NEW YORK PROPERTY AND CASUALTY 2024 NEWEST
EXAM 2 VERSIONS AND PRACTICE QUESTIONS 300
EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT) /A+ GRADE ASSURED
Pro Rata Liability Clause is included in an insurance policy to deal with the problem
of - ANSWER: Duplicate insurance policies
The purpose of this clause is to illustrate the method to determine each insurer's
liability in case of a loss. Each insurer pays its fair share determined by the
percentage that the carrier's limit bears to the total coverage carried.
pro rata liability - ANSWER: If a loss occurs that is covered by more than 1 insurance
policy that was purchased by the insured, then each policy pays a portion of the loss
that is proportional to the amount of that policy over the total amount of all policies
for the loss—each policy pays its pro rata share.
What is meant by Res Ipsa Loquitur? - ANSWER: Res ipsa loquitur means, roughly,
"the thing speaks for itself." Courts developed the concept of Res Ipsa Loquitur to
deal with cases in which the actual negligent act cannot be proved, but it is clear that
the injury was caused by negligence.
What territories are covered by commercial auto insurance? - ANSWER: The
coverage territory granted in commercial auto insurance is the United States, its
territories and possessions, Puerto Rico and Canada.
What does automobile insurance Supplementary Payments refer to? - ANSWER:
Payment of defense and other expenses by the insurance company beyond the limits
of liability..
Any expense the insurance company wishes to incur in the processing of a claim is
outside the limits of coverage. The insured is not penalized.
Medical Payments coverage under a Homeowner policy are available for expenses
resulting from an injury to: - ANSWER: A residence employee..
This could be someone who mows the lawn. However, if a residence employee is
covered under Workers Compensation Coverage then the Medical Payments
Coverage would not apply. Coverage does not apply to the insured or member of the
household. Roomers, boarders and tenants are not covered as well
what does Homeowners - Coverage C exclude? - ANSWER: The Homeowners forms
exclude certain types of property. Pets are not covered for loss by an insured peril.
The policy also excludes coverage for property that is more specifically insured.
Property of tenants is also excluded.
, George Wilson has a personal auto policy. What coverage that would apply when a
deer leaps onto Mr. Wilson's car and causes extensive damage? - ANSWER:
Comprehensive (other than collision).
Contact with a bird or animal is considered to be an "other than collision" loss.
insurance producer - ANSWER: an insurance agent, insurance broker, reinsurance
intermediary, excess lines broker, or any other person required to be licensed under
the laws of this state to sell, solicit, or negotiate insurance
home state - ANSWER: the District of Columbia or any state or territory of the United
States in which an insurance producer maintains his, her or its principal place of
residence or principal place of business and its licensed to act as an insurance
producer
who represents the insurer in an insurance transaction? - ANSWER: agent
who do independent adjusters work on behalf of? - ANSWER: insureds
when do property and casualty agents' licenses expire on? - ANSWER: their birthdays
the continuing education requirement in New York requires________ hours of
continuing education every ______. - ANSWER: 15 ; biennium (specified period of
two years)
state regulation promotes the public welfare by monitoring what aspects of insurer
activities? - ANSWER: solvency (the ability of a company to meet its long-term
financial obligations.), policy forms, rates
the superintendent of insurance does not have the power to perform what activity? -
ANSWER: create insurance law
how often does each domestic insurer be examined in detail? - ANSWER: every three
years
what is the purpose of licensing? - ANSWER: ensure that the producer meets
educational and ethical standards required to fulfill producer's responsibilities to the
insurer and the public
set out the requirements, procedures, and fees relating to the qualification,
licensure, and appointment of insurance producers - ANSWER: licensing regulations
an insurance agent, insurance broker, reinsurance intermediary, excess lines broker,
or any other person required to be licensed under the laws of this state to sell, solicit
or negotiate insurance - ANSWER: insurance producer
EXAM 2 VERSIONS AND PRACTICE QUESTIONS 300
EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT) /A+ GRADE ASSURED
Pro Rata Liability Clause is included in an insurance policy to deal with the problem
of - ANSWER: Duplicate insurance policies
The purpose of this clause is to illustrate the method to determine each insurer's
liability in case of a loss. Each insurer pays its fair share determined by the
percentage that the carrier's limit bears to the total coverage carried.
pro rata liability - ANSWER: If a loss occurs that is covered by more than 1 insurance
policy that was purchased by the insured, then each policy pays a portion of the loss
that is proportional to the amount of that policy over the total amount of all policies
for the loss—each policy pays its pro rata share.
What is meant by Res Ipsa Loquitur? - ANSWER: Res ipsa loquitur means, roughly,
"the thing speaks for itself." Courts developed the concept of Res Ipsa Loquitur to
deal with cases in which the actual negligent act cannot be proved, but it is clear that
the injury was caused by negligence.
What territories are covered by commercial auto insurance? - ANSWER: The
coverage territory granted in commercial auto insurance is the United States, its
territories and possessions, Puerto Rico and Canada.
What does automobile insurance Supplementary Payments refer to? - ANSWER:
Payment of defense and other expenses by the insurance company beyond the limits
of liability..
Any expense the insurance company wishes to incur in the processing of a claim is
outside the limits of coverage. The insured is not penalized.
Medical Payments coverage under a Homeowner policy are available for expenses
resulting from an injury to: - ANSWER: A residence employee..
This could be someone who mows the lawn. However, if a residence employee is
covered under Workers Compensation Coverage then the Medical Payments
Coverage would not apply. Coverage does not apply to the insured or member of the
household. Roomers, boarders and tenants are not covered as well
what does Homeowners - Coverage C exclude? - ANSWER: The Homeowners forms
exclude certain types of property. Pets are not covered for loss by an insured peril.
The policy also excludes coverage for property that is more specifically insured.
Property of tenants is also excluded.
, George Wilson has a personal auto policy. What coverage that would apply when a
deer leaps onto Mr. Wilson's car and causes extensive damage? - ANSWER:
Comprehensive (other than collision).
Contact with a bird or animal is considered to be an "other than collision" loss.
insurance producer - ANSWER: an insurance agent, insurance broker, reinsurance
intermediary, excess lines broker, or any other person required to be licensed under
the laws of this state to sell, solicit, or negotiate insurance
home state - ANSWER: the District of Columbia or any state or territory of the United
States in which an insurance producer maintains his, her or its principal place of
residence or principal place of business and its licensed to act as an insurance
producer
who represents the insurer in an insurance transaction? - ANSWER: agent
who do independent adjusters work on behalf of? - ANSWER: insureds
when do property and casualty agents' licenses expire on? - ANSWER: their birthdays
the continuing education requirement in New York requires________ hours of
continuing education every ______. - ANSWER: 15 ; biennium (specified period of
two years)
state regulation promotes the public welfare by monitoring what aspects of insurer
activities? - ANSWER: solvency (the ability of a company to meet its long-term
financial obligations.), policy forms, rates
the superintendent of insurance does not have the power to perform what activity? -
ANSWER: create insurance law
how often does each domestic insurer be examined in detail? - ANSWER: every three
years
what is the purpose of licensing? - ANSWER: ensure that the producer meets
educational and ethical standards required to fulfill producer's responsibilities to the
insurer and the public
set out the requirements, procedures, and fees relating to the qualification,
licensure, and appointment of insurance producers - ANSWER: licensing regulations
an insurance agent, insurance broker, reinsurance intermediary, excess lines broker,
or any other person required to be licensed under the laws of this state to sell, solicit
or negotiate insurance - ANSWER: insurance producer
