Insurance License NY Questions and Answers Graded A
New home buyer S called his agent and told him that he wanted the broadest coverage
available for his new home. Which policy would the agent be most likely to recommend?
A) HO-3
B) HO-5
C) HO-2
D) HO-8 - Answer-B
/.Which of the following best defines a hazard?
A) It eliminates the chance of loss
B) It increases the chance of loss
C) It is a cause of loss
D) It increases the amount of loss - Answer-B
/.Under the Homeowners Forms, Coverage C includes which type of coverage?
A
Other Structures
B
Additional Living Expense
C
Special Damages
D
Contents and Personal Property - Answer-D
/.Under Coverage A of a Dwelling Policy, all of the following are covered, except:
A
Fire or lightning damage to outdoor television antennas
B
Land, including the land on which the dwelling is located
C
Materials for repairing the dwelling, located on the described location
D
Outdoor equipment on the location used to service the dwelling - Answer-B
/.Which of the following definitions is NOT amended by the Miscellaneous Type Vehicle
- New York PP 03 29 Endorsement?
A
Newly Acquired Auto
B
Insured
,C
Miscellaneous Type Vehicle
D
Physical Damage - Answer-D
/.Which federal entity administers the Terrorism Insurance Program created by TRIA?
A
Department of Homeland Security
B
Department of the Treasury
C
NAIC
D
Department of Defense - Answer-B
/.Which of the following is part of the legal responsibility of maintaining an insurance
license?
A
An agent must inform the Superintendent of any change in address within 10 days
B
An agent must inform the Superintendent of any change in address within 60 days
C
An agent must inform the Superintendent of any change in address within 30 days
D
An agent must inform the Superintendent of any change in address within - Answer-C
/.The following coverages are all found under Section I of the Homeowners Policy,
except:
A
Other Structures
B
Personal Injury Liability
C
Personal Property
D
Dwelling - Answer-B
/.Which of the following best describes a liability policy that is written on a primary
basis?
A
It is the policy that pays first with respect to other policies
B
It shares the loss with other policies covering the same loss
C
It provides only basic coverage
, D
It pays only after other insurance covering the same loss is exhausted - Answer-A
/.The rules and procedures to be followed by the insured and the insurer are found in
which section of an insurance policy?
A
Declarations
B
Conditions
C
Insuring Agreement
D
Definitions - Answer-B
/.A peril is defined as which of the following?
A
It is a risk of financial loss
B
It is a condition that may increase a loss
C
It is the specific cause of loss
D
It is an indirect loss - Answer-C
/.Policyholder C's debit card is stolen, and $1,000 is subsequently stolen from his
account. How much will his HO-3 pay for the loss?
A
$1,000
B
$500
C
$250
D
0% - Answer-B
/.Which of the following is true of a Dwelling Form?
A
The Broad Form covers the cost to repair defective plumbing
B
The Basic Form covers the contents on an open perils basis
C
The Basic Form covers the contents against theft
D
The Special Form covers the building and other structures on an open perils basis -
Answer-D
New home buyer S called his agent and told him that he wanted the broadest coverage
available for his new home. Which policy would the agent be most likely to recommend?
A) HO-3
B) HO-5
C) HO-2
D) HO-8 - Answer-B
/.Which of the following best defines a hazard?
A) It eliminates the chance of loss
B) It increases the chance of loss
C) It is a cause of loss
D) It increases the amount of loss - Answer-B
/.Under the Homeowners Forms, Coverage C includes which type of coverage?
A
Other Structures
B
Additional Living Expense
C
Special Damages
D
Contents and Personal Property - Answer-D
/.Under Coverage A of a Dwelling Policy, all of the following are covered, except:
A
Fire or lightning damage to outdoor television antennas
B
Land, including the land on which the dwelling is located
C
Materials for repairing the dwelling, located on the described location
D
Outdoor equipment on the location used to service the dwelling - Answer-B
/.Which of the following definitions is NOT amended by the Miscellaneous Type Vehicle
- New York PP 03 29 Endorsement?
A
Newly Acquired Auto
B
Insured
,C
Miscellaneous Type Vehicle
D
Physical Damage - Answer-D
/.Which federal entity administers the Terrorism Insurance Program created by TRIA?
A
Department of Homeland Security
B
Department of the Treasury
C
NAIC
D
Department of Defense - Answer-B
/.Which of the following is part of the legal responsibility of maintaining an insurance
license?
A
An agent must inform the Superintendent of any change in address within 10 days
B
An agent must inform the Superintendent of any change in address within 60 days
C
An agent must inform the Superintendent of any change in address within 30 days
D
An agent must inform the Superintendent of any change in address within - Answer-C
/.The following coverages are all found under Section I of the Homeowners Policy,
except:
A
Other Structures
B
Personal Injury Liability
C
Personal Property
D
Dwelling - Answer-B
/.Which of the following best describes a liability policy that is written on a primary
basis?
A
It is the policy that pays first with respect to other policies
B
It shares the loss with other policies covering the same loss
C
It provides only basic coverage
, D
It pays only after other insurance covering the same loss is exhausted - Answer-A
/.The rules and procedures to be followed by the insured and the insurer are found in
which section of an insurance policy?
A
Declarations
B
Conditions
C
Insuring Agreement
D
Definitions - Answer-B
/.A peril is defined as which of the following?
A
It is a risk of financial loss
B
It is a condition that may increase a loss
C
It is the specific cause of loss
D
It is an indirect loss - Answer-C
/.Policyholder C's debit card is stolen, and $1,000 is subsequently stolen from his
account. How much will his HO-3 pay for the loss?
A
$1,000
B
$500
C
$250
D
0% - Answer-B
/.Which of the following is true of a Dwelling Form?
A
The Broad Form covers the cost to repair defective plumbing
B
The Basic Form covers the contents on an open perils basis
C
The Basic Form covers the contents against theft
D
The Special Form covers the building and other structures on an open perils basis -
Answer-D
