PSI ONLINE EXAMINATION NY INSURANCE PROPERTY
AND CASUALTY PRACTICE TEST
c. 20% - ANSWERS-Which of the following limits of insurance on the dwelling are
available and apply to coverage D-Fair rental value?
a. 10%
b. 15%
c. 20%
d. 25%
c. freezing or road damage - ANSWERS-All of the perils are specifically listed in the
policy as being other than collision losses EXCEPT
a. fire
b. windstorm
c. freezing or road damage
d. malicious mischief or vandalism
a. not driving a car to prevent getting in an accident - ANSWERS-Which of the
following is an example of risk avoidance?
a. not driving a car to prevent getting in an accident
b. providing comprehensive training on how to drive a car
c. making sure a car has airbags before purchasing it
d. purchasing a large amount of automobile insurance
,loss from collision damage - ANSWERS-Which exposure is unique to mobile
homes?
Nonrenewal - ANSWERS-When the policy term ends and either the insured or the
insurance company wants to discontinue coverage which provision is applied?
to state which perils are insured against - ANSWERS-What is the purpose of the
causes of loss form that lists specific exclusions?
c. per occurrence - ANSWERS-For the commercial general liability coverages of
bodily injury, property damage and medical payments, which of the following
limits of insurance apply if the aggregate limit is NOT met?
a. bodily injury
b. medical payments
c. per occurrence
d. property damage
b. driving neighbor's auto - ANSWERS-The insured has a commercial auto policy
with a drive other car broadened coverage liability for named individuals (DOC)
endorsement. In which of the following would the named individual be covered?
a. racing company car
b. driving neighbor's auto
c. any vehicle owned by insured
, d. family member driving company vehicle
b. insurable interest in the property - ANSWERS-Which of the following gives a
mortgagee rights at the time of loss?
a. money to lend for restoration
b. insurable interest in the property
c. may file a proof of loss for insured
d. may pay the premium for insured
d. surety bond - ANSWERS-The state highway department is rebuilding a roadway
and the general contractor winning the bid will be required to purchase a bond
guaranteeing the work will be completed according to specifications and on time.
Which of the following types of bonds will the general contractor need to
purchase?
a. contract bond
b. fidelity bond
c. indemnity bond
d. surety bond
d. labor costs performed at the shop are limited to $25 - ANSWERS-All of the
following are correct for towing and labor costs coverage on the personal auto
policy EXCEPT?
a. settlement is by reimbursement
b. coverage is available by endorsement
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