NYPCL - New york Property and Causality license exam

Question 21: Comparing two commercial property causes-of-loss forms, the broad form covers everything in the basic form and adds several perils plus one notable additional coverage. Which additional coverage does the broad form add?

Earthquake

Flood

Collapse

Equipment breakdown

Question 22: After a covered fire closes a Rochester restaurant, one commercial property coverage pays its lost net income and continuing expenses during the period the property is being repaired. Which coverage is this?

Extra expense coverage

Legal liability coverage

Spoilage coverage

Business income coverage

Question 23: A coverage form insures a building while it is under construction, including its foundation and materials within a short distance, and carries no vacancy provision. Which form is this?

The builders risk form

The condominium association form

The legal liability form

The extra expense form

Question 24: After hours at a Brooklyn warehouse, intruders leave pry marks on a forced rear door and merchandise is missing. Which crime term most precisely fits this loss?

Robbery

Mysterious disappearance

Burglary

Forgery

Question 25: Armed individuals enter a Syracuse store, threaten the clerk with harm, and take cash from the counter. Which crime term most precisely describes this loss?

Burglary

Theft by stealth

Mysterious disappearance

Robbery

Question 26: A commercial crime insuring agreement pays for loss of money or property caused by theft or forgery committed by an employee, alone or in collusion. Which agreement is this?

Forgery or alteration

Computer fraud

Employee theft

Money orders and counterfeit money

Question 27: One commercial crime form covers losses sustained during the policy period and discovered within one year after it expires. Which trigger form does this describe?

The discovery form

The reporting form

The agreed value form

The loss-sustained form

Question 28: A Long Island contractor needs coverage on tools and heavy machinery that move among many job sites rather than staying within feet of one premises. Which coverage best fits?

The contractors equipment floater

The building and personal property form

The jewelers block floater

The accounts receivable floater

Question 29: A Buffalo manufacturer's standard property and businessowners forms exclude losses from boiler explosion and mechanical or electrical failure of machinery. Which separate coverage fills this gap?

Commercial crime coverage

Inland marine coverage

Equipment breakdown coverage

Builders risk coverage

Question 30: A businessowners policy is restricted to smaller risks by underwriting ceilings such as employee count, annual revenue, and floor space. A risk exceeding any one ceiling is generally steered toward what?

A personal lines policy

A surplus lines placement

A homeowners policy

A commercial package policy

Question 31: Comparing the two commercial approaches, one bundles property and liability automatically into a simple standardized package, while the other is a flexible modular menu. Which statement describes the businessowners policy?

It is the flexible modular menu

It excludes liability entirely

It is the simple bundled package

It has no eligibility limits

Question 32: By default, the businessowners property coverage applies on a basis that covers any cause of loss not specifically excluded or limited. Which describes this default approach?

Open peril coverage

Named peril coverage

Scheduled coverage

Reporting form coverage

Question 33: A Manhattan office wants to confirm which item the businessowners property section does not cover at all. Which of the following is excluded property?

Office furniture and fixtures

Tenants' improvements and betterments

Permanently installed machinery

Automobiles licensed for road use

Question 34: A businessowners policy applies one base property deductible across its building and personal property coverages, paid before the insurer pays a covered property loss. This figure is best described as what?

The standard property deductible

A coinsurance penalty

An aggregate limit

A self-insured retention floor

Question 35: A distinctive businessowners feature is that its built-in business income coverage carries no separate dollar limit and is instead capped only by time. What governs that time cap?

A stated dollar aggregate

The restoration period within twelve months

A seventy-two-hour waiting period only

A coinsurance percentage

Question 36: A gas leak near a Rochester restaurant leads authorities to bar access to its block, and the restaurant loses income though its own building is undamaged. What triggers civil authority coverage here?

Damage to the insured's own building

Any drop in the restaurant's sales

A government order from damage nearby

The restaurant choosing to close

Question 37: A tenant rents space in an Albany building but does not own the structure. Which businessowners property coverage does this tenant need for its contents while not needing the other?

Business personal property coverage

Buildings coverage

Equipment breakdown coverage

Outdoor signs coverage

Question 38: A businessowners policy is issued to a limited liability company. All of the following are insureds except which party?

The named insured itself

The company's members

The company's managers

A member's spouse

Question 39: The businessowners liability coverage carries two aggregate limits that cap total payments for the policy period. Conceptually, how do those two aggregates relate to the per-occurrence liability limit?

Each equals the per-occurrence limit

There is only one aggregate

Each equals twice the per-occurrence limit

The policy has no aggregates

Question 40: A businessowners endorsement makes the insured's upkeep of a sprinkler system or burglar alarm a condition of coverage. An unreported outage can forfeit a loss. Which endorsement is this?

Protective safeguards

Utility services time element

Hired and non-owned auto