NY Property & Casualty State Exam

BOP - correct answersmedium sized businesses. (such as funeral homes) commercial property insurance vacancy - correct answersvacancy 60 days or more competitive states - correct answersworkers comp avaliable through private insurers as well as any state fund that may exist excess liability insurance - correct answersinsurance purchased for the purpose of extending the limits of liability on another policy Fraternal benefit society - correct answerssocial organizations..charitable and benevolent activities that provide life and health insurance to their members. usually non- profit general average (hull insurance) - correct answersvoluntary sacrifice of cargo or ship for the general well being of a voyage from a peril of the sea inflation guard - correct answersthe limit of insurance for property subject to this additional coverage automatically increases by the annual percentage shown in the declarations. rate of 1/365 each year Lloyds of London - correct answersgroups of underwriters called syndicates, each specialize in insuring a particular type of risk monopolistic states - correct answersworkers comp only avaliable through state fund named insured (commercial) - correct answerscan only cancel policy, make changes reciprocal insurance company - correct answersgroup-owned insurer, main activity is risk sharing. unincorporated Risk retention group - correct answersgroup- owned insurer that primarily assumes and spreads the liability related risks of its members Risk sharing plan - correct answersinsurers agree to apportion among themselves those risks that are unable to obtain insurance through normal channel