New York Personal Lines Final Exam Questions & Answers Rated A+ 2024

A passenger is injured while getting into a friend’s car. Which of the following statements would apply if both the passenger and the driver had medical payments coverage under the auto policy. - The driver’s policy would be primary. Adverse selection is a concept best described as: - Risks with higher probability of loss, seeking insurances more often than other risks. An example of an alien insurer doing business in NY is one formed under the laws of - Mexico According to the NY motor vehicle financial responsibility law what are the required limits of liability on auto policies issued in this state? - 25/50/10 Which of the following examples of losses paid under an HO-3 homeowners policy? - Damage to the dwelling caused by lava or dust from volcanic eruption. The insureds car was hit and damaged by a deer. Under which of the following coverages in a personal auto policy would this loss be paid? - Other-Than- Collision Negligence may be defined as - The failure to use reasonable and prudent care When the direct chain of events resulting from a negligent act causes injury or damage that act is considered to be - A proximate cause All of the following are major coverages included in the homeowners policy except - Loss of income Which of the following would be added for coverage under a property policy by an endorsement? - Additional Insureds Under the automobile assigned risk plan how much coverage must be provided to the insured for liability arising out of the death of two persons caused by a single auto accident? - Up to 100,000$ An insured relocated to another state for work. However, she still owns and insures a house in this state, but has had no one living in it for 3 months. She is also storing some of furniture and clothes in the house. From an insurance standpoint, the insured's house is considered - Unoccupied If the insured owns a watch valued at $10,000, full coverage can be provided on a homeowners policy by purchasing the - Scheduled personal property endorsement Which of the following statements is not true regarding a personal umbrella liability policy? - It provides errors and ommissions coverage for an agency What is not part of the policy structure? - provisions Under the personal auto policy, liability for bodily injury resulting from the insureds use of a nonowned automobile is - Provided by the insureds policy on an excess basis What is not true regarding physical damage coverage? - Its not true that the limit of liability is the greater of the actual cash value of the vehicle at the time of loss or the amount necessary to repair or replace the vehicle. The law that protects consumers against the circulation of inaccurate or obsolete personal or financial information is known as - The fair credit reporting act Transportation expenses are covered under a personal auto policy - $20 per day for a max of $600 An insured's roof cost $4,000 when installed 5 years ago. It has been damaged by hail and must be replaced. The new roof will cost $6,000 at today's prices. If the roof has been depreciating at $200 per year and his policy is ACV, how much will it pay toward the insured's new roof? - $5,000 Which of the following kinds of property would be covered under a dwelling policy? - Rowboats Under the conditions of the dwelling policy within how many days does an insurer have to pay for a loss once a proof of loss form has been received and an agreement with the insured as to the amount payable has been reached? - 60 days