PSI ONLINE EXAMINATION NY INSURANCE PROPERTY AND

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PSI ONLINE EXAMINATION NY INSURANCE PROPERTY AND

CASUALTY PRACTICE TEST EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -75 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: a. compensate for actual financial losses

Answer:

Punitive damages are intended to do all of the following except?

• compensate for actual financial losses.

• discourage others from doing wrong.

• discipline the insured.

• make an example of bad behavior

Question 2: d. carpeting that is permanently installed inside the building

Answer:

The property coverage of a BOP includes which of the following?

• motor vehicles

• outdoor fencing

• outdoor signs that are not attached to the building

• carpeting that is permanently installed inside the building

Question 3: a. certificate

Answer:

Which document would a lender ask an insured for as evidence that a policy has been written?

• certificate

• declarations

• endorsement

• policy

Question 4: a. carpet cleaning after a water main break

Answer:

Which of the following would trigger coverage under business income form with extra expense coverage?

• carpet cleaning after a water main break

• Employee pay after a building structure is damaged

• building inspectors feeds after a loss

• unit rent when tenant is liable

Question 5: a. the fall

Answer:

A woman slips on icy steps and breaks her leg. Which of the following is the peril in this situation?

• the fall

• the icy steps

• the broken leg

• the season of the year

Question 6: b. the United States Congress

Answer:

Which of the following created the National Flood Insurance program?

• An association of mortgage banks

• the United States Congress

• governors of flood prone states

• a consortium of insurance companies

Question 7: Nonrenewal

Answer:

When the policy term ends and either the insured or the insurance company wants to discontinue coverage which provision is applied?

Question 8: c. replacement cost less depreciation

Answer:

Which one of the following valuations methods best describes how a loss will be settled when the policy provides for actual cash value settlement?

• depreciation plus replacement cost

• cost to repair if less than policy limit

• replacement cost less depreciation

• the lesser of insurable interest

Question 9: b. exclusive remedy

Answer:

Employees are barred from suing employers in court to obtain compensation for injuries covered by workers' compensation because of which of the following doctrines?

• employer liability

• exclusive remedy

• workman liability

• no fault insurance

Question 10: loss from collision damage

Answer:

Which exposure is unique to mobile homes?

Question 11: d. a volunteer worker

Answer:

Which of the following persons is covered for accidental injury on the insured's premises under the commercial general liability medical payments?

• a tenant of the premises

• an employee of the insured

• person injured in warfare

• a volunteer worker

Question 12: b. driving neighbor's auto

Answer:

The insured has a commercial auto policy with a drive other car broadened coverage liability for named individuals (DOC) endorsement. In which of the following would the named individual be covered?

• racing company car

• driving neighbor's auto

• any vehicle owned by insured

• family member driving company vehicle

Question 13: c. perils property is insured against

Answer:

The Cause of Loss form for farm property lists which of the following?

• the type of property insured

• the amount of insurance provided

• perils property is insured against