New York State Property and Casualty Insurance Exam Questions with 100% Correct Answers Latest Version 2024 Verified
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New York State Property and Casualty Insurance
Exam Questions with 100% Correct Answers |
Latest Version 2024 | Verified
Physical damage coverage under a garage policy is a blanket limit for covered auto, an accurate
statement? - Yes; The dealer's physical damage limit would be done on a blanke...
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New York State Property and Casualty Insurance
Exam Questions with 100% Correct Answers |
Latest Version 2024 | Verified
Physical damage coverage under a garage policy is a blanket limit for covered auto, an accurate
statement? - ✔✔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.
An insured owns a motorcycle, a moped and a motor home. What endorsement is added to the personal
auto policy to provide coverage? - ✔✔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.
Investment consultants should purchase which of the following policies to protect themselves from
errors and omissions? - ✔✔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.
The negligent act of the agent is imputed to the principal if the act occurred within the course and scope
of the agent's employment. This means that the principal becomes: - ✔✔Directly liable for damages to a
third party caused by the agent (employee)..This is sometimes referred to as "vicarious" liability.
Which of the Homeowner's polices does not include coverage for flood? - ✔✔An HO-3 Policy; A
homeowner policy specifically excludes flood coverage.
The purpose of a Medicare Supplement policy, (aka Medi Gap), is to: - ✔✔pay for services not covered
by Medicare; Medicare coverage contains deductibles and coinsurance payments. Having a Medicare
Supplement/Medi Gap policy, offered by commercial insurers, is designed to cover those coverage gaps.
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: - ✔✔Insurance
Regulatory Official; Only an insurance regulatory official, such as the Insurance Commissioner, can grant
permission to resume business.
, What is not reflected in a privacy report? - ✔✔Categories of medical information; Medical information is
not a topic in a privacy report. It deals with financial issues only.
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? - ✔✔For life; Generally,
the surviving spouse receives benefits for the remainder of his or her life, except in situations where they
remarry. In situations where the surviving spouse remarries, the spouse receives a lump-sum of two
years of benefits.
An insured has purchased a Medicare supplement policy from a new insurer, replacing a policy from a
previous insurer. A "Notice of Replacement" must be provided to this individual by: - ✔✔The replacing
insurer; Since this transaction is a replacement, the insurance regulations of the state require that the
replacing insurer must provide the applicant with a Notice of Replacement
What mandate is given in the Affordable Care Act requiring all health plans to offer child dependency
coverage to age 26? - ✔✔There is no mandate in any federal or state law requiring employer group plans
or individual health plans to provide dependent health coverage; None. Health plans are not required by
any law to offer dependent care coverage. However, if a group health plan or insurer provides coverage
for children, the plan must make such coverage available for a child until age 26.
What injury is covered under the medical payments section of an insured's CGL policy? - ✔✔A shopper is
injured while visiting a showroom owned by the insured; The coverage excludes injuries to employees,
persons participating in an athletic event on the insured's premises and injuries to tenants. The shopper
is the only third party that would be covered.
Which type of HMO employs its own physicians on a salary basis? - ✔✔Closed Panel; Closed panel plans
aka Staff model plans, employ physicians, nurses and other health care professionals.
What is an example of a privately run insurers? - ✔✔The excess and surplus lines markets are privately
run insurers that usually writes risks that the standard market does not want to write.
Which of the dwelling forms provides broad form coverage for personal property? - ✔✔DP-2 and DP-3
only; The DP-1 provides very limited coverage for personal property. Both the broad form (DP-2) and the
special form (DP-3) provide broad form coverage for personal property.
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