PSI Online examination NY Insurance Property and Casualty Practice test 100% correct
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Course
PSI NY Insurance Property and C
Institution
PSI NY Insurance Property And C
a. compensate for actual financial losses - ANSWER-Punitive damages are intended to do all of the following except?
a. compensate for actual financial losses.
b. discourage others from doing wrong.
c. discipline the insured.
d. make an example of bad behavior
d. vacant means the absence of p...
PSI Online examination NY Insurance Property
and Casualty Practice test 100% correct
a. compensate for actual financial losses - ANSWER-Punitive damages are intended to
do all of the following except?
a. compensate for actual financial losses.
b. discourage others from doing wrong.
c. discipline the insured.
d. make an example of bad behavior
d. vacant means the absence of people and property - ANSWER-Which of the following
BEST differentiates the terms vacant versus unoccupied?
a. vacant means insured is a way for a period of time
b. vacant means the absence of people
c. unoccupied means absence of people and property
d. vacant means the absence of people and property
c. named perils - ANSWER-Which of the following types of policy BEST describes the
DP-2 broad form policy?
a. all risk
b. expanded
c. named perils
d. open perils
c. premises and operations - ANSWER-Which of the following business liability
exposure does a slip and fall loss fall under?
a. indirect and contingent
b. medical expenses
c. premises and operations
d. retail hazards
b. indirect loss - ANSWER-Which of the following defines a loss which is consequential
and comes as a result of an original loss?
a. direct loss
b. indirect loss
c. partial loss
d. total loss
b. company has the option to repair to pre-loss condition - ANSWER-Which of the
following situations under dwelling policy conditions describe how the insurance
company will settle a loss?
a. pay the full value of a pair of earrings when only one is lost
b. company has the option to repair to pre-loss condition
, c. if loss is covered by other insurance the other insurance pays full loss
d. property is replaced by company at full replacement value at loss
c. insuring your friend's automobile - ANSWER-All of the following are examples of
insurable interest except?
a. insuring your home
b. insuring expensive jewelry
c. insuring your friend's automobile
d. insuring business property you own
c. list the state on the information page for other states' coverage - ANSWER-When an
employer sends employees out of state on work related business, which of the following
must he do to ensure the appropriate workers' compensation coverage?
a. purchase a separate policy for the state in question
b. list the names of the employees sent out of state
c. list the state on the information page for other states' coverage
d. report the work to the insurance company as soon as it is completed
b. HO-4 - ANSWER-Which homeowner form covers fixtures, installations, and
improvements made or acquired at the insured's expense?
a. HO-6
b. HO-4
c. HO-3
d. HO-2
c. loss due to crime - ANSWER-Which of the following would be covered by a
commercial package policy?
a. small to medium sized businesses
b. ocean marine
c. loss due to crime
d. injury to worker on the job
d. warranties - ANSWER-Which of the following are defined as a part of the policy and
can void the policy if they are breached, whether the breach was intentional or
unintentional?
a. material facts
b. representations
c. waivers
d. warranties
d. on the date construction starts above the lowest basement floor if there is a
basement - ANSWER-When does the coverage begin for a builders risk form?
a. the date the policy premium is paid
b. on the date any construction begins
c. on the date construction starts above the highest basement floor if there is a
basement
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