Preparation For NYS Personal Lines A.D Banker Quiz Questions and Answers 100% Verified

Which term describes the equal sharing of a loss by two or more insurers until the loss is paid, or until each insurer has exhausted its limits of insurance, whichever comes first? A Excess insurance B Pro rata liability C Primary insurance D Contribution by equal shares D: Contribution by equal shares The formal statement an insured provides to an insurer, including all the details an insurer needs to assess its liability following a loss, is known as a: A Notice of loss B Binder C Certificate of insurance D Proof of loss D: Proof of loss All of the following are included in the Declarations of a property policy, except: A The amount of coverage B The named insured's mailing address C The amount of premium D The perils insured against D: The perils insured against The Concealment and Fraud condition in a property insurance policy states: A Making a false statement regarding a claim does not constitute fraud B The insured must cooperate with the company in the investigation of a claim C The policy will be voided if there is material concealment, misrepresentation, or fraud on the insured's part D The company will not grant any coverage that benefits a bailee C: The policy will be voided if there is material concealment, misrepresentation, or fraud on the insured's part All of the following statements about binders are correct, except: A Binders list the policy's insurer and insureds B Binder offer temporary coverage C A binder will be terminated when the full insurance policy is issued D A binder must be written in order to be valid. D: A binder must be written in order to be valid The person specifically designated in the policy as the person with whom the contract of insurance has been made is considered to be the: A Contingent insured B Named insured C Contract insured D Additional insured