NY 4

An insured with auto limits of 10/20/10 causes bodily injuries to a third party with damages awarded of $8,000. After losing in court he has defense costs of $5,000. What is the insurance company's responsibility to pay?

$13,000

What is the maximum amount payable for bail bonds under the "supplementary payments" provided by Part A of the Personal Auto policy?

$250

The "triggering event threshold" for the Terrorism Risk Insurance Act of 2002 was:

$5 million.

A standardized Personal Automobile policy contains all of the following sections/parts, EXCEPT:

A common Conditions section applying to all coverage parts.

The Terrorism Risk Insurance Act and all of its extensions and reauthorizations is actually an agreement:

Between the Federal Government and insurance companies.

Which of the following is NOT true concerning the Terrorism Risk Insurance Program Reauthorization Act of 2015?

Coverage is mandatory.

Which part of the Personal Automobile policy is automatically expanded to provide limits to meet the limits required if the insured is driving and has an accident in another state?

Part A.

Physical damage coverage to an insured's car is covered by which of the following insuring agreements of the Personal Auto policy?

Part D.

Which of the following sections of a Business Auto policy contains the "Definitions" of the policy?

Section V.

Which of the following is TRUE regarding nuclear energy loss coverage under a Personal Automobile policy?

The personal automobile policy will not provide coverage for bodily injury or property damage caused by the insured's nuclear energy losses.

Under a Personal Automobile policy, when an insured is driving a non-owned "temporary substitute vehicle":

The policy of the entity providing the temporary substitute vehicle pays first, the insured's policy pays as excess.

Which of the following lines of insurance are covered under the Terrorism Risk Insurance Program Reauthorization Act of 2015?

Workers compensation.

Keith carries the minimum auto liability limits in his home state. He drives his car to New York which requires bodily injury limits of $25/50 and a wrongful death limit of $50/100 and no-fault coverage. If he has an accident in New York what coverage would he have?

he coverage will automatically be modified to comply with the New York requirements.

Which of the following is NOT a Commercial Automobile form that may be added to a Commercial Package policy?

Commercial Vehicle.

Before the acts of September 11, 2001 in the United States, insurers:

Did not exclude coverage, nor did they charge an extra premium to cover damages caused by terrorism.

Which of the following injuries would be covered under Part A of the Personal Auto policy?

Injuries to a pedestrian struck by the insured while driving the covered auto.

Which of the following would be covered under Business Auto Symbol 7?

Specifically described auto only.

Under Ben Green's personal auto policy, each of the following would qualify as a "family member" EXCEPT:

Susan Green, Ben's wife. Susan maintains a separate residence although she and Ben are not divorced.

What symbol is used for a non-owned auto under a Business Automobile policy?

Symbol 9.

Under the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA), the maximum limit (cap) for claims paid by either private insurers or the government in a single program year is:

$100 billion.

Under a Business Auto policy, which coverage symbol indicates that a car is subject to mandatory no-fault insurance as required by state law?

5

Which of the following businesses can cover their private passenger and commercial automobile exposures with a Business Auto policy?

A grocery store.

All of the following would be eligible as "your covered auto" under a standard personal automobile policy, EXCEPT

A motorcycle owned by the insured.

Which of the following could be considered "your covered auto" under a standard Personal Auto policy?

A newly acquired car reported to the insurer.

Which of the following would be excluded under Part A of the Personal Auto policy?

A person transports people from the airport to nearby hotels for a fee.

Which of the following vehicles is considered "your covered auto" under a standardized Personal Auto policy?

A replacement car purchased by the insured a week ago, but not yet reported to the insurance company.

An insured's car is damaged in an auto accident. While it is being repaired, the body shop loans the insured a replacement. Under the standard Personal Auto policy, this replacement vehicle is known as:

A temporary substitute.

Which of the following vehicles would NOT be eligible for coverage under a personal automobile policy?

A vehicle leased for 4 months.

The Personal Automobile policy considers all of the following "insureds", EXCEPT:

Anyone using the insured's car.

Uninsured motorist coverage and medical payments coverage under a Business Automobile policy:

Are not covered by the policy unless added by endorsement.

Calvin has a Business Automobile policy covering the automobiles he uses in his business. He acquires a new trailer with a load capacity of 1,000 pounds and he plans to attach it to a van he already owns. The van is scheduled on the policy with Symbol 7 listed beside it. Based on this information, how long does Calvin have to report his new trailer to the insurance company?

Calvin is required to report newly acquired vehicles to the insurance company within 30 days.

Which of the following statements is NOT TRUE regarding Symbol 1 of a Business Auto policy?

It provides narrow liability coverage therefore insurance companies use it frequently.

The Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) covers all of the following, EXCEPT:

Malpractice Insurance.

Charles' wife Mary has a company car furnished to her through her job. One day, Charles runs out of the wax he is using to polish his boat and he decides to go out to the store and get more. Mary's company car is parked behind Charles' car in the driveway, so he grabs Mary's keys and drives her car to the store. On the way back home, Charles has an accident in which he is at fault, and bodily injury and property damage are the result. Which of the following statements is TRUE regarding how this claim will be settled?

Mary's company policy will pay first, and Charles' policy will also pay, but on an excess basis.

The Part A - Liability section of the Personal Auto policy will cover all of the following, EXCEPT:

Only the damages to the insured's automobile in the accident.

Morton loses control of his car and hits Jordan's car that was parked legally along the street where Morton was driving. The damage to Jordan's car is covered by which coverage of Morton's personal automobile policy?

Part A -- Liability

The original Terrorism Risk Insurance Act of 2002 defined an act of terrorism as a violent act or any act that is dangerous to all of the following, EXCEPT:

Reputation.

The auto liability limits $100/300/50 are an example of:

Split limits.

Jerusha has her business automobiles covered under a Business Auto policy in a state that does not have a no-fault law. She has purchased a new business van recently but was not required under her policy provisions to report her newly acquired auto. Based on this information, which of the following BAP symbol is listed on the Declarations page of Jerusha's policy?

Symbol 1.

A road construction contractor has mobile equipment that is used in his business. The state has changed the law and now requires some of the equipment to carry liability insurance to comply with the financial responsibility laws of the state. What symbol will the insurance company use to add these items to the insured's commercial auto policy?

Symbol 19.

Mary's Maids, Inc. wants to cover a fleet of sedans used by the maids to travel to the homes they are servicing. Which of the following symbols would most likely be scheduled on the Declarations page of Mary's a Business Auto form?

Symbol 3.

Which of the following statements is NOT TRUE regarding a Commercial Automobile policy?

The Business Automobile form is the only coverage form that may be written as part of a Commercial Package policy.

Which of the following statements is NOT TRUE concerning Assigned Risk Plans?

These plans were created to randomly assign all auto policies written in a state to admitted insurers, to be sure all insurance companies can write a proportional amount of business.

The definition of "occupying" in the personal auto definitions means all of the following, EXCEPT:

Under a vehicle.