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NEW YORK STATE PROPERTY AND CASUALTY LICENSING EXAM FULLY SOLVED #18
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NEW YORK STATE PROPERTY AND CASUALTY LICENSING EXAM FULLY SOLVED #18
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NEW YORK STATE PROPERTY AND CASUALTY LICENSING EXAMFULLY SOLVED #18
Pro Rata Liability Clause is included in an insurance policy to deal with the problem of -
correct answer Duplicate insurance policies
The purpose of this clause is to illustrate the method to determine each insurer's liability
in case of a loss. Each insurer pays its fair share determined by the percentage that the
carrier's limit bears to the total coverage carried.
Pro rata liability - correct answer If a loss occurs that is covered by more than 1
insurance policy that was purchased by the insured, then each policy pays a portion of
the loss that is proportional to the amount of that policy over the total amount of all
policies for the loss—each policy pays its pro rata share.
What is meant by Res Ipsa Loquitur? - correct answer Res ipsa loquitur means, roughly,
"the thing speaks for itself." Courts developed the concept of Res Ipsa Loquitur to deal
with cases in which the actual negligent act cannot be proved, but it is clear that the
injury was caused by negligence.
What territories are covered by commercial auto insurance? - correct answer The
coverage territory granted in commercial auto insurance is the United States, its
territories and possessions, Puerto Rico and Canada.
What does automobile insurance Supplementary Payments refer to? - correct answer
Payment of defense and other expenses by the insurance company beyond the limits of
liability..
Any expense the insurance company wishes to incur in the processing of a claim is
outside the limits of coverage. The insured is not penalized.
Medical Payments coverage under a Homeowner policy are available for expenses
resulting from an injury to: - correct answer A residence employee..
This could be someone who mows the lawn. However, if a residence employee is
covered under Workers Compensation Coverage then the Medical Payments Coverage
would not apply. Coverage does not apply to the insured or member of the household.
Roomers, boarders and tenants are not covered as well
What does Homeowners - Coverage C exclude? - correct answer The Homeowners
forms exclude certain types of property. Pets are not covered for loss by an insured
peril. The policy also excludes coverage for property that is more specifically insured.
Property of tenants is also excluded.
George Wilson has a personal auto policy. What coverage that would apply when a
deer leaps onto Mr. Wilson's car and causes extensive damage? - correct answer
Comprehensive (other than collision).
Contact with a bird or animal is considered to be an "other than collision" loss.
, Insurance producer - correct answer an insurance agent, insurance broker, reinsurance
intermediary, excess lines broker, or any other person required to be licensed under the
laws of this state to sell, solicit, or negotiate insurance
Home state - correct answer the District of Columbia or any state or territory of the
United States in which an insurance producer maintains his, her or its principal place of
residence or principal place of business and its licensed to act as an insurance producer
Who represents the insurer in an insurance transaction? - correct answer agent
Who do independent adjusters work on behalf of? - correct answer insureds
When do property and casualty agents' licenses expire on? - correct answer their
birthdays
The continuing education requirement in New York requires________ hours of
continuing education every ______. - correct answer 15 ; biennium (specified period of
two years)
State regulation promotes the public welfare by monitoring what aspects of insurer
activities? - correct answer solvency (the ability of a company to meet its long-term
financial obligations.), policy forms, rates
The superintendent of insurance does not have the power to perform what activity? -
correct answer create insurance law
How often does each domestic insurer be examined in detail? - correct answer every
three years
What is the purpose of licensing? - correct answer ensure that the producer meets
educational and ethical standards required to fulfill producer's responsibilities to the
insurer and the public
Set out the requirements, procedures, and fees relating to the qualification, licensure,
and appointment of insurance producers - correct answer licensing regulations
An insurance agent, insurance broker, reinsurance intermediary, excess lines broker, or
any other person required to be licensed under the laws of this state to sell, solicit or
negotiate insurance - correct answer insurance producer
Any state, district, or territory of the united states in which an insurance producer
maintains his/ her principal place of residence or principal place of business, and is
licensed to act as an insurance producer - correct answer home state
The act of directly conferring with or offering advice to a purchaser or prospective
purchaser of a particular insurance contract concerning any of the substantive benefits,
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