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Free Property and Casualty Insurance Basics Practice Questions

New York Property & Casualty exam (series 17-56) — 63 practice questions.

Subtopics: Standard fire policy, Security fund, Fire cancellation, Rate filing, Insurable interest, Coinsurance, Subrogation, Other insurance, 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

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 Insurance 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. New York generally limits midterm cancellation of a fire or homeowners policy in force more than 60 days to specified reasons with advance written notice of at least:

30 days

After 60 days, cancellation of a fire or homeowners policy is limited to stated grounds and requires advance written notice (at least 15 days for the reasons stated, with longer notice rules for nonrenewal).

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

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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.