New York State Property and Casualty
Insurance Exam Questions and Verified
Answers| Latest Update 2026/2027
Physical damage coverage under a garage policy is a blanket limit for covered
auto, an accurate statement?
Yes; The dealer's physical damage limit would be done on a blanket limit basis.
This would apply to comprehensive and collision losses to the auto inventory of
the dealer. This is done because it is simply not practical to schedule each dealer
owned vehicle for physical damage. This is generally accomplished by the use of a
monthly reporting form.
An insured owns a motorcycle, a moped and a motor home. What endorsement
is added to the personal auto policy to provide coverage?
Misc. Type Vehicle Endorsement; The "miscellaneous type vehicle" endorsement
is added for these types of 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 omissions?
,Professional Liability; Errors and omissions coverage does not involve bodily injury
or property damage, which is provided by other types of policies. This is why
professional liability coverage is needed. Medical malpractice insurance does
cover bodily injury.
The negligent act of the agent is imputed to the principal if the act occurred
within the course and scope of the agent's employment. This means that the
principal becomes:
Directly liable for damages to a third party caused by the agent (employee)..This is
sometimes referred to as "vicarious" liability.
Which of the Homeowner's polices does not include coverage for flood?
An HO-3 Policy; A homeowner policy specifically excludes flood coverage.
The purpose of a Medicare Supplement policy, (aka Medi Gap), is to:
pay for services not covered by Medicare; Medicare coverage contains deductibles
and coinsurance payments. Having a Medicare Supplement/Medi Gap policy,
offered by commercial insurers, is designed to cover those coverage gaps.
Under the Federal Insurance Fraud and False Statements Act, if someone is
prohibited from doing business in a state, approval to resume transacting
business must be granted by:
, Insurance Regulatory Official; Only an insurance regulatory official, such as the
Insurance Commissioner, can grant permission to resume business.
What is not reflected in a privacy report?
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 remarry, how long are
death benefits paid to the surviving spouse if the worker is killed in a work
related incident in New York?
For life; 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 remarries, the spouse receives a lump-sum of two years of
benefits.
An insured has purchased a Medicare supplement policy from a new insurer,
replacing a policy from a previous insurer. A "Notice of Replacement" must be
provided to this individual by:
The replacing insurer; Since this transaction is a replacement, the insurance
regulations of the state require that the replacing insurer must provide the
applicant with a Notice of Replacement
Insurance Exam Questions and Verified
Answers| Latest Update 2026/2027
Physical damage coverage under a garage policy is a blanket limit for covered
auto, an accurate statement?
Yes; The dealer's physical damage limit would be done on a blanket limit basis.
This would apply to comprehensive and collision losses to the auto inventory of
the dealer. This is done because it is simply not practical to schedule each dealer
owned vehicle for physical damage. This is generally accomplished by the use of a
monthly reporting form.
An insured owns a motorcycle, a moped and a motor home. What endorsement
is added to the personal auto policy to provide coverage?
Misc. Type Vehicle Endorsement; The "miscellaneous type vehicle" endorsement
is added for these types of 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 omissions?
,Professional Liability; Errors and omissions coverage does not involve bodily injury
or property damage, which is provided by other types of policies. This is why
professional liability coverage is needed. Medical malpractice insurance does
cover bodily injury.
The negligent act of the agent is imputed to the principal if the act occurred
within the course and scope of the agent's employment. This means that the
principal becomes:
Directly liable for damages to a third party caused by the agent (employee)..This is
sometimes referred to as "vicarious" liability.
Which of the Homeowner's polices does not include coverage for flood?
An HO-3 Policy; A homeowner policy specifically excludes flood coverage.
The purpose of a Medicare Supplement policy, (aka Medi Gap), is to:
pay for services not covered by Medicare; Medicare coverage contains deductibles
and coinsurance payments. Having a Medicare Supplement/Medi Gap policy,
offered by commercial insurers, is designed to cover those coverage gaps.
Under the Federal Insurance Fraud and False Statements Act, if someone is
prohibited from doing business in a state, approval to resume transacting
business must be granted by:
, Insurance Regulatory Official; Only an insurance regulatory official, such as the
Insurance Commissioner, can grant permission to resume business.
What is not reflected in a privacy report?
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 remarry, how long are
death benefits paid to the surviving spouse if the worker is killed in a work
related incident in New York?
For life; 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 remarries, the spouse receives a lump-sum of two years of
benefits.
An insured has purchased a Medicare supplement policy from a new insurer,
replacing a policy from a previous insurer. A "Notice of Replacement" must be
provided to this individual by:
The replacing insurer; Since this transaction is a replacement, the insurance
regulations of the state require that the replacing insurer must provide the
applicant with a Notice of Replacement
