Free Property and Casualty Insurance Basics Practice Questions
New York Property & Casualty exam (series 17-56) — 112 practice questions.
Subtopics: Standard fire policy, Security fund, Homeowners required policy period, Rate filing, Insurable interest, Coinsurance, Subrogation, Other insurance, Redlining, Credit-based insurance scores, Certificates of insurance, Cancellation and nonrenewal, Commercial cancellation, Commercial nonrenewal, Standard Fire Policy, Loss valuation, Negligence, Damages, Types of loss, Insurer provisions, Liability, Limits of liability, Deductibles, Policy structure, Policy conditions, Actual cash value, Replacement cost, Pair and set clause, Vacancy provision, Mortgagee rights, Appraisal condition, Proof of loss, Salvage and abandonment, Liberalization clause, Assignment condition, Binder, Sublimit, Named perils vs open perils, Burden of proof, Direct vs indirect loss, Comparative negligence, Strict liability, Vicarious liability, Punitive damages, Special vs general damages, Proximate cause, Absolute liability, Hold harmless, Bailee liability, Attractive nuisance, Res ipsa loquitur, Coinsurance calculation, Actual cash value calculation, Split limits application, Underwriting, Loss ratio, Insureds, Cancellation, Policy territory, No benefit to bailee, Duty to defend, Premium audit, Claim settlement, Appraisal, Duties after loss, Abandonment, Retrospective rating, Class rating, Judgment rating
Read the Property and Casualty Insurance Basics study guide
Sample questions & answers
1. The statutory form that establishes the baseline fire insurance provisions required in New York property policies is the:
New York Standard Fire Policy
New York Insurance Law sets out the Standard Fire Policy as the minimum statutory provisions for fire coverage in the state.
2. If an admitted New York property/casualty insurer becomes insolvent, covered unpaid claims are paid from the:
New York Property/Casualty Security Fund
New York's Property/Casualty Insurance Security Fund pays covered claims of insolvent admitted property and casualty insurers, subject to statutory limits.
3. Once a New York homeowners policy has been in effect for 60 days, the insurer generally may not cancel or nonrenew it, except for specified reasons, during a required policy period of:
3 years
For personal lines policies such as homeowners, Insurance Law 3425(a)(7) sets a three-year required policy period; during it the insurer may cancel or nonrenew only on grounds listed in 3425(c)(2), such as nonpayment or fraud.
4. New York property and casualty insurers must generally file their rates and rating rules with the:
Superintendent of Financial Services
Property and casualty rates and rating systems must generally be filed with the Superintendent of Financial Services.
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Practice: Property and Casualty Insurance Basics
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.
