New York Insurance Exam, Questions with answers. 2022/2023. Graded A

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New York Insurance Exam, Questions with answers. 2022/2023. Graded A information about the premium and policy limites, the identity and address of the named insured, and the policy period is foun... d in which part of the insurance policy? - ✔✔Declaration page if an insured intentioanlly conceals a material fact on an application for insurance, the coverage may be: - ✔✔voided anyone who threatens, forces or corruptly influences, obstructs or impedes the due and proper administration of the fraud law relating to the insurance business may be fined and/or imprisoned up to: - ✔✔10 years Situation question: Kelly would like to obtain an independent adjuster license in New York, However, she has been convicted of a felony involving dishonesty or breach of trust. Which is not required for the superintendent to grant the waiver? - ✔✔evidence must be submitted to show the restitution was made to people of the state of new york for the felony in which kelly was convicted definition of concurrent causation - ✔✔two or more perils that cause a single loss under the terrorism risk insurance program reauthorization act of 2015, the maximum limit for the Act for total claims paid under the Act by either private insurers or the government is still limited to: - ✔✔$100 billion an insured has her property covered under an "open peril" cause of loss form, She experiences a loss. The burden of proof that the peril that was the actual cause of loss in the claim, lies within: - ✔✔the insurance company in new york, the insurer is required to provide claim forms to the insured within _____ of being notified of the loss - ✔✔15 days the mandatory recoupment of the federal share through policy holder surcharges under terrorism risk insurance program reauthorization act of 2015 was increased from 133% to - ✔✔140% 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? - ✔✔workers compensation the terrorism act of 2015 excludes all except: - ✔✔commercial property all of the following are claim practice principles (ethical principles) to be followed by all insurers in New York, except: - ✔✔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. describe a representation in an insurance application - ✔✔a statement made by the applicant that he believes to be true when made, but which might prove to be false what is NOT true concerning the large number law? - ✔✔the size of the sample group is not relevant to the accuracy of the results the doctrine that states an insured's policy should provide the coverage that a sensible and prudent person would expect is: - ✔✔the reasonable expectation doctrine describe the concept of risk - ✔✔uncertainty of loss 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: - ✔✔robbery the adjuster bond required in New York is payable to - ✔✔the state of new york when can the new york superintendent of insurance revoke an adjuster's license? - ✔✔not until a hearing is held what is generally not considered to be legal defense against claims of negligence? - ✔✔loss to the plaintiff was caused intentionally by the defendant 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. - ✔✔180 days under the new york cybersecurity regulation each covered entity, including insurance companies, must submit a written statement by ______ of each year certifuing that it is in compliance: - ✔✔february 15 What is not a characteristic of an aleatory contract? - ✔✔contract allows the insured to receive a return on claims payments that is nearly equal to the amount paid in premium 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? - ✔✔steve and the insurance company can request that the umpire be selected by the court of law For a liability policy to pay a claim, the person who is legally liable: - ✔✔must be an "insured" under the policy the process by which an insurance company selects certain types of risk that have historically producaed a loss is known as: - ✔✔underwriting elements of a valid contract: - ✔✔C.L.O.C Competent parties Legal Offer and acceptance Consideration insurance contracts are contingent upon certain events that provide for the unequal transfer of value between the parties is a __________ contract - ✔✔aleatory written modification of an insurance policy - ✔✔endorsement type of insurer that may conduct business in a state with out holding a certification of authority? - ✔✔surplus lines company doctrine stating if loss or damage to property occurs as a result of two or more causes, one is covered and other is not: - ✔✔concurrent causation type of loss when the covered property is destroyed beyond repair and nothing of value remains - ✔✔actual total loss a method of calculating actual cash value using a combination of the fair market value and the cost of replacement minus depreciation - ✔✔Brood evidence rule loss valuation method that pays the value scheduled on the policy, or actual cash value - ✔✔Stated Value type of liability that may be imposed on an insured who is participating in a certain activity that is particularly hazardous - ✔✔absolute liability common law defense against neglicense that states "if an individual contributes to his or her own loss in any way, then another person cannot be held liable for the loss", is known as: - ✔✔contributory negligence liability policy limit that only pays one amount with respect to any one accident or occurence: - ✔✔single limit federal law that required insurers to provide customers with written privacy notice - ✔✔Gramm-leach Bliley Act any person engages in activities in violation of the federal insurance fraud and false statements regulation, he or she may be subject to: - ✔✔a civil penalty of no more than $50,000 under the federal insurance fraud and false statement act, the violator is subject to imprisonment for up to: - ✔✔10 years under the new york cybersecurity regulatino, each covered entity must maintain documentation supporting certification of compliance with the regulation for: - ✔✔5 years the time element coverages provided on the home business insurance endorsement of the homeowners policy, cover all except: - ✔✔business computer damage a standard homeowner policy has been issued for $300,000 limit to cover a four-family dwelling. What is the automatic amount that will be provided for coverage C? - ✔✔$75,000 25% of $300,000 Death benefit to pay for funeral expenses under the new york "no-fault" automobile plan is: - ✔✔$2,000 What is false regarding the motor center act of 1980? - ✔✔the act requires truckers to certify that they are able to meet financial obligations arising from physical damage to non-owned trailers being used under a written trailer interchange agreement What is NOT excluded on the section 2 - liability of business auto policy? - ✔✔cost to defend the insured what is true regarding the auto dealers' physical damage coverage under the garage policy? - ✔✔coverage is provided by a blanket limit for covered autos under the standard ISO identity fraud expense endorsement, what is the maximum amount will be paid, per day, for lost income? - ✔✔$200 DP-1 basic form periol of "internal explosion" will cover what for example: - ✔✔explosion of a furnace that the insured owns, insude the covered dwelling base deductible of 5% under the earthquake endorsement can be covered to a specific dollar amount by: - ✔✔multiplying the greater coverage A or C, by the deductible percentage scheduled on the policy body panel of a vehicle between the rear door and truck that typically wraps around the wheel well - ✔✔The rear quarter panel not considered an "insured" on a homeowners policy - ✔✔non-related tenant living in the insured residence a person is qualified to receive benefits from the new york motor vehicle accident indemnification corporation and are injured by a hit-and-run driver, how many days to file the claim? - ✔✔90 days Under Ben Green's personal auto policy, what is an example that would not qualify as a "family member"? - ✔✔Susan Green, Ben's wife. Susan maintains a separate residence although she and Ben are not divorced. under dwelling insurance, an endorsement may be attached to the policy to cover dwellings during the course of construction. The insurance company must be advised when construction is completed, and within ______ after the insured taked occupancy of the dwelling. - ✔✔30 days uninsured motorists (UM) coverage claims are - ✔✔first-party claims 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: - ✔✔15 days what is the minimum limit for coverage L of the personal libaility supplement that can be attached to a dwelling property policy? - ✔✔$100,000 The endorsement to the homeowner policy for water that backs up through a sewer or drain including mechanical breakdown of a sump pump contains: - ✔✔the endorsement will set a limit of coverage per occurrence for these losses and also impose a stated deductible which could be less than or greater than the standard deductible for property losses stated on the declaration page Situational example: James collects rare stamps that he has covered by the scheduled personal property endo [Show More]

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