PSI ONLINE EXAMINATION NY INSURANCE PROPERTY AND CASUALTY
PRACTICE TEST QUESTIONS WITH COMPLETE SOLUTIONS.
a. compensate for actual financial losses
Punitive damages are intended to do all of the following except?
a. compensate for actual financial losses.
b. discourage others from doing wrong.
c. discipline the insured.
d. make an example of bad behavior
d. vacant means the absence of people and property
Which of the following BEST differentiates the terms vacant versus unoccupied?
a. vacant means insured is a way for a period of time
b. vacant means the absence of people
c. unoccupied means absence of people and property
d. vacant means the absence of people and property
c. named perils
Which of the following types of policy BEST describes the DP-2 broad form policy?
a. all risk
b. expanded
c. named perils
d. open perils
c. premises and operations
Which of the following business liability exposure does a slip and fall loss fall under?
a. indirect and contingent
,b. medical expenses
c. premises and operations
d. retail hazards
b. indirect loss
Which of the following defines a loss which is consequential and comes as a result of an
original loss?
a. direct loss
b. indirect loss
c. partial loss
d. total loss
b. company has the option to repair to pre-loss condition
Which of the following situations under dwelling policy conditions describe how the
insurance company will settle a loss?
a. pay the full value of a pair of earrings when only one is lost
b. company has the option to repair to pre-loss condition
c. if loss is covered by other insurance the other insurance pays full loss
d. property is replaced by company at full replacement value at loss
c. insuring your friend's automobile
All of the following are examples of insurable interest except?
a. insuring your home
b. insuring expensive jewelry
c. insuring your friend's automobile
d. insuring business property you own
, c. list the state on the information page for other states' coverage
When an employer sends employees out of state on work related business, which of the
following must he do to ensure the appropriate workers' compensation coverage?
a. purchase a separate policy for the state in question
b. list the names of the employees sent out of state
c. list the state on the information page for other states' coverage
d. report the work to the insurance company as soon as it is completed
b. HO-4
Which homeowner form covers fixtures, installations, and improvements made or
acquired at the insured's expense?
a. HO-6
b. HO-4
c. HO-3
d. HO-2
c. loss due to crime
Which of the following would be covered by a commercial package policy?
a. small to medium sized businesses
b. ocean marine
c. loss due to crime
d. injury to worker on the job
d. warranties
Which of the following are defined as a part of the policy and can void the policy if they
are breached, whether the breach was intentional or unintentional?
PRACTICE TEST QUESTIONS WITH COMPLETE SOLUTIONS.
a. compensate for actual financial losses
Punitive damages are intended to do all of the following except?
a. compensate for actual financial losses.
b. discourage others from doing wrong.
c. discipline the insured.
d. make an example of bad behavior
d. vacant means the absence of people and property
Which of the following BEST differentiates the terms vacant versus unoccupied?
a. vacant means insured is a way for a period of time
b. vacant means the absence of people
c. unoccupied means absence of people and property
d. vacant means the absence of people and property
c. named perils
Which of the following types of policy BEST describes the DP-2 broad form policy?
a. all risk
b. expanded
c. named perils
d. open perils
c. premises and operations
Which of the following business liability exposure does a slip and fall loss fall under?
a. indirect and contingent
,b. medical expenses
c. premises and operations
d. retail hazards
b. indirect loss
Which of the following defines a loss which is consequential and comes as a result of an
original loss?
a. direct loss
b. indirect loss
c. partial loss
d. total loss
b. company has the option to repair to pre-loss condition
Which of the following situations under dwelling policy conditions describe how the
insurance company will settle a loss?
a. pay the full value of a pair of earrings when only one is lost
b. company has the option to repair to pre-loss condition
c. if loss is covered by other insurance the other insurance pays full loss
d. property is replaced by company at full replacement value at loss
c. insuring your friend's automobile
All of the following are examples of insurable interest except?
a. insuring your home
b. insuring expensive jewelry
c. insuring your friend's automobile
d. insuring business property you own
, c. list the state on the information page for other states' coverage
When an employer sends employees out of state on work related business, which of the
following must he do to ensure the appropriate workers' compensation coverage?
a. purchase a separate policy for the state in question
b. list the names of the employees sent out of state
c. list the state on the information page for other states' coverage
d. report the work to the insurance company as soon as it is completed
b. HO-4
Which homeowner form covers fixtures, installations, and improvements made or
acquired at the insured's expense?
a. HO-6
b. HO-4
c. HO-3
d. HO-2
c. loss due to crime
Which of the following would be covered by a commercial package policy?
a. small to medium sized businesses
b. ocean marine
c. loss due to crime
d. injury to worker on the job
d. warranties
Which of the following are defined as a part of the policy and can void the policy if they
are breached, whether the breach was intentional or unintentional?
