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NYS License Exam Study Guide with Complete Solutions

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NYS License Exam Study Guide with Complete Solutions Declarations Page - ANSWER-has first named insured Aleatory in nature refers to: - ANSWER-Unequal exchange by two parties First aid costs for others injured on the insured's premises - ANSWER-Are paid in addition to the liability limit. Whi...

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  • November 11, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
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NYS License Exam Study Guide with

Complete Solutions


Declarations Page - ANSWER✔✔-has first named insured


Aleatory in nature refers to: - ANSWER✔✔-Unequal exchange by two parties


First aid costs for others injured on the insured's premises - ANSWER✔✔-Are paid in addition to the

liability limit.


Which of the following actions would be considered an offer? - ANSWER✔✔-An applicant submitting the

application


A homeowner lives in a 150-year-old adobe building that is on the National Register of Historic Places.

The homeowner has HO-8 coverage. If a fire destroys part of the roof, which of the following describes

the insurer's responsibility? - ANSWER✔✔-Partial roof replacement to current code specifications


An agent who solicits and files applications for the sale of life insurance represents - ANSWER✔✔-The

insurer.


Which of the following would be covered under Coverage C - Personal Property of a dwelling policy? -

ANSWER✔✔-Canoes


In which of the following situations would a property be considered unoccupied? - ANSWER✔✔-The

insured went on vacation for a month while the house remained empty.




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, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


Which special liability insurance is designed to protect a business from financial mismanagement claims?

- ANSWER✔✔-Fiduciary liability


The voluntary compensation endorsement in workers compensation coverage provides statutory

coverage for which types of employees? - ANSWER✔✔-Farm workers


All of the following types of property may be covered under Coverage E of a farm policy EXCEPT -

ANSWER✔✔-Growing crops


When the health insurance policy premium is paid monthly, the grace period is - ANSWER✔✔-10 days


Under the Motor Carrier Act of 1980, haulers transporting oil must maintain liability limits of at least -

ANSWER✔✔-$1,000,000


Which of the following is NOT a feature of broad theft coverage under a dwelling policy? - ANSWER✔✔-

It is automatically covered under DP-3 - Special Form.


Which of the following would protect an employer from legal action resulting from a work-related sexual

harassment claim - ANSWER✔✔-Employee practices liability insurance


What insurance principle means something of value that each party gives to the other? - ANSWER✔✔-

Consideration


Over several years, a policyowner paid $10,000 in premiums for his insurance policy. When he suffered a

loss, the insurance company paid out $50,000 in benefits. What characteristic of an insurance contract

does this describe? - ANSWER✔✔-Aleatory


An unidentified hit-and-run driver would be considered an - ANSWER✔✔-Uninsured motorist




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