Free Commercial Property Policies Practice Questions
New York Property & Casualty exam (series 17-56) — 61 practice questions.
Subtopics: Arson-related cancellation, Claims practices, Actual cash value, Building and personal property, Causes of loss forms, Business income, Commercial package, Equipment breakdown, Coinsurance, Builders risk, Extra expense, Ordinance or law, Inland marine, Reporting form, Causes of loss special form, Agreed value, Peak season endorsement, Spoilage coverage, Causes of loss basic form, Newly acquired property, Functional valuation, Causes of loss broad form, Debris removal, Brands and labels, Pollutant cleanup, Legal liability coverage form, Tenant improvements, Earthquake coverage, Additional coverages, Coverage extensions, Vacancy, Valuation, Optional coverages, Functional building valuation
Read the Commercial Property Policies study guide
Sample questions & answers
1. When a New York insurer cancels a commercial property policy because it believes the insured will destroy the property to collect insurance, the insured may ask DFS to review the cancellation within:
10 days of receiving the notice
Insurance Law 3426(c)(1)(H) requires the notice to tell the insured to act within ten days to request department review, and the insurer must send the notice to DFS at the same time.
2. If a New York commercial property insurer suspects arson, the time to accept or reject the claim after receiving proof of loss is extended from 15 to:
30 business days
Regulation 64 (Part 216.6(c)) reads the 15-business-day decision period as 30 business days when the insurer suspects arson.
3. Unless the law or policy defines it otherwise, New York Regulation 64 defines actual cash value as the lesser of the cost to repair or replace with an item substantially identical:
Including applicable sales tax
Part 216.6(b) defines actual cash value as the lesser of the cost to repair to pre-loss condition or to replace with a substantially identical item, including sales tax.
4. The Building and Personal Property Coverage Form (BPP) covers all of the following EXCEPT:
The insured's legal liability to customers
The BPP is a property form covering buildings and contents; liability exposures are insured separately under a liability coverage part.
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Practice: Commercial Property Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
