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NEW YORK PERSONAL LINES FINAL EXAM
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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. - Answers-The drivers policy would be primary.
Adverse selection is a concept best described as: - Answers-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 -
Answers-Mexico
According to the NY motor vehicle financial responsibility law what are the required
limits of liability on auto policies issued in this state? - Answers-25/50/10
When the direct chain of events resulting from a negligent act causes injury or damage
that act is considered to be - Answers-A proximate cause
All of the following are major coverages included in the homeowners policy except -
Answers-Loss of income
Which of the following would be added for coverage under a property policy by an
endorsement? - Answers-Additional 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? - Answers-Up 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 - Answers-Unoccupied
If the insured owns a watch valued at $10,000, full coverage can be provided on a
homeowners policy by purchasing the - Answers-Scheduled personal property
endorsement
Which of the following statements is not true regarding a personal umbrella liability
Which of the following examples of losses paid under an HO-3 homeowners policy? -
Answers-Damage 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? - Answers-Other-Than-
Collision
, Negligence may be defined as - Answers-The failure to use reasonable and prudent
care
policy? - Answers-It provides errors and ommissions coverage for an agency
What is not part of the policy structure? - Answers-provisions
Under the personal auto policy, liability for bodily injury resulting from the insureds use
of a nonowned automobile is - Answers-Provided by the insureds policy on an excess
basis
What is not true regarding physical damage coverage? - Answers-Its 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 - Answers-The fair credit reporting act
Transportation expenses are covered under a personal auto policy - Answers-$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? - Answers-$5,000
Which of the following kinds of property would be covered under a dwelling policy? -
Answers-Rowboats
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? - Answers-60 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 - Answers-Fraud
Which of the following is the correct formula for comparing a loss ratio - Answers-
(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 - Answers-
Scheduled personal property endorsement
Which of the following dwelling coverages would provide coverage to a garage not
attached to the primary insured dwelling - Answers-Coverage B
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