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New York State
Property and Casualty
Insurance Exam
Comprehensive
Questions (Frequently
Tested)with Verified
Answers Graded A+
, Contact for further consultation
1. Physical damage coverage under a garage policy is a blanket limit for
covered auto, an accurate statement? Answer: Yes; The dealer's physical damage limit
would be done on a blanket limit basis. This would apply to comprehensive and collision losses to the
auto inventory of the dealer. This is done because it is simply not practical to schedule each dealer
owned vehicle for physical damage. This is generally accomplished by the use of a monthly reporting
form.
2. An insured owns a motorcycle, a moped and a motor home. What
endorse- ment is added to the personal auto policy to provide
coverage? Answer: Misc. Type Vehicle Endorsement; The "miscellaneous type vehicle"
endorsement is added for these types of recreational vehicles. Note that ISO has a separate
endorsement for snowmobiles.
3. Investment consultants should purchase which of the following
policies to protect themselves from errors and omissions? Answer:
Professional Liability; Errors and omissions coverage does not involve bodily injury or
property damage, which is provided by other types of policies. This is why professional liability
coverage is needed. Medical malpractice insurance does cover bodily injury.
4. The negligent act of the agent is imputed to the principal if the
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act occurred within the course and scope of the agent's employment.
This means that the principal becomes Answer: Answer: Directly liable for damages to
a third party caused by the agent (employee)..This is sometimes referred to as "vicarious" liability.
5. Which of the Homeowner's polices does not include coverage for
flood? Answer: An HO-3 Policy; A homeowner policy specifically excludes flood coverage.
6. The purpose of a Medicare Supplement policy, (aka Medi Gap), is to
Answer: Answer: pay for services not covered by Medicare; Medicare coverage contains
deductibles and coinsurance payments. Having a Medicare Supplement/Medi Gap policy, ottered by
commercial insurers, is designed to cover those coverage gaps.
7. Under the Federal Insurance Fraud and False Statements Act, if
someone is prohibited from doing business in a state, approval to
resume transacting
business must be granted by Answer: Answer: Insurance Regulatory Oflcial; Only an
insurance regulatory oflcial, such as the Insurance Commissioner, can grant permission to resume
business.
8. What is not reflected in a privacy report? Answer: Categories of medical
information; Medical informa- tion is not a topic in a privacy report. It deals with financial issues
only.
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9. If the surviving spouse of a covered worker does not remarry, how
long are death benefits paid to the surviving spouse if the worker is
killed in a work related incident in New York? Answer: For life; Generally, the surviving
spouse receives benefits for the remainder
New York State
Property and Casualty
Insurance Exam
Comprehensive
Questions (Frequently
Tested)with Verified
Answers Graded A+
, Contact for further consultation
1. Physical damage coverage under a garage policy is a blanket limit for
covered auto, an accurate statement? Answer: Yes; The dealer's physical damage limit
would be done on a blanket limit basis. This would apply to comprehensive and collision losses to the
auto inventory of the dealer. This is done because it is simply not practical to schedule each dealer
owned vehicle for physical damage. This is generally accomplished by the use of a monthly reporting
form.
2. An insured owns a motorcycle, a moped and a motor home. What
endorse- ment is added to the personal auto policy to provide
coverage? Answer: Misc. Type Vehicle Endorsement; The "miscellaneous type vehicle"
endorsement is added for these types of recreational vehicles. Note that ISO has a separate
endorsement for snowmobiles.
3. Investment consultants should purchase which of the following
policies to protect themselves from errors and omissions? Answer:
Professional Liability; Errors and omissions coverage does not involve bodily injury or
property damage, which is provided by other types of policies. This is why professional liability
coverage is needed. Medical malpractice insurance does cover bodily injury.
4. The negligent act of the agent is imputed to the principal if the
, Contact for further consultation
act occurred within the course and scope of the agent's employment.
This means that the principal becomes Answer: Answer: Directly liable for damages to
a third party caused by the agent (employee)..This is sometimes referred to as "vicarious" liability.
5. Which of the Homeowner's polices does not include coverage for
flood? Answer: An HO-3 Policy; A homeowner policy specifically excludes flood coverage.
6. The purpose of a Medicare Supplement policy, (aka Medi Gap), is to
Answer: Answer: pay for services not covered by Medicare; Medicare coverage contains
deductibles and coinsurance payments. Having a Medicare Supplement/Medi Gap policy, ottered by
commercial insurers, is designed to cover those coverage gaps.
7. Under the Federal Insurance Fraud and False Statements Act, if
someone is prohibited from doing business in a state, approval to
resume transacting
business must be granted by Answer: Answer: Insurance Regulatory Oflcial; Only an
insurance regulatory oflcial, such as the Insurance Commissioner, can grant permission to resume
business.
8. What is not reflected in a privacy report? Answer: Categories of medical
information; Medical informa- tion is not a topic in a privacy report. It deals with financial issues
only.
, Contact for further consultation
9. If the surviving spouse of a covered worker does not remarry, how
long are death benefits paid to the surviving spouse if the worker is
killed in a work related incident in New York? Answer: For life; Generally, the surviving
spouse receives benefits for the remainder
