NY Property and Casualty Practice Test 1 questions with correct answers

Under the Workers' Compensation policy, the insurer may audit the insured's records for a period of how many years following policy termination? CORRECT ANSWER 3 Which of the following is true of supplementary payments under Part A of the Personal Auto Policy? CORRECT ANSWER They are paid in addition to the liability limits of the policy Which of the following is not true about insurance? CORRECT ANSWER Insurance covers intentional as well as unintentional losses When an individual faces the risk of economic loss in the event of property damage, this indicates which of the following? CORRECT ANSWER Insurable interest The BOP covers property while it is being temporarily stored in another location for how many days? CORRECT ANSWER 30 All of the following are true of Supplementary Payments under the CGL, except: CORRECT ANSWER They reduce the limits of insurance Which of the following does not pay regardless of fault? CORRECT ANSWER Uninsured Motorist Bodily Injury Insurance Company C has decided that it is insuring too many homes in a particular area. Therefore, it decides to reinsure R's Homeowners Policy because of the high value of R's dwelling. The reinsuran