
An insured's roof cost $4,000 when installed 5 years ago. It has been damaged by hail and
must be replaced. The new roof will cost $6,000 at today's prices. If the roof has been
depreciating at $200 per year and his policy is ACV, how much will it pay toward the
insured's new roof? - ANS$5,000
Which of the following kinds of property would be covered under a dwelling policy? -
ANSRowboats
Under the conditions of the dwelling policy within how many days does an insurer have to
pay for a loss once a proof of loss form has been received and an agreement with the
insured as to the amount payable has been reached? - ANS60 days
An insured falsely reports the theft of a valuable item in order to collect payment from the
insurance policy. This is an example of - ANSFraud
Which of the following is the correct formula for comparing a loss ratio - ANS(Incurred loss +
loss adjusting expense)/ earned premium
Which of the following endorsements is used to insure Coverage C (Personal property) for
values beyond the special limits of liability of the homeowners policy - ANSScheduled
personal property endorsement
Which of the following dwelling coverages would provide coverage to a garage not attached
to the primary insured dwelling - ANSCoverage B
What type of coverage is coverage E in homeowners policy? - ANSPersonal Liability
When would uninsured motorist coverage apply? - ANSOnly when the other party is legally
liable but has no insurance
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