Pg. 1
NEW YORK LICENSE EXAM 2025-2026. 290
QUESTIONS & CORRECT VERIFIED
ANSWERS. GRADED A+
The most comprehensive coverage proficed by the Dwelling Property program is
found in the - CORRECT ANSWER - DP-3
Which type of Crop Insurance Policy insures fthe entire acreage rather than an
individual crop - CORRECT ANSWER - Adjusted Gross Income
Mr. York had his pickup stolen while it was parked in a "no parking" zone outside
his office. The value of the truck is $18,500. In addition, tools valued at $200,
extra tires and hubcaps for the truck valued at $550 and a tarp worth $50 were in
the truck. Mr York has a collision deductible of $500 and a comprehensive
deductible of $250. The insurance company will pay what amount - CORRECT
ANSWER - The loss of the truck plus the extra tires and hubcaps would be
considered in this claim These total $19,050 less than the deductible of $250
equals $18,800
The unfair claim settlement laws and regulations in New York provide that a
violation in each instance will be treated as a separate violation. A fine in the
amount of____will be imposed against the insurance company for each violation -
CORRECT ANSWER - $500
What endorsement may be used on the dwelling policy to keep values current with
the replacement cost of the buildings - CORRECT ANSWER - The automatic
increase endorsement
, Pg. 2
An insured's wife is wearing a diamond ring while on vacation in Europe. The ring
valued at $1500 is stolen. What coverage would apply under the Homeowner
Policy - CORRECT ANSWER - The policy will pay the loss less the deductible.
Cov B applies to any part of the world
Under the Tria Act (known as TRIEA-terrorism risk insurance extension act of
2015) the maximum limit for the Act for total claims under the ACT by either
private insurers or the government is still limited to - CORRECT ANSWER - $100
billion
Which of the following statements are correct 1-unendorsed DP-2 and DP3 settle
all losses to personal property at ACV. II-unendorsed DP-2 and DP-3 - CORRECT
ANSWER - Settle all partial losses to dwellings at replacement cost if insured 80%
to value both I and II
An insured's TV set is damaged while at a repair shop. The interest of the repair
shop is not covered because of which of the following - CORRECT ANSWER -
No benefit to Bailee
Which of the following would be covered under the DP-1 dwelling form -
CORRECT ANSWER - Fire resultant water damage
Insurers conducting business in New York must be examined at least once every -
CORRECT ANSWER - 5 yrs
When an insurer intends to non-renew a homeowners policy in New York -
CORRECT ANSWER - At least 45 days advance notice of non-renewal must be
sent to the insured
, Pg. 3
Under the farm policy, which of the following is not considered livestock -
CORRECT ANSWER - Poultry
A person, firm or corporation that, for compensation, acts on behalf of an insurer in
investigating and adjusting claims arising under policies issued by an insurer and
who performs any duties required by the insurer that are incidental to those claims
is known as a/an - CORRECT ANSWER - Independent Adjuster
Crop insurance policy limits are usually written as a - CORRECT ANSWER -
Percentage of the maximum possible loss
There are certain steps a claim representative takes in the evaluation of a liability
claim. Which of the following is NOT normally a first option - CORRECT
ANSWER - Send the claimant a reservation of rights letter
Under Coverage F- Unscheduled Farm Personal Property, the most that will be
paid for a "head" of livestock(an adult animal, one year of age or older) -
CORRECT ANSWER - $2000
The Superintendent of Insurance may approved the employment, appointment or
participation of any person whose license has been revoked. Karen Jones had her
license revoked and filed an application for relicensing and has waited over 120
days without a response from the Insurance Department. - CORRECT ANSWER -
Assume the relicensing is approved
If an insured fails to comply with the immediate notice of claim requirement,
which of the following could happen - CORRECT ANSWER - The coverage could
be denied
, Pg. 4
The general property flood coverage form fro commercial property will settle
claims on the basis of - CORRECT ANSWER - Actual Cash Value
The H0-4 provides not coverage on the dwelling and broad peril coverage on -
CORRECT ANSWER - Renters
The most comprehensive coverage provided by the Dwelling Property program is
found in the - CORRECT ANSWER - DP-3
In case of a loss, how many days notice does the insured have after notification of
a claim to submit the claim to the underwriters of the ocean marine coverage -
CORRECT ANSWER - 180 Days
The Equipment Breakdown Policy(formerly called boiler and machinery) provides
for replacement cost coverage in case of a covered claim. Under what conditions
would the insurer only pay ACV in case of a loss - CORRECT ANSWER - The
policy pays replacement only if the repairs are made within 24 month of the
incident
An insured is covered under the Businessowner's Policy a fire has occurred to a
business a block away and the civil authorities have blocked off the stfree. The
insured's customers cannot gain entrance to his business location. What coverages
would apply to the insured's loss of income - CORRECT ANSWER - After a
waiting period of 72 hours the policy would pay for loss of income of up to 3
weeks
Mr. Owens owns 50% of a building that is worth $600,000 and is insured for
$500,000. What is the maximum that Mr. Owens can collect in case of a total loss
to the building - CORRECT ANSWER - $250,000
NEW YORK LICENSE EXAM 2025-2026. 290
QUESTIONS & CORRECT VERIFIED
ANSWERS. GRADED A+
The most comprehensive coverage proficed by the Dwelling Property program is
found in the - CORRECT ANSWER - DP-3
Which type of Crop Insurance Policy insures fthe entire acreage rather than an
individual crop - CORRECT ANSWER - Adjusted Gross Income
Mr. York had his pickup stolen while it was parked in a "no parking" zone outside
his office. The value of the truck is $18,500. In addition, tools valued at $200,
extra tires and hubcaps for the truck valued at $550 and a tarp worth $50 were in
the truck. Mr York has a collision deductible of $500 and a comprehensive
deductible of $250. The insurance company will pay what amount - CORRECT
ANSWER - The loss of the truck plus the extra tires and hubcaps would be
considered in this claim These total $19,050 less than the deductible of $250
equals $18,800
The unfair claim settlement laws and regulations in New York provide that a
violation in each instance will be treated as a separate violation. A fine in the
amount of____will be imposed against the insurance company for each violation -
CORRECT ANSWER - $500
What endorsement may be used on the dwelling policy to keep values current with
the replacement cost of the buildings - CORRECT ANSWER - The automatic
increase endorsement
, Pg. 2
An insured's wife is wearing a diamond ring while on vacation in Europe. The ring
valued at $1500 is stolen. What coverage would apply under the Homeowner
Policy - CORRECT ANSWER - The policy will pay the loss less the deductible.
Cov B applies to any part of the world
Under the Tria Act (known as TRIEA-terrorism risk insurance extension act of
2015) the maximum limit for the Act for total claims under the ACT by either
private insurers or the government is still limited to - CORRECT ANSWER - $100
billion
Which of the following statements are correct 1-unendorsed DP-2 and DP3 settle
all losses to personal property at ACV. II-unendorsed DP-2 and DP-3 - CORRECT
ANSWER - Settle all partial losses to dwellings at replacement cost if insured 80%
to value both I and II
An insured's TV set is damaged while at a repair shop. The interest of the repair
shop is not covered because of which of the following - CORRECT ANSWER -
No benefit to Bailee
Which of the following would be covered under the DP-1 dwelling form -
CORRECT ANSWER - Fire resultant water damage
Insurers conducting business in New York must be examined at least once every -
CORRECT ANSWER - 5 yrs
When an insurer intends to non-renew a homeowners policy in New York -
CORRECT ANSWER - At least 45 days advance notice of non-renewal must be
sent to the insured
, Pg. 3
Under the farm policy, which of the following is not considered livestock -
CORRECT ANSWER - Poultry
A person, firm or corporation that, for compensation, acts on behalf of an insurer in
investigating and adjusting claims arising under policies issued by an insurer and
who performs any duties required by the insurer that are incidental to those claims
is known as a/an - CORRECT ANSWER - Independent Adjuster
Crop insurance policy limits are usually written as a - CORRECT ANSWER -
Percentage of the maximum possible loss
There are certain steps a claim representative takes in the evaluation of a liability
claim. Which of the following is NOT normally a first option - CORRECT
ANSWER - Send the claimant a reservation of rights letter
Under Coverage F- Unscheduled Farm Personal Property, the most that will be
paid for a "head" of livestock(an adult animal, one year of age or older) -
CORRECT ANSWER - $2000
The Superintendent of Insurance may approved the employment, appointment or
participation of any person whose license has been revoked. Karen Jones had her
license revoked and filed an application for relicensing and has waited over 120
days without a response from the Insurance Department. - CORRECT ANSWER -
Assume the relicensing is approved
If an insured fails to comply with the immediate notice of claim requirement,
which of the following could happen - CORRECT ANSWER - The coverage could
be denied
, Pg. 4
The general property flood coverage form fro commercial property will settle
claims on the basis of - CORRECT ANSWER - Actual Cash Value
The H0-4 provides not coverage on the dwelling and broad peril coverage on -
CORRECT ANSWER - Renters
The most comprehensive coverage provided by the Dwelling Property program is
found in the - CORRECT ANSWER - DP-3
In case of a loss, how many days notice does the insured have after notification of
a claim to submit the claim to the underwriters of the ocean marine coverage -
CORRECT ANSWER - 180 Days
The Equipment Breakdown Policy(formerly called boiler and machinery) provides
for replacement cost coverage in case of a covered claim. Under what conditions
would the insurer only pay ACV in case of a loss - CORRECT ANSWER - The
policy pays replacement only if the repairs are made within 24 month of the
incident
An insured is covered under the Businessowner's Policy a fire has occurred to a
business a block away and the civil authorities have blocked off the stfree. The
insured's customers cannot gain entrance to his business location. What coverages
would apply to the insured's loss of income - CORRECT ANSWER - After a
waiting period of 72 hours the policy would pay for loss of income of up to 3
weeks
Mr. Owens owns 50% of a building that is worth $600,000 and is insured for
$500,000. What is the maximum that Mr. Owens can collect in case of a total loss
to the building - CORRECT ANSWER - $250,000
