New York State Property and Casualty Licensing Exam Questions and Answers Graded A+

New York State Property and Casualty Licensing Exam Questions and Answers Graded A+ 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 what does Homeowners - Coverage C exclude? - Answer ️️ -The Homeowners forms exclude certain types of property. Pets are not covered for loss by an insured peril. The policy also excludes coverage for property that is more specifically insured. Property of tenants is also excluded. 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