Exam (elaborations)
New York Personal Lines Final Exam Questions and Answers Latest Updated
- Course
- Institution
New York Personal Lines Final Exam
[Show more]
Content preview
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. - answer The drivers policy would be primary.
Adverse selection is a concept best described as: - answer 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 -
answerMexico
According to the NY motor vehicle financial responsibility law what are the required
limits of liability on auto policies issued in this state? - answer25/50/10
Which of the following examples of losses paid under an HO-3 homeowners policy? -
answerDamage 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? - answerOther-Than-
Collision
Negligence may be defined as - answerThe failure to use reasonable and prudent care
When the direct chain of events resulting from a negligent act causes injury or damage
that act is considered to be - answerA proximate cause
All of the following are major coverages included in the homeowners policy except -
answerLoss of income
Which of the following would be added for coverage under a property policy by an
endorsement? - answerAdditional 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? - answerUp 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 - answerUnoccupied
, If the insured owns a watch valued at $10,000, full coverage can be provided on a
homeowners policy by purchasing the - answerScheduled personal property
endorsement
Which of the following statements is not true regarding a personal umbrella liability
policy? - answerIt provides errors and ommissions coverage for an agency
What is not part of the policy structure? - answerprovisions
Under the personal auto policy, liability for bodily injury resulting from the insureds use
of a nonowned automobile is - answerProvided by the insureds policy on an excess
basis
What is not true regarding physical damage coverage? - answerIts 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 - answerThe fair credit reporting act
Transportation expenses are covered under a personal auto policy - answer$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? - answer$5,000
Which of the following kinds of property would be covered under a dwelling policy? -
answerRowboats
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? - answer60 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 - answerFraud
Which of the following is the correct formula for comparing a loss ratio - answer(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 -
answerScheduled personal property endorsement
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now