New York State Property and Casualty
Licensing Exam Questions and
Already Passed Answers.
Pro Rata Liability Clause is included in an insurance policy to deal with the problem of - Answer
Duplicate insurance policies
The purpose of this clause is to illustrate the method to determine each insurer's liability in case
of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit
bears to the total coverage carried.
pro rata liability - Answer If a loss occurs that is covered by more than 1 insurance policy that
was purchased by the insured, then each policy pays a portion of the loss that is proportional to
the amount of that policy over the total amount of all policies for the loss—each policy pays its
pro rata share.
What is meant by Res Ipsa Loquitur? - Answer Res ipsa loquitur means, roughly, "the thing
speaks for itself." Courts developed the concept of Res Ipsa Loquitur to deal with cases in which
the actual negligent act cannot be proved, but it is clear that the injury was caused by
negligence.
What territories are covered by commercial auto insurance? - Answer The coverage territory
granted in commercial auto insurance is the United States, its territories and possessions,
Puerto Rico and Canada.
What does automobile insurance Supplementary Payments refer to? - Answer Payment of
defense and other expenses by the insurance company beyond the limits of liability..
Any expense the insurance company wishes to incur in the processing of a claim is outside the
limits of coverage. The insured is not penalized.
Medical Payments coverage under a Homeowner policy are available for expenses resulting
from an injury to: - Answer A residence employee..
This could be someone who mows the lawn. However, if a residence employee is covered under
Workers Compensation Coverage then the Medical Payments Coverage would not apply.
Coverage does not apply to the insured or member of the household. Roomers, boarders and
tenants are not covered as well
, George Wilson has a personal auto policy. What coverage that would apply when a deer leaps
onto Mr. Wilson's car and causes extensive damage? - Answer Comprehensive (other than
collision).
Contact with a bird or animal is considered to be an "other than collision" loss.
insurance producer - Answer an insurance agent, insurance broker, reinsurance intermediary,
excess lines broker, or any other person required to be licensed under the laws of this state to
sell, solicit, or negotiate insurance
home state - Answer the District of Columbia or any state or territory of the United States in
which an insurance producer maintains his, her or its principal place of residence or principal
place of business and its licensed to act as an insurance producer
who represents the insurer in an insurance transaction? - Answer agent
who do independent adjusters work on behalf of? - Answer insureds
when do property and casualty agents' licenses expire on? - Answer their birthdays
the continuing education requirement in New York requires________ hours of continuing
education every ______. - Answer 15 ; biennium (specified period of two years)
state regulation promotes the public welfare by monitoring what aspects of insurer activities? -
Answer solvency (the ability of a company to meet its long-term financial obligations.), policy
forms, rates
the superintendent of insurance does not have the power to perform what activity? - Answer
create insurance law
how often does each domestic insurer be examined in detail? - Answer every three years
what is the purpose of licensing? - Answer ensure that the producer meets educational and
ethical standards required to fulfill producer's responsibilities to the insurer and the public
set out the requirements, procedures, and fees relating to the qualification, licensure, and
Licensing Exam Questions and
Already Passed Answers.
Pro Rata Liability Clause is included in an insurance policy to deal with the problem of - Answer
Duplicate insurance policies
The purpose of this clause is to illustrate the method to determine each insurer's liability in case
of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit
bears to the total coverage carried.
pro rata liability - Answer If a loss occurs that is covered by more than 1 insurance policy that
was purchased by the insured, then each policy pays a portion of the loss that is proportional to
the amount of that policy over the total amount of all policies for the loss—each policy pays its
pro rata share.
What is meant by Res Ipsa Loquitur? - Answer Res ipsa loquitur means, roughly, "the thing
speaks for itself." Courts developed the concept of Res Ipsa Loquitur to deal with cases in which
the actual negligent act cannot be proved, but it is clear that the injury was caused by
negligence.
What territories are covered by commercial auto insurance? - Answer The coverage territory
granted in commercial auto insurance is the United States, its territories and possessions,
Puerto Rico and Canada.
What does automobile insurance Supplementary Payments refer to? - Answer Payment of
defense and other expenses by the insurance company beyond the limits of liability..
Any expense the insurance company wishes to incur in the processing of a claim is outside the
limits of coverage. The insured is not penalized.
Medical Payments coverage under a Homeowner policy are available for expenses resulting
from an injury to: - Answer A residence employee..
This could be someone who mows the lawn. However, if a residence employee is covered under
Workers Compensation Coverage then the Medical Payments Coverage would not apply.
Coverage does not apply to the insured or member of the household. Roomers, boarders and
tenants are not covered as well
, George Wilson has a personal auto policy. What coverage that would apply when a deer leaps
onto Mr. Wilson's car and causes extensive damage? - Answer Comprehensive (other than
collision).
Contact with a bird or animal is considered to be an "other than collision" loss.
insurance producer - Answer an insurance agent, insurance broker, reinsurance intermediary,
excess lines broker, or any other person required to be licensed under the laws of this state to
sell, solicit, or negotiate insurance
home state - Answer the District of Columbia or any state or territory of the United States in
which an insurance producer maintains his, her or its principal place of residence or principal
place of business and its licensed to act as an insurance producer
who represents the insurer in an insurance transaction? - Answer agent
who do independent adjusters work on behalf of? - Answer insureds
when do property and casualty agents' licenses expire on? - Answer their birthdays
the continuing education requirement in New York requires________ hours of continuing
education every ______. - Answer 15 ; biennium (specified period of two years)
state regulation promotes the public welfare by monitoring what aspects of insurer activities? -
Answer solvency (the ability of a company to meet its long-term financial obligations.), policy
forms, rates
the superintendent of insurance does not have the power to perform what activity? - Answer
create insurance law
how often does each domestic insurer be examined in detail? - Answer every three years
what is the purpose of licensing? - Answer ensure that the producer meets educational and
ethical standards required to fulfill producer's responsibilities to the insurer and the public
set out the requirements, procedures, and fees relating to the qualification, licensure, and
