personal line

Transportation expenses are usually covered under a Personal Auto Policy for

$20 per day, for a maximum of $600

An insured's roof cost $4000 when installed 5 years ago. It has been damaged by hail and must be replaced. The new roof will cost $6,000 at today's prices. If the roof has been depreciating at $200 per year and the insured's policy is written on the actual cash value, how much will the policy pay towards the insured's new roof?

$5,000

An insured has an auto liability policy with limits of 25/50/15. The insured is involved in an accident caused by her negligence and is held legally liable for bodily injuries of 3 persons in the other auto as follows - A- 15,000, B-30,000, C-35,000. How much will her insurer pay in total for all injuries?

$50,000

An insured hits a deer and crashes his car into a tree. The total damage to the vehicle is $6,000 How will this loss be covered?

$6,000 would be paid under other-than-collision coverage.

Under the Automobile Assigned RIsk Plan, what is a minimum limit of coverage that must be provided to the insured for liability arising out of the death of two persons caused by a single auto accident?

100,000

Within how many years of a loss may an insured bring a lawsuit against an insurer, according to dwelling policy?

2 years

According to NY Motor Vehicle Financial Responsibility Law, what are the required limits of liability on auto policies issued in this state?

25/50/10

If a driver cancels his auto insurance and does not replace it, within what time period is the insurer required to report this to the Commissioner of the state department of motor vehicles

30 days

A candidate for a personal lines property and casualty agent or broker license would need to complete how many hours of prelicensing education?

40

Under Coverage C of a homeowners policy, the amount of insurance provided to cover personal property of the Insured is

50% of the amount provided as Coverage A

If an insurer refuses to renew a dwelling policy for an appropriate reason, the insurer must notify the insured within

60 days

Under the conditions of the dwelling policy, within how many days does an insurer have to pay for loss once a proof of loss form has been received and an agreement with the insured as to the amount payable has been reached?

60 days

An insured has underinsured motorist limits of 100,000. She is involved in an accident with a driver whose Part A limits are 25/50/25. The insured suffered 90,000 worth of bodily injury. If the driver is found 100% negligent, how much would the insured's policy pay toward those medical expenses?

65,000

According to the dwelling policy, an volcanic activity would be considered part of one occurence if it all happens within

72 hours

Which of the following would qualify for C-MAP?

A 4-family owner-occupied dwelling in a designated geographic area

Which of the following would NOT be classified as personal property for insurance purposes?

A house

All of the following would be eligible for coverage under the dwelling policy EXCEPT

A house that has 5 residential units

Which of the following is NOT defined in the personal auto policy as an uninsured motor vehicle

A vehicle owned by a government entity

Claim related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses are covered by which part of a policy?

Additional Coverage

Which of the following would be added for coverage under a liability policy by an endorsement?

Additional Insureds

In New York, the Superintendent of Insurance is

Appointed by the Governor

Termination of an in-force insurance policy prior to the expiration date shown in the policy is known as

Cancellation

The part of the policy which sets forth the rules of conduct, duties, obligations of the parties is calld the

Conditions

Which of the following dwelling coverage forms would pay replacement cost for the dwelling

DP-2 and DP-3

Which of the following examples of losses paid under an HO-3 would also be paid under an HO-2 homeowners policy?

Damage to the dwelling caused by lava or dust from a volcanic eruption

All of the following are primary coverages included in the homeowners policy EXCEPT

Debris removal

An insured falsely reports the theft of valuable item in order to collect payment from the insurance policy. This is an example of

Fraud

The homeowners policy form which covers condominium unit owners is

HO-6

Which of the following defines the agent's fiduciary responsibility ?

Holding insurer's funds in a trust capacity

With regards to the Personal Auto Policy, in the vent of a claim or loss, the insured is required to do all of the following EXCEPT

Immediately report to an emergency room for medical examination

Which of the following is the correct formula for computing a loss ratio

Incurred losses + loss adjusting expense/earned premium

All of the following are conditions commonly found in the insurance policy EXCEPT

Insuring agreement

All of the following statements describe the concept of strict liability EXCEPT

It is imposed on defendents engaged in hazardous activities

Which of the following statements is NOT true of personal umbrella liability policies

It provides errors and omissions coverage for an agency.

What type of property would NOT be covered under the dwelling policy special form Coverage A-Dwelling?

Land on which the dwelling is located

WHich of the following types of property would be covered in homeowners coverage forms?

Landlords furnishings in an on-premises apartment

What type of coverage does a homeowners policy include that a dwelling policy does not

Liability

All of the following are essential elements of negligence EXCEPT

Libel

An insurer incorporated in which of the following locations would be considered a foreign insurer in New York?

Maryland

The coverage territory of the Personal Auto Policy includes all of the following EXCEPT

Mexico

Damage to insured property caused by earth movement would be covered under which HO form?

None

Where can the policyowner find information about the policy period?

On the Declarations Page

When would uninsured motorist coverage apply

Only when the other party is legally liable but has no insurance

Which of the following Homeowners endorsements cover liability exposures arising from an incidental business conducted within a building on the residence premises

Permitted INcidental Occupancies

All of the following are additional liability coverages automatically provided in a homeowners policy EXCEPT

Personal Injury

Which type of coverage is included under Section I of the homeowners policy?

Property

Under the Other Insurance clause of a personal auto coverage, liability for bodily injury resulting from the insured's use of a nonowned auto is

Provided by the insured's policy on an excess basis

All of the following are considered essential parts of the policy EXCEPT

Provisions

At the time of loss insured against a property and casualty policy, the insurer's claim settlement options include all of the following EXCEPT

Replacing the property with other property of a lesser quality

Adverse selection is a concept best described as

Risks with higher probability of loss seeking insurance more often than other risks

Which of the following kinds of property would be covered under a dwelling policy?

Rowboats

Which of the following endorsements is used to insure Coverage C (personal property) for values beyond the special limits of liability of the homeowners policy?

Scheduled Personal Property Endorsement

An apartment occupant's personal property would be insured under which homeowner's form?

Tenants broad form (HO-4)

The law that protects consumers against the circulation of inaccurate or obsolete personal or financial information is known as

The Fair Credit Reporting Act

If an insured has an umbrella liability policy in addition to his personal auto policy, which would be considered the underlying policy?

The auto policy

In insurance, an offer is usually made when

The completed application is submitted

All of the following statements are true regarding physical damage coverage except

The limit of liability is the greater of the actual cash value of the vehicle at the time of loss or the amount necessary to repair or replace the vehicle

Which of the following is NOT a characteristic of an insurable risk?

The loss must be catastrophic.

If an individual insures his dwelling and contents under a DP-3 form, he would be protected against loss by all of the following perils EXCEPT

Theft of personal property located in the dwelling.

An insured relocated to another state for work. However, she still owns and insures a house in New York, but has no one living in it for 3 months. She is also storing some of furniture and clothes i the house. From the insurance standpoint, the insured's house is considered

Unoccupied

How much coverage can be available for damage to watercraft in the homeowners policy?

Up to $1,500

Federal Law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce

Without receiving written consent from an insurance regulatory authority

First aid costs for others injured on the insured's premises

are paid in addition to the liability limit

In property and casualty insurance, insurable interest must exist

at the time of loss

If the insured owns a watch valued at 10,000, full coverage can be provided on a homeowners policy by purchasing the

scheduled personal property endorsement

A passenger is injured while getting into a friends ar. which of the following statements would apply if both the passenger and the driver had medical payments coverage under a personal auto policy

the drivers policy would be primary