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New York Personal Lines Final Exam Questions and Answers Latest Updated
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New York Personal Lines Final Exam
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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. - answer The drivers policy would be primary.
Adverse selection is a concept best described as: - answer Risks 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 -
answerMexico
According to the NY motor vehicle financial responsibility law what are the required
limits of liability on auto policies issued in this state? - answer25/50/10
Which of the following examples of losses paid under an HO-3 homeowners policy? -
answerDamage 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? - answerOther-Than-
Collision
Negligence may be defined as - answerThe 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 - answerA proximate cause
All of the following are major coverages included in the homeowners policy except -
answerLoss of income
Which of the following would be added for coverage under a property policy by an
endorsement? - answerAdditional 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? - answerUp 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 - answerUnoccupied
, If the insured owns a watch valued at $10,000, full coverage can be provided on a
homeowners policy by purchasing the - answerScheduled personal property
endorsement
Which of the following statements is not true regarding a personal umbrella liability
policy? - answerIt provides errors and ommissions coverage for an agency
What is not part of the policy structure? - answerprovisions
Under the personal auto policy, liability for bodily injury resulting from the insureds use
of a nonowned automobile is - answerProvided by the insureds policy on an excess
basis
What is not true regarding physical damage coverage? - answerIts 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 - answerThe fair credit reporting act
Transportation expenses are covered under a personal auto policy - answer$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? - answer$5,000
Which of the following kinds of property would be covered under a dwelling policy? -
answerRowboats
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? - answer60 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 - answerFraud
Which of the following is the correct formula for comparing a loss ratio - answer(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 -
answerScheduled personal property endorsement
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