Pg. 1
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
, Pg. 2
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
, Pg. 3
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
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
, Pg. 2
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
, Pg. 3
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
