NYS License Exam Study Guide 2023/2024

Declarations Page - has first named insured Aleatory in nature refers to: - Unequal exchange by two parties First aid costs for others injured on the insured's premises - Are paid in addition to the liability limit. Which of the following actions would be considered an offer? - An applicant submitting the application A homeowner lives in a 150-year-old adobe building that is on the National Register of Historic Places. The homeowner has HO-8 coverage. If a fire destroys part of the roof, which of the following describes the insurer's responsibility? - Partial roof replacement to current code specifications An agent who solicits and files applications for the sale of life insurance represents - The insurer. Which of the following would be covered under Coverage C - Personal Property of a dwelling policy? - Canoes In which of the following situations would a property be considered unoccupied? - The insured went on vacation for a month while the house remained empty. Which special liability insurance is designed to protect a business from financial mismanagement claims? - Fiduciary liability The voluntary compensation endorsement in workers compensation coverage provides statutory coverage for which types of employees? - Farm workers All of the following types of property may be covered under Coverage E of a farm policy EXCEPT - Growing crops When the health insurance policy premium is paid monthly, the grace period is - 10 days Under the Motor Carrier Act of 1980, haulers transporting oil must maintain liability limits of at least - $1,000,000 Which of the following is NOT a feature of broad theft coverage under a dwelling policy? - It is automatically covered under DP-3 - Special Form. Which of the following would protect an employer from legal action resulting from a workrelated sexual harassment claim - Employee practices liability insurance What insurance principle means something of value that each party gives to the other? - Consideration Over several years, a policyowner paid $10,000 in premiums for his insurance policy. When he suffered a loss, the insurance company paid out $50,000 in benefits. What characteristic of an insurance contract does this describe? - Aleatory An unidentified hit-and-run driver would be considered an - Uninsured motorist Under the businessowners property coverage form, which common policy condition addresses what will happen if the insured and the insurer do not agree on the amount of damage? - Appraisal What is the purpose of requiring licenses for persons who transact insurance? - Protect the general publi