Missed questions

At the option of the insured, A personal auto policy must provide supplementary uninsured motorist coverage the max limit a insurer is required to provide is

$250,000 and $500,000

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

5 days

A insurance brokers license may be issued to

A person, firm or corporation

A personal injury liability endorsement apply to all of the following except

A third party breaks a leg when the insured knocks him down

What documentation grants express authority to a agent

Agent contract with the principal

Coverage D additional living expenses is intended to

Allow the family to maintain their normal standard of living

Which of the following types of agent authority is "Perceived authority"

Apparant

Which of the following is EXCLUDED as a covered loss under the DP-3 coverage?

Damage by ice to outdoor radio and television antennas and aerials

Which of the following is an example of a financial loss caused by a home being damaged in a windstorm?

Direct loss

All of the following are optional coverages under ho- 3 except

Dwelling replacement cost

The authority granted to an agent through the agent's contract is referred to as

Express authority

The homeowner policy covers collapse caused by all of the followin except

Foundation cracks

What does the term consideration refer to in an insurance contract?

Insurance contracts the consideration is the premium that the Insured pays to the Insurer as the price of the promise that the Insurer has made that he shall indemnify the insured.

Which of the following would be covered the broad form (dp 2) policy falling object peril

Interior building damage if the exterior was damaged first

What does the insuring agreement that is known as "the heart of the policy" detail?

Losses covered under the insurance agreement

A common exclusions found under PD to your auto excludes

Mechanical breakdown

All of the following types of construction would be subject to functional replacement cost basis EXCEPT

Modern

How long is the broad theft coverage endorsement invalid if the property is vacant?

More than 60 consecutive days

Under section 1 homeowners must include

Property coverage

What type of information would be found in the insuring agreement

Renewal dates

In property insurance acv is defined as which of the following?

Replacement cost at the time of the loss less depreciation

Why is an insurance contract a contract of adhesion?

The insurance company wields more power than the insured.

Which of the following statements would be correct if an insured failed to maintain the underlying limits as required by a personal umbrella policy?

The insured would be responsible for the amount required as underlying limits in event of a claim

All of the following are true following physical damage coverage except....

The limit of liability is greater than the acv of the vehicle at the time of loss or the amount necessary to repair or replace the vehicle

On a DP-3 dwelling property special form policy the coverage provided for personal property is

The same as provided on the dp 2 form

Which of the following best describes the amount of loss assessment coverage included under a ho policy liability coverage section?

Up to $1,000 per occurrence

All the following are considered owned autos for personal automobile insurance EXCEPT

a vehicle leased for less than six months.

All of the following types of personal property are covered under Coverage C EXCEPT

collectable gold coins

Which of the following does HO-6 provide?

coverage for personal property of a condominium owner

The description of the insured will be found in which part of an insurance policy?

definitions

The Gramm-Leach-Bliley Act was enacted to protect consumer's right to privacy and made mandatory which of the following?

financial institutions must have a privacy policy in place

All of the following are examples of an insured's negligence EXCEPT

intentional destruction of property of another.

All of the following are correct for towing and labor costs coverage on the personal auto policy EXCEPT

labor costs are performed at the shop are limited to $25.

All of the following actions require post notification under the Fair Credit Reporting Act EXCEPT

lowering of the premium.

All of the following are examples of conduct of an agent that is regulated by Department of Insurance EXCEPT

misappropriation or conversion of funds by an insurance agent.

All of the following would be eligible expenses after a loss under Coverage E Additional Living Expense EXCEPT

mortgage expenses.

All of the following are commonly included in the declarations page EXCEPT

the birth date of the insured.

All of the following are TRUE of the emergency type of flood insurance under the National Flood Insurance Progam EXCEPT

the insured may buy limited amounts of flood insurance coverage at subsidized rates for buildings only.

All of the following are responsibilities of the insured listed in the loss provisions for most property insurance contracts EXCEPT

to determining adequate indemnification.

The insured purchased a car for $40,000 and added $5,000 in insured modifications. Four years later it was worth $24,000 when it was totaled in a crash. According to the principle of indemnity, how much should the insured receive from the insurance proceeds?

$24,000

A producer who fails to separate premium monies from his own personal funds is guilty of

Commingling

An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated?

Consideration

which of the following statements is true concerning underinsured motorist coverage under a personal auto policy

Coverage applies only to the extent that the underinsured motorist limits exceed the bodily injury limits carried by the operator of the other vehicle.

All of the following are TRUE about the appraisal condition EXCEPT

referee makes the final decision as to the value.

Which of the following conditions best describes the type of home that the HO-8 modified coverage form was designed for?

replacement value far exceeding market value

All of the following establish a defense against negligence EXCEPT

repudiation of the claim in a court of law.

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

Filing a hold harmless agreement with motor vehicle department

Which of the following ways did the Violent Crime Control and Law Enforcement Act expand federal laws?

It prohibited anyone in insurance convicted on a state or federal felony involving dishonesty or breach of trust without a consent waiver from the Commissioner.

In accordance with the Fair Credit Reporting Act, in what way must a consumer be informed that an investigative report has been ordered by an insurer?

They must be informed in writing before or soon after the report has been ordered and be allowed more information upon written request about the report.

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

Provided by the insured policy on a excess basis

Every insurance company in the state of New York must file annually with the office of the superintendent to show that it is....

Solvent

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

Are paid in addition to the liability limit

Under New York Motor vehicle indemnification corporation act, each automobile liability policy issued must provided uninsured/underinsured motorist coverage for bi other than death for at least?

50,000 per person and 100,000 per accident

According to the loss payment condition in HO policies, losses must be paid within how many days of the insurer receiving proof of loss?

60 Days

According to the loss payment condition in HO policies, losses must be paid within how many days of the insurer receiving proof of loss?

60 days

All of the following optional coverages that may be attached to ho-3 except

Dwelling replacement cost

A personal injury liability policy indemnifies for all of the following EXCEPT

bodily injury.