NY Accident and Health Insurance Agent/broker 17-52 Final Exam Questions &
Correct Answers | 100% Verified | A+ Grade.
Q: All of the following are tax-qualified retirement plans EXCEPT:
(a) Section 529 Plan
(b) SEP
(c) Keogh
(d) 401(k) - Correct Ans✓✓ (a) Section 529 Plan
Q: All of the following are True for the hired auto liability policy EXCEPT:
(a) vehicles borrowed from an executive officer are not considered hired
(b) leased or borrowed vehicles are considered hired
(c) the endorsement is available with other commercial auto insurance
(d) personal injury or property damage by employees is included - Correct Ans✓✓ (c) the endorsement is
available with other commercial auto insurance.
Q: When an employer sends employees out of state on work related business, which of the following must he
do to ensure the appropriate worker's compensation coverage? - Correct Ans✓✓ list the state on the
information page for other states' coverage
Q: In a Surety Bond, the principal is the person who... - Correct Ans✓✓ performs certain acts under the
contract
Q: All of the following are correct for excess lines carriers EXCEPT:
(a) they offer better contracts at lower rates
(b) they are not authorized insurers
(c) they do not have a Certificate of Authority
(d) they must follow insurance laws of state - Correct Ans✓✓ (a) they offer better contracts at lower rates
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, Q: All of the following situations represent additional personal liability exposures that can be met with an
umbrella policy EXCEPT:
(a) any gaps in personal line policies
(b) travel outside of policy territories
(c) losses or liabilities in excess of policy limits
(d) liability arising out of business pursuits - Correct Ans✓✓ (d) liability arising out of business pursuits
Q: When an agent tries to convince a policyholder to replace an existing policy to buy another one, what are
they practicing? - Correct Ans✓✓ Misrepresentation
Q: What is the function of the Terrorism Risk Insurance Act of 2002? - Correct Ans✓✓ It limits the exposure of
individual insurers and the insurance industry as a whole.
Q: What does a misrepresentation that could void a policy involve? - Correct Ans✓✓ Information that may
change the insurer's interest in issuing the policy if known at the time of the application.
Q: The No Benefit to Bailee Condition in a Property Policy states that... - Correct Ans✓✓ The bailee is not
covered under the policy while the bailee has possession of the insureds property.
Q: True of False: Someone's 17-year-old daughter who just got her permit would be considered a Named
Insured under a PAP? - Correct Ans✓✓ False - but a resident spouse would be considered a Named Insured, for
example.
Q: Of the following types of construction, which would NOT be subject to functional replacement cost basis:
Ornate, modern, antique, or custom. - Correct Ans✓✓ Modern
Q: Financial loss caused by a home being damaged in a windstorm is considered as what type of loss? - Correct
Ans✓✓ Direct loss
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Correct Answers | 100% Verified | A+ Grade.
Q: All of the following are tax-qualified retirement plans EXCEPT:
(a) Section 529 Plan
(b) SEP
(c) Keogh
(d) 401(k) - Correct Ans✓✓ (a) Section 529 Plan
Q: All of the following are True for the hired auto liability policy EXCEPT:
(a) vehicles borrowed from an executive officer are not considered hired
(b) leased or borrowed vehicles are considered hired
(c) the endorsement is available with other commercial auto insurance
(d) personal injury or property damage by employees is included - Correct Ans✓✓ (c) the endorsement is
available with other commercial auto insurance.
Q: When an employer sends employees out of state on work related business, which of the following must he
do to ensure the appropriate worker's compensation coverage? - Correct Ans✓✓ list the state on the
information page for other states' coverage
Q: In a Surety Bond, the principal is the person who... - Correct Ans✓✓ performs certain acts under the
contract
Q: All of the following are correct for excess lines carriers EXCEPT:
(a) they offer better contracts at lower rates
(b) they are not authorized insurers
(c) they do not have a Certificate of Authority
(d) they must follow insurance laws of state - Correct Ans✓✓ (a) they offer better contracts at lower rates
1|Page
, Q: All of the following situations represent additional personal liability exposures that can be met with an
umbrella policy EXCEPT:
(a) any gaps in personal line policies
(b) travel outside of policy territories
(c) losses or liabilities in excess of policy limits
(d) liability arising out of business pursuits - Correct Ans✓✓ (d) liability arising out of business pursuits
Q: When an agent tries to convince a policyholder to replace an existing policy to buy another one, what are
they practicing? - Correct Ans✓✓ Misrepresentation
Q: What is the function of the Terrorism Risk Insurance Act of 2002? - Correct Ans✓✓ It limits the exposure of
individual insurers and the insurance industry as a whole.
Q: What does a misrepresentation that could void a policy involve? - Correct Ans✓✓ Information that may
change the insurer's interest in issuing the policy if known at the time of the application.
Q: The No Benefit to Bailee Condition in a Property Policy states that... - Correct Ans✓✓ The bailee is not
covered under the policy while the bailee has possession of the insureds property.
Q: True of False: Someone's 17-year-old daughter who just got her permit would be considered a Named
Insured under a PAP? - Correct Ans✓✓ False - but a resident spouse would be considered a Named Insured, for
example.
Q: Of the following types of construction, which would NOT be subject to functional replacement cost basis:
Ornate, modern, antique, or custom. - Correct Ans✓✓ Modern
Q: Financial loss caused by a home being damaged in a windstorm is considered as what type of loss? - Correct
Ans✓✓ Direct loss
2|Page
