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NEW YORK INSURANCE EXAM
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: elements of a valid contract:
Answer:
C.L.O.C
Competent parties Legal Offer and acceptance Consideration Question 2: the terrorism risk ask of 2015 excludes all acts of terrorism if the act is committed as part of the course of a war declared by congress with the exception of one line of insurance.Which of the following is the only line of the insurance that would still be covered in case of war?
Answer:
workers compensation Question 3: Best describe a "monopolistic" state workers compensation fund
Answer:
primary sources of workers' compensation insurance in those states that do not allow private workers compensation insurance to be sold
Question 4: if a state is considered to be "monopolistic" when it comes to workers
compensation coverage, employers in that state are:
Answer:
required to purchase their workers compensation from the state funded Question 5: type of insurer that may conduct business in a state with out holding a certification of authority?
Answer:
surplus lines company Question 6: What business auto policy symbol permits the insured to purchase coverage for both liability & physical damage?
Answer:
symbol 3
Question 7: uninsured motorists (UM) coverage claims are
Answer:
first-party claims Question 8: body panel of a vehicle between the rear door and truck that typically wraps around the wheel well
Answer:
The rear quarter panel Question 9: While investigating an accident, Doright found that Mr. Dogwood paid $1,000 for the vehicle. After checking with others he found the same vehicle w/ an asking price of $1,700, retail price of $2,150 and dealer price of $1,750. What amount will be received?
Answer:
$2,150
Question 10: Situational question: Mikala is walking to her car and suddenly a guy comes up and is holding a gun to her head
demanding her purse or he will kill her. Mikala just experienced:
Answer:
robbery
Question 11: Situational example: Steve and his insurance cannot agree on the amount of property damage. Both parties selected an appraiser but can't agree on the amount the appraisers attempt to select the umpire but can't agree. What happens next?
Answer:
steve and the insurance company can request that the umpire be selected by the court of law Question 12: all of the following are claim practice principles (ethical principles) to be followed
by all insurers in New York, except:
Answer:
the new york adjuster should demand verification of facts, even if the facts presented by the claimant are reasonably clear, just to be sure the insurer does not pay a claim for which they are not responsible.Question 13: Straightening movement allowed by certain joints of the skeleton that increases the angle between two adjoining bones
Answer:
extension Question 14: under the new york cybersecurity regulation, an exempt covered entity that ceases to qualify for an exemption will have _____ to comply with the requirements of the regulations.
Answer:
180 days Question 15: Monique lives in Texas and is covered under a standard personal auto policy.North Carolina - APril 1st Texas - April 15th New Mexico - April 20th California - april 30th When can monique expect her coverage to be broadened?
Answer:
April 15th, because when a company broadens their coverage with no additional premium charge, it takes effect on the date is is implemented in a insured's state of residence.Question 16: most common method of settling liability insurance claims is through?
Answer:
negotiated settlement
Question 17: The income benefits for a permanent or temporary disability are generally _______ of lost wages, subject to certain max and min weekly amount
Answer:
66 2/3 %
Question 18: an insurer may cancel a new york homeowners policy for non-payment of premium
at any time, as long as the insurer provides the policy notice of:
Answer:
15 days Question 19: what is the automobile property damage limit that is required in New York to satisfy the financial responsibility law?
Answer:
$10,000
Question 20: Products of surplus lines company can only be sold by:
Answer:
licensed surplus lines agent Question 21: the doctrine that states an insured's policy should provide the coverage that a
sensible and prudent person would expect is:
Answer:
the reasonable expectation doctrine Question 22: example of whats included on Part II - employer's liability with workers compensation
Answer:
bodily injury claim by an employee during the policy period and due to employment Question 23: what is the minimum limit for coverage L of the personal libaility supplement that can be attached to a dwelling property policy?
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