B&S test Questions that I got wrong

If a liability policy had split limits of 50/100/30, what is the maximum amount that would be payable in the event of injury to a single person? (1.) $30,000 2.) $50,000 3.) $100,000 4.) $180,000)

$50,000

How long must insurers keep records of claims? (1.) 3 years 2.) 4 years 3.) 5 years 4.) 6 years)

6 years

Insurers and agents are required to report cybersecurity events to the department of financial services within what time period of discovery? (1.) 24 hours 2.) 72 hours 3.) 5 days 4.) 10 days)

72 hours

A general liability policy will respond to claims against an insured when bodily injury or property damage is caused by ( 1.) Acts of god 2.) An insureds negligence 3.) A third parties negligence 4.) Vandalism)

An insureds negligence

Which of the following statements regarding coverage for the flood and earthquake perils is true?

Both are excluded perils in all property policies

All of the following are classes of inland marine risks except ( 1.) Commercial property floater risks 2.) Domestic shipments and transportation risks 3.) Bridges, tunnels, and other instrumentalities of transportation and communication 4.) Common carrier cargo liability)

Common Carrier Cargo Liability

A TNC does which of the following ?

Connects riders with drivers that will transport them for a fee

With regards to a homeowners policy which coverage provides for indirect or consequential losses?

Coverage D

What is the purpose of the coinsurance clause found in property insurance policies?

Encourage the insured to insure the property closer to its full value

New York has compulsory insurance and financial responsibility laws that apply to owners and operators of motor vehicles. Proof of financial responsibility can be satisfied by any of the following except

Filing a hold harmless agreement with the motor vehicle department

The part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured is called (1.) Declarations 2.) Conditions 3.) Insuring Agreement 4.) Additional Coverages)

Insuring Agreement

Under the personal auto policy, liability for bodily injury resulting from the insured's use of a nonowned automobile is

Provided by the insureds policy on an excess basis

If the insured purchases an insurance policy with a large deductible what risk management technique is the insured exercising

Retention

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy?

Surplus lines

Under a dwelling policy, which of the following is NOT a factor in determining a loss?

The amount negotiated by the insured

The occurrence form trigger is based on which of the following?

The date when injury or damage occurs

When would a business need to purchase a liquor liability policy?

When it is in the business of manufacturing, distributing, or serving alcoholic beverages

In addition to the common policy conditions, all of the following conditions apply to liability coverage EXCEPT

employers liability

A specialized type of insurance that guarantees the faithful performance of a trustee of employee benefit plans is called

fiduciary liability insurance

The other states section of a workers compensation policy provides coverage

only for those other states listed in the policy

How is the paid family leave coverage provided to a private employer?

Added as a rider to an existing disability policy

In this state, a temporary license may be issued for any of the following reasons EXCEPT ( 1.) An agents death 2.) An agents disability 3.) an agents time in the military service 4.) An agents retirement )

An agents retirement

Which of the following clauses establishes the procedure for determining the amount of a loss when the insurer and the insured cannot agree on the value of property or amount of loss?

Appraisal clause

Under the NYS no fault law which of the following claims would not be restricted from tort action?

property damage claims

Which of the following examples of losses paid under an HO-3 also would be paid under an HO-2 Homeowners policy? (1.) Accidental scorching caused when a hot iron is placed upon a built in counter top 2.) Interior damage caused by water seeping under the shingles on the roof 3.) Damage to the dwelling caused by lava or dust caused by volcanic eruption 4.) Damage to the dwelling caused by the insured when moving furniture)

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

What are the three basic coverages for medical expense insurance?

Hospital, surgical, and medical

Which of the following would be covered under the Broad form DP-2 polices falling object peril?

Interior building damage if the exterior was damaged first

The provision which prevents the insured from bringing a lawsuit against the company for at least 60 days after proof of loss is known as

Legal Actions

Which of the following covers the interest of a secured lender in personal property? (1.) Third party clause 2.) Loss payable clause 3.) Indemnity clause 4.) Fair value clause)

Loss payable clause

under the affordable care act when would pregnancy be considered a pre-existing condition ( 1. Always 2.) never 3.) Only if specifically excluded by the insurer 4.) If it begins before the coverage takes effect)

Never

Which of the following would be covered under a building and personal property coverage form?

Outdoor signs

Which is true regarding the uniform individual accident and sickness policy provisions law?

Provisions may be reworded by the insurer

What type of damages may be awarded by the court to create disincentives that discourage behavior that is deemed highly undesirable by society? (1.) General 2.) Compensatory 3.) Specific 4.) Punitive)

Punitive

If the actual values exceed the limit of insurance, the businessowners policy (BOP) contains a seasonal increase provision that automatically increases the limit of insurance for business personal property by

25%

What is not a consideration when paying an inland marine claim? ( 1.) Cost to replace the property 2.) ACV on date of loss 3.) Cost to repair or restore the property 4.) Market value of the property when first purchased)

ACV on the date of loss

All of the following are other coverages under the dwelling policy except ( 1.) other structures 2.) Debris removal 3.) Improvements, alterations, and additions, 4.) Earth movement)

Earth Movement

In liability insurance policies supplementary payments are made

in addition to the limit of liability

How is the state insurance guaranty association funded?

by its members (authorized insurers)

Within how many years of a loss may an insured bring a lawsuit against an insurer according to there dwelling policy? ( 1.) 2 years 2.) 3 years 3.) 5 years 4.) 7 years)

2 years

Equipment breakdown coverage is written with a single limit of insurance per accident. However what is the sublimate for hazardous substance cleanup, or repair or replacement of contaminated property?

25,000$

Homeowners policy permit all of the following incidental occupancies except ( 1.) A two chair barbershop 2.) A bookkeeping service with one accountant 3.) A retail sales operation run by the insured from his garage 4.) one on one knitting lessons taught on premises)

A retail sales operation run by the insured from his garage

A house insured with a homeowners policy has been blown off of its foundation by a tornado. It must be demolished and removed so that a replacement house can be built. Which of the following is true about debris removal?

An additional 5% of the policy limit may be paid for debris removal

According to the appraisal condition of a homeowners policy, what procedure may be followed if the insurer and insured do not agree as to the size of a loss?

Each side selects an appraiser to represent them the appraisers select an umpire to settle any differences between the appraisers.

An insured is involved in an auto accident in another state. That state has a financial responsibility law that specifies limits of liability higher than limits shown in the declaration. What amount will the insureds policy pay?

Higher Limits

All of the following are other coverages included in both the broad and special form dwelling policy EXCEPT (1.) Breakage of storm door glass 2.) Lawns, trees, shrubs, and glass, 3.) Theft of personal property 4.) Collapse

Theft of personal property

Which of the following best describes the amount of loss assessment coverage included under a homeowners policy liability coverage section? ( 1.) up to 2,500$ per occurrence 2.) up to 10,000$ aggregate for the policy period 3.) up to 5,000$ aggregate for the policy period 4.) up to 1,000$ per occurrence)

up to 1,000$ per occurence

A transportation network company driver must maintain a primary automobile policy with minimum coverage of atleast

75,000$/150,000$/25,000$

In which of the following situations would the jewelers block extension cover a loss?

A jeweler fixes a necklace and sends it by registered mail to the owner. When the necklace arrives it has been damaged

An insured was involved in an accident and could not perform her current job for 3 years. If the insured could reasonably perform another job utilizing similar skills after 1 month, for how long would she be receiving benefits under an "own occupation" disability plan?

2 years

An insured with a Homeowners policy has removed property from the insured location to protect it from loss that could be caused by a covered peril. The removal coverage applies for how many days?

30 days

In equipment breakdown coverage all accidents would be considered a single accident if they occur ( 1.) At a single location at the same time and from the same cause 2.) At all insured locations at the same time and from the same cause 3.) All accidents at the same location within a 24 hour period 4.) All accidents at the same location within a 48 hour period)

At a single location at the same time and from the same cause

Which commercial property form is used to insure buildings while under construction?

Builders risk

Under which legal defense is there an apportionment of damages based upon the degree of fault of each of the plaintiffs and the defendant?

Comparative Negligence

To be valid an insurance policy must have all of the following except ( 1.) Offer 2.) Countersignature 3.) Acceptance 4.) Consideration)

Countersignature

Which of the following is a requirement to become a part of the Motor Vehicle Accident Indemnification Corporation? (1.) Every insurer authorized to write motor vehicle liability insurance 2.) Only domestic insurers authorized to write motor vehicle liability insurance 3.) Membership is not required for any any authorized insurer 4.) Only those authorized health insurers required to provide services for economic losses)

Every insurer authorized to write motor vehicle liability insurance

Under what circumstances would a producer be allowed to obtain coverage through an unauthorized insurer?

If there are no authorized insurers for a specific type of coverage in this state

All of the following are conditions commonly found in the insurance policy except ( 1.) Insuring agreement 2.) appraisal 3.) subrogation 4.) Cancellation and nonrenewable)

Insuring agreement

Which of the following is not a primary property coverage in a homeowners policy? (The dwelling, Structures, loss of use, collapse)

The dwelling

All of the following statements are true regarding the fire department service coverage under the BOP policy except ( 1.) This coverage limit pays in place of the limit of insurance shown in the declarations 2.) This coverage limit pays in addition to the limit of insurance shown in the declarations 3.) This coverage is not subject to any deductible 4.) This coverage provides an additional $ 2,500 of insurance)

This coverage limit pays in place of the limit of insurance shown in the declarations