NEW YORK PROPERTY AND CASUALTY EXAM 2 :100%
EXPERT VERIFIED STUDY GUIDE REAL TESTING
2026|2027 QUESTIONS DETAILED ANSWERS AND
INSTRUCTOR NOTE FOR A+ GUARANTEED PASS
Endorsement - Answers -A policy form that alters or adds to the provisions of a property and
casualty insurance contract.
Personal Contract - Answers -Owner cannot transfer or assign ownership of an insurance policy
(property and casualty) to another person.
Non-Personal Contract - Answers -Owner may transfer or assign ownership of a life or health
insurance policy to another person.
Assignment - Answers -Policy owners may not assign or transfer their rights under an insurance
contract without the written consent of the insurer.
Issue Age - Answers -Insured's original age on the policy issue date.
Attained Age - Answers -Insured's age at any point in time at issuance, renewal or conversion.
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, Effective Date - Answers -The date when insurance coverage begins.
Lapse Date - Answers -The date when insurance coverage ends; if not cancelled prior, policy will
terminate by end of grace period if premium is not paid.
Unilateral Contract - Answers -Only one party is legally bound to the contractual obligations
after the premium is paid to the insurer. Only the insurer makes a promise of future
performance, and only the insurer can be charged with breach of contract.
Conditional Contract - Answers -Both parties must perform certain duties and follow rules of
conduct to make the contract enforceable. The insurer must pay claims if the insured has
complied with all the policy's terms and conditions.
Representation - Answers -Statements made by the applicant on the application that are
believed to be true to the best of the knowledge and belief of the applicant; may be withdrawn
prior to policy issuance.
Misrepresentations - Answers -A false statement contained in the application; usually does not
void coverage or the policy.
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EXPERT VERIFIED STUDY GUIDE REAL TESTING
2026|2027 QUESTIONS DETAILED ANSWERS AND
INSTRUCTOR NOTE FOR A+ GUARANTEED PASS
Endorsement - Answers -A policy form that alters or adds to the provisions of a property and
casualty insurance contract.
Personal Contract - Answers -Owner cannot transfer or assign ownership of an insurance policy
(property and casualty) to another person.
Non-Personal Contract - Answers -Owner may transfer or assign ownership of a life or health
insurance policy to another person.
Assignment - Answers -Policy owners may not assign or transfer their rights under an insurance
contract without the written consent of the insurer.
Issue Age - Answers -Insured's original age on the policy issue date.
Attained Age - Answers -Insured's age at any point in time at issuance, renewal or conversion.
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, Effective Date - Answers -The date when insurance coverage begins.
Lapse Date - Answers -The date when insurance coverage ends; if not cancelled prior, policy will
terminate by end of grace period if premium is not paid.
Unilateral Contract - Answers -Only one party is legally bound to the contractual obligations
after the premium is paid to the insurer. Only the insurer makes a promise of future
performance, and only the insurer can be charged with breach of contract.
Conditional Contract - Answers -Both parties must perform certain duties and follow rules of
conduct to make the contract enforceable. The insurer must pay claims if the insured has
complied with all the policy's terms and conditions.
Representation - Answers -Statements made by the applicant on the application that are
believed to be true to the best of the knowledge and belief of the applicant; may be withdrawn
prior to policy issuance.
Misrepresentations - Answers -A false statement contained in the application; usually does not
void coverage or the policy.
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