PERSONAL LINES: OTHER COVERAGES AND OPTIONS

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PERSONAL LINES: OTHER COVERAGES AND OPTIONS

EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -21 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Prior to binding coverage for a given risk.

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A copy of the total cost form which must be provided to every insured for each excess line policy will be provided by the surplus lines broker...Question 2: Dwelling Policy Form; The dwelling policy form is used to insure residential structures and their contents including individual condominium units.

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Residential structures, including individual condominium units, and their contents are insured by what part of the National Flood Insurance Program?

Question 3: Insurers authorized to write fire and extended coverage insurance

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Which of the following insurers must be members of the New York Property Insurance Underwriting Association?

Question 4: That has met the minimum floodplain management guidelines

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To be eligible for coverage under the National Flood Insurance Program, an insured must live in which of the following communities?

Question 5: Declined to write the specific risk; NY insurance Law Section 2118 generally require the excess line broker demonstrate that 3 licensed insurers which write the specific type of insurance have declined to write the specific risk before the excess line broker may place the risk with an eligible excess line insurer.

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New York Insurance Law Requires for an excess lines broker to demonstrate that at least 3 licensed insurers that write the specific type of insurance have...Question 6: The Insured would be responsible for the amount required as underlying limits in the event of a claim.

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What would be a correct statement if an insured failed to maintain the underlying limits as required by a personal umbrella policy?Question 7: Private insurers that write and service National Flood Insurance Policies on a no risk bearing basis;

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Who would participate in a Write Your Own (WYO) flood insurance program?Question 8: The excess over the self - insured retention (SIR). Retention is the equivalent of a deductible in property insurance.

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When an Umbrella policy is broader than underlying insurance and it pays a loss that is not covered by the underlying policy, it usually only pays Question 9: The Insured would be responsible for the amount required as underlying limits in the event of a claim;

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A correct statement if an insured failed to maintain the underlying limits as required by a personal umbrella policy.Question 10: To be an insurance policy and is not protected by the New York State Securities Funds.

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An insurance contract made between an insured and an excess line insurer is NOT considered.

Question 11: Landslides

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What would not be considered causes for flood conditions covered by the National Flood insurance Program?

Question 12: is the equivalent of a deducible in property insurance

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Retention Question 13: Part A; Part A is liability coverage and will pay for damages for bodily injury or property damage for which any insured becomes legally liable because of a watercraft accident.

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In a watercraft policy, which coverage part will respond to a claim for damages for bodily injury or property damage for which the insured becomes legally liable because of a watercraft accident?Question 14: A 4 - Family owner - occupied dwelling located in a designated area; to qualify for a c - map a property must be located in a designated geographic area in this state and within a specified distance from the shore. One to Four family owner occupied dwellings, apartment or condominium units also qualify.

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What would qualify for C- MAP?Question 15: It does not protect the individual owner from loss to a personal property owned exclusively by the unit owner.

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The Residential Condominium Building Association Policy (RCBAP) is used for residential condominium building associations to cover the entire building under one policy. Which of the following statements about RCBAP is true.Question 16: 30 Days; Upon purchase of a flood policy, a 30 - day waiting period is in place beginning from the time of application and premium payment.

Answer:

How long is a waiting period upon purchase of flood coverage through NFIP

Question 17: Eligible structures include other residential structures, commercial structures, and cooperative associations.

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The General property policy form is used for other residential and non residential structures and their contents such as Question 18: The SIR - The self - insured retention (SIR) is an initial part of a loss the insured pays before the umbrella pays if no other policy covers the loss.

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What is the deductible of a personal liability umbrella policy called?Question 19: Auto Policy; The underlying policy is the primary liability policy. In this scenario, it's the insureds personal auto policy.

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If an insured has an umbrella liability policy in addition to his personal auto policy, what would be considered the underlying policy?

Question 20: 1 Year

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How long is the policy period for the NFIP Flood insurance?Question 21: AN affidavit. Pursuant the insurance law, excess line brokers must file an affidavit for every excess lines policy or policy renewal procured from an unauthorized insurer.

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For every excess lines policy renewal procured from an unauthorized insurer, producers must file which of the following?