NEW YORK LICENSE EXAM . 190+ QUESTIONS & CORRECT VERIFIED ANSWERS. GRADED A+

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NEW YORK LICENSE EXAM 2025-2026. 190+
QUESTIONS & CORRECT VERIFIED
ANSWERS. GRADED A+


Which condition or provision of a property insurance policy applies when the
insured and insurer cannot agree on the amount of the loss? - CORRECT
ANSWER - Appraisal


Which part or portion of a property insurance policy is it that specifies the causes
of loss (perils) that are not covered? - CORRECT ANSWER - Exclusions


When an insurer suffers a loss, they are required to prepare an inventory of the
damaged property at the _______ request. - CORRECT ANSWER - Insurers


Open Peril policies include losses caused by theft. True or False - CORRECT
ANSWER - True


When an insured desires to add coverage to a policy, the insurer usually will
_______ the policy. - CORRECT ANSWER - Endorse


For replacement cost coverage to apply in Dwelling policies, the insured must
carry insurance at least equal to ______% of the cost of replacement of the
building. - CORRECT ANSWER - 80%


Would a stated amount method of valuation likely be used when insuring gold
bullion? Yes or No - CORRECT ANSWER - No

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In the event of a loss under a Homeowners policy, a proof of loss must be signed
and sworn by the ______. - CORRECT ANSWER - Insured


The _______ Clause allows insurers to automatically broaden coverage without
endorsement on existing policies with no increase in premium. - CORRECT
ANSWER - Liberalization


Could an order to vacate the property possibly cause an insurer to cancel a
commercial property policy? Yes or No - CORRECT ANSWER - Yes


Does coverage under a property policy extend to include a legal representative of
the named insured's estate in the event of death of the named insured? Yes or No -
CORRECT ANSWER - Yes


In a Homeowners policy, the term ______ ______ _____ is defined as the cost to
repair or replace teh damaged property less depreciation. - CORRECT ANSWER -
Actual Cash Value


Which of the following is an example of a hostile fire?
A. A fire in a fireplace
B. A burning cigarette
C. A grass fire set intentionally by a rancher
D. An ember from a fireplace jumps out and burns a hole in the carpet -
CORRECT ANSWER - D


When property is damaged by fire, the loss is said to be a(n) ______ loss. -
CORRECT ANSWER - Direct

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War is typically excluded in property policies. True or False - CORRECT
ANSWER - True


The name of the insured is found on the Declarations Page of the policy. True or
False - CORRECT ANSWER - True


A building that has neither occupants nor personal property is ______. -
CORRECT ANSWER - Vacant


When the insurer cancels a property policy, the unearned premium is returned
_____ _____. - CORRECT ANSWER - Pro Rata


The _______ part or portion of a property policy sets forth the rights, rules, duties,
and obligations of the insurer and insured to be followed throughout the policy
period. - CORRECT ANSWER - Conditions part


The ______ ______ Law requires an insurer to pay the full amount of insurance on
an insured structure in the event of a total loss. - CORRECT ANSWER - Valued
Policy


When a property policy has been in effect less than 60 days and the insurer cancels
for nonpayment of premium, the insurer must give the insured _____ days written
notice. - CORRECT ANSWER - 10


The amount of the deductible is found in the ______ part or portion of a property
policy. - CORRECT ANSWER - Declarations


When more than 1 property policy covers the same loss, each policy pays no more
than its ________ share of the loss. - CORRECT ANSWER - Proportionate