NY P&C License Exam - Agents/Brokers With Complete Solution
4 views 0 purchase
Course
NY P&C License Agents/Brokers
Institution
NY P&C License Agents/Brokers
Does HO insurance automatically provide for a detached garage? If so, how much? - ANSWER-Yes, 10% of the Coverage A limit.
Which form includes coverage for Internal Explosion? - ANSWER-This coverage is included on ALL forms.
Subrogation rights do not apply to...? - ANSWER-Physical Damage cove...
NY P&C License Exam - Agents/Brokers With
Complete Solution
Does HO insurance automatically provide for a detached garage? If so, how much? -
ANSWER-Yes, 10% of the Coverage A limit.
Which form includes coverage for Internal Explosion? - ANSWER-This coverage is
included on ALL forms.
Subrogation rights do not apply to...? - ANSWER-Physical Damage coverage
Under the Business Autos coverage form, how are "covered autos" identified? -
ANSWER-"covered autos" are identified by a Symbol in the Declarations of a Business
Autos coverage form.
What is the provision in a health insurance policy that ensures that the insurer cannot
refer to any document that is not contained in the contract? - ANSWER-Entire Contract
Clause
Why don't Commercial Auto Coverage forms automatically include medical payment
coverage? - ANSWER-Usually, any person who would occupy a commercial vehicle
would be covered by a Workers Compensation policy.
How many days does an agent have to notify the Dept. of Insurance of a change of
email address? - ANSWER-30 days.
This peril is NOT covered under a Broad Form Dwelling policy. - ANSWER-Theft
In the event that several insureds become liable because of a single loss, which limit
would apply? - ANSWER-No more than the per occurrence limit would apply, NO matter
how many insureds are involved.
When will Medicare cover nursing home care? - ANSWER-If is is part of the treatment
for a covered illness.
Surplus lines applies to what class of insureds? - ANSWER-High risk individuals
Under a Dwelling Policy, how long does an insured have to bring a lawsuit against an
insurer? - ANSWER-2 years
What is the initial premium calculation based on and who may verify that this is correct
later by performing an audit? - ANSWER-The initial calculation is based on estimated
, payrolls. A premium auditor may inspect actual payrolls paid to ensure that adequate
premiums are being paid.
The Reinstatement of Limit condition states... - ANSWER-That payment of any claim
will NOT reduce the limit of insurance except in case of a total loss on a scheduled item.
Under the Reinstatement of Limit condition, what will happen in the event of a total loss
on a scheduled item? - ANSWER-The insurer will cancel the specific coverage and
refund any unearned premium for the coverage on that item.
How long does an insured with a claims-made CGL have to request in writing claim and
occurrence information from the insurer? - ANSWER-60 days after the policy period
ends. The insurer must provide the information within 45 days.
What is included in the "Definitions" section of a policy? - ANSWER-The Definitions is
the part of the policy that clarifies the terms in the policy.
Standard deductible on a CPP - ANSWER-$500
Coverage F - Unscheduled Farm Personal Property insures all farm personal property
on a _________ basis and is subject to a ___% coinsurance clause. - ANSWER-
Insures all property on a blanket basis and is subject to a 80% coinsurance clause.
The coinsurance provision under Coverage F - Unscheduled Farm Personal Property
excludes $50,000 of property purchased within.... - ANSWER-the last 30 days.
How much will a Homeowners policy pay for a fire dept. service charge? - ANSWER-Up
to $500
The standard deductible on a CPP and the limit a HO policy will pay for fire dept.
service charges are both $500. (T/F) - ANSWER-True
According to BOP Section I, the insurer must notify the mortgage-holder within? -
ANSWER-10 days
Insurance that covers crews of ships. - ANSWER-The Jones Act
Maximum limit that an insurer is required to provide for Supplementary Uninsured
Motorists coverage under a PAP? - ANSWER-$150,000 per person & $200,000 per
accident.
Does "Filing a hold harmless agreement with the Motor Vehicle Dept. satisfy the Proof
of Financial Responsibility requirement? - ANSWER-No. These methods are
established by State Law.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.09. You're not tied to anything after your purchase.
