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NEW YORK PERSONAL LINES FINAL EXAM
QLD BAR EXAM – ETHICS 2025/2026
UPDATED EXAM WITH VERIFIED
ANSWERS
1. What describes the transfer of a legal right or interest in an
insurance policy? - CORRECT ANSWER -Assignment
2. With regards to a homeowners policy, which coverage provides
for indirect or consequential losses? - CORRECT ANSWER -
Coverage D
3. What clause establishes the procedure for determining the
amount of a loss when the insurer and the insured cannot
agree on the value of property or amount of loss -
CORRECT ANSWER -Appraisal Clause
4. Coverage for medical payments under a personal auto policy
applies to expenses that are incurred and services rendered
within - CORRECT ANSWER -3 years
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5. What personal auto coverage would pay for the insureds travel
expenses and loss of earnings while involved in the settlement
process of a covered loss - CORRECT ANSWER -liability
coverage
6. To be eligible for coverage under the national flood insurance
program an insured must live in what kind of community? -
CORRECT ANSWER -One that has met minimum floodplain
management guidelines
7. What documentation grants express authority to an agent? -
CORRECT ANSWER -Agents insurance license
8. How often must a NYS Insurance Agent renew their license ? -
CORRECT ANSWER -Every 2 years
9. In which of the following types of property valuation will the
policy pay the full value as specified on the policy schedule
regardless of the insured propertys appreciation or
depreciation? - CORRECT ANSWER -Agreed value
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10. A salaried employee who advertises and solicits insurance/
business is required to be a licensed as an insurance
producer? - CORRECT ANSWER -Yes
11. What best describes defamation? - CORRECT ANSWER -
Making derogatory oral statements about another insurers
financial condition
12. Who represents the insured in a claim investigation? -
CORRECT ANSWER -A public adjuster
13. The plan cannot reject any applicant for any reason true or
false? - CORRECT ANSWER -False
14. Tornado is an example of a what? - CORRECT ANSWER -
peril
15. What is not a justifiable reason for the superintendent to
revoke a license? - CORRECT ANSWER -not meeting
sales quota
NEW YORK PERSONAL LINES FINAL EXAM
QLD BAR EXAM – ETHICS 2025/2026
UPDATED EXAM WITH VERIFIED
ANSWERS
1. What describes the transfer of a legal right or interest in an
insurance policy? - CORRECT ANSWER -Assignment
2. With regards to a homeowners policy, which coverage provides
for indirect or consequential losses? - CORRECT ANSWER -
Coverage D
3. What clause establishes the procedure for determining the
amount of a loss when the insurer and the insured cannot
agree on the value of property or amount of loss -
CORRECT ANSWER -Appraisal Clause
4. Coverage for medical payments under a personal auto policy
applies to expenses that are incurred and services rendered
within - CORRECT ANSWER -3 years
, Page | 2
5. What personal auto coverage would pay for the insureds travel
expenses and loss of earnings while involved in the settlement
process of a covered loss - CORRECT ANSWER -liability
coverage
6. To be eligible for coverage under the national flood insurance
program an insured must live in what kind of community? -
CORRECT ANSWER -One that has met minimum floodplain
management guidelines
7. What documentation grants express authority to an agent? -
CORRECT ANSWER -Agents insurance license
8. How often must a NYS Insurance Agent renew their license ? -
CORRECT ANSWER -Every 2 years
9. In which of the following types of property valuation will the
policy pay the full value as specified on the policy schedule
regardless of the insured propertys appreciation or
depreciation? - CORRECT ANSWER -Agreed value
, Page | 3
10. A salaried employee who advertises and solicits insurance/
business is required to be a licensed as an insurance
producer? - CORRECT ANSWER -Yes
11. What best describes defamation? - CORRECT ANSWER -
Making derogatory oral statements about another insurers
financial condition
12. Who represents the insured in a claim investigation? -
CORRECT ANSWER -A public adjuster
13. The plan cannot reject any applicant for any reason true or
false? - CORRECT ANSWER -False
14. Tornado is an example of a what? - CORRECT ANSWER -
peril
15. What is not a justifiable reason for the superintendent to
revoke a license? - CORRECT ANSWER -not meeting
sales quota
