New York USAA Exam Review With 100% Correct Answers

New York USAA Exam Review With 100% Correct Answers Watercraft liability, medical expenses and uninsured boaters are coverages provided under which of the following policies? I. Watercraft. II. Homeowners. III. Mariners. - answerI only is correct. Explanation: Watercraft policies are designed to cover boats used primarily on fresh water streams and lakes. It is a package policy providing several coverages including hull, motor and trailer coverage along with liability coverage. Under the New York cybersecurity regulation each covered entity, including insurance companies, must submit a written statement by _____ of each year certifying that it is in compliance. - answerFebruary 15 is correct. EXPLANATION: Each covered entity must annually, by February 15, submit a written statement covering the prior calendar year certifying that it is in compliance with the cybersecurity regulation Mr. Jones has injured Susan Miller in an auto accident. Susan has sustained medical expenses, loss of wages, and the loss of use of her vehicle. These types of expenses are known as: - answerSpecial Damages.. EXPLANATION: These are called "special damages" and involve expenses where the costs are known or can easily be determined. Which of the following statements regarding aircraft insurance is incorrect? - answerThe hull physical damage coverage is written with a flat deductible.. EXPLANATION: Aviation hull coverage is usually expressed as a percentage of the value of the aircraft All the following are exclusions under a DP-2, dwelling form, EXCEPT: - answerTornado. . EXPLANATION: Flood, earthquake and mudslides are excluded perils. Coverage for flood and mudslides can be covered by purchasing a separate flood policy. Earthquake coverage can be purchased separately. Tornados are covered by the wind peril. A manufacturing company is sending two U.S. employees to Russia to discuss their products and visit a Russian plant. They have volunteered for the trip. What coverage would be needed for injuries they may occur in a work-related accident while abroad? - answerAdd the Foreign Coverage Endorsement to the company's workers compensation policy. is correct. EXPLANATION: The Foreign Coverage Endorsement should be added to the company's workers compensation policy. However, this endorsement applies for a period of no longer than 90 days. Equipment Breakdown coverage does not apply to which of the following losses? - answerVandals have destroyed a boiler is correct. EXPLANATION: Coverage does not apply to loss outside the equipment (often referred to as the insured object or objects). An explosion outside the equipment is not covered whereas an explosion inside the equipment is covered. The insured, who is a chair manufacturer, produced a new line of lift chairs with electric heat and massage for people who are disabled. After the chairs had been on the market for several months, it was discovered that the control panel had been designed with a glitch in it that could be powerful enough to cause injury. The chairs were withdrawn from the market. The retailer who had purchased the chairs lost a great deal of money because of the recall. Under what circumstances, if any, will the insured's commercial umbrella liability policy cover those losses? - answerThe correct answer is: Under no circumstances.. EXPLANATION: Product recall is excluded in the policy for product liability. All recall costs must be absorbed by the insured. All New York licensees that have a change of address, either business or residence, must notify the Superintendent of Insurance within: - answerwithin 30 days. is correct. EXPLANATION: The licensee must notify the Superintendent of an address change within 30 days of the change. The common abbreviation "ABG" used in medical reports means: - answerArterial blood gas. is correct. EXPLANATION: ABG stands for arterial blood gas. Ocean marine coverage for losses to the insured vessel caused by bursting boilers, latent defects in the vessel and negligence of the master or crew members are addressed by which of the following? - answerThe Inchmaree clause. . EXPLANATION: Inchmaree was a steam ship that suffered a machinery loss that was not covered. A lawsuit followed, and future policies offered this coverage under what is commonly referred to as the Inchmaree clause. When a homeowners policy has been in effect for 60 days in New York, an insurer can cancel at anytime for any of the following reasons, EXCEPT: - answerA large loss has occurred Which of the following are to be included in a loss report completed by the workers compensation adjuster? - answerall of the responses are correct: time & place, nature of injury and the policy term Which of the following is eligible for a businessowners policy? - answerA six story office building. Explanation: A six story office building would be eligible for a BOP provided the square footage does not exceed 100,000. The BOP is designed for certain types of risks. The number of stories is a factor and also the square footage of a risk is also a factor in eligibility. Bridges and tunnels may be insured under: - answerInland marine forms Which of the following would not be considered a "first party" coverage under the personal auto policy? - answerLiability is considered to be "third party coverage." The other coverages pay the insured (the first party) to the policy. Under a Homeowner Policy (HO-5), if the insured carries 80% to value, what does Replacement Cost Coverage NOT apply to? - answerContents Explana