New York State Property and Casualty Insurance Exam questions with answers

New York State Property and Casualty
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Insurance Exam questions with answers |\ |\ |\ |\




Physical damage coverage under a garage policy is a
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blanket limit for covered auto, an accurate statement? -
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CORRECT ANSWERS ✔✔Yes; The dealer's physical |\ |\ |\ |\ |\ |\



damage limit would be done on a blanket limit basis. This
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would apply to comprehensive and collision losses to the
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auto inventory of the dealer. This is done because it is
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simply not practical to schedule each dealer owned
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vehicle for physical damage. This is generally
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accomplished by the use of a monthly reporting form. |\ |\ |\ |\ |\ |\ |\ |\




An insured owns a motorcycle, a moped and a motor
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home. What endorsement is added to the personal auto
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policy to provide coverage? - CORRECT ANSWERS
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✔✔Misc. Type Vehicle Endorsement; The "miscellaneous
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type vehicle" endorsement is added for these types of
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recreational vehicles. Note that ISO has a separate |\ |\ |\ |\ |\ |\ |\ |\



endorsement for snowmobiles. |\ |\




Investment consultants should purchase which of the |\ |\ |\ |\ |\ |\ |\



following policies to protect themselves from errors and
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omissions? - CORRECT ANSWERS ✔✔Professional Liability; |\ |\ |\ |\ |\



Errors and omissions coverage does not involve bodily
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injury or property damage, which is provided by other
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,types of policies. This is why professional liability
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coverage is needed. Medical malpractice insurance does
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cover bodily injury.
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The negligent act of the agent is imputed to the principal
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if the act occurred within the course and scope of the
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agent's employment. This means that the principal
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becomes: - CORRECT ANSWERS ✔✔Directly liable for
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damages to a third party caused by the agent
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(employee)..This is sometimes referred to as "vicarious" |\ |\ |\ |\ |\ |\ |\



liability.


Which of the Homeowner's polices does not include
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coverage for flood? - CORRECT ANSWERS ✔✔An HO-3
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Policy; A homeowner policy specifically excludes flood
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coverage.


The purpose of a Medicare Supplement policy, (aka Medi
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Gap), is to: - CORRECT ANSWERS ✔✔pay for services not
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covered by Medicare; Medicare coverage contains
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deductibles and coinsurance payments. Having a |\ |\ |\ |\ |\ |\



Medicare Supplement/Medi Gap policy, offered by
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commercial insurers, is designed to cover those coverage |\ |\ |\ |\ |\ |\ |\ |\



gaps.


Under the Federal Insurance Fraud and False Statements
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Act, if someone is prohibited from doing business in a
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, state, approval to resume transacting business must be
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granted by: - CORRECT ANSWERS ✔✔Insurance |\ |\ |\ |\ |\ |\



Regulatory Official; Only an insurance regulatory official, |\ |\ |\ |\ |\ |\ |\



such as the Insurance Commissioner, can grant
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permission to resume business. |\ |\ |\




What is not reflected in a privacy report? - CORRECT
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ANSWERS ✔✔Categories of medical information; Medical |\ |\ |\ |\ |\ |\



information is not a topic in a privacy report. It deals with |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



financial issues only. |\ |\




If the surviving spouse of a covered worker does not
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remarry, how long are death benefits paid to the |\ |\ |\ |\ |\ |\ |\ |\ |\



surviving spouse if the worker is killed in a work related
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incident in New York? - CORRECT ANSWERS ✔✔For life;
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Generally, the surviving spouse receives benefits for the |\ |\ |\ |\ |\ |\ |\ |\



remainder of his or her life, except in situations where |\ |\ |\ |\ |\ |\ |\ |\ |\ |\



they remarry. In situations where the surviving spouse
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remarries, the spouse receives a lump-sum of two years |\ |\ |\ |\ |\ |\ |\ |\ |\



of benefits.
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An insured has purchased a Medicare supplement policy
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from a new insurer, replacing a policy from a previous
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insurer. A "Notice of Replacement" must be provided to
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this individual by: - CORRECT ANSWERS ✔✔The replacing
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insurer; Since this transaction is a replacement, the
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insurance regulations of the state require that the |\ |\ |\ |\ |\ |\ |\ |\