A client's dwelling is insured through NYPIUA and is classified as vacant. Under NYPIUA underwriting rules, what deductible applies to a covered loss on that vacant dwelling?
A. A flat $500 deductible
B. 1% of the amount of insurance
C. 10% of the amount of insurance, waivable if boarded
D. 5% of the amount of insurance
Source: NYPIUA Product Information / FAQ, nypiua.com
Under New York Insurance Law Article 21, a personal lines insurance producer license authorizes an individual to transact business for:
A. Property and casualty coverages limited to non-commercial (personal) risks, not commercial lines
B. Any line of insurance an authorized insurer writes in New York, with no restriction
C. Life, accident and health, and variable products only
D. Only automobile insurance, with homeowners coverage requiring a separate license
Source: N.Y. Insurance Law Article 21, §§ 2101, 2103
Before sitting for the New York personal lines producer licensing examination, an applicant with no reciprocal-state waiver must complete a Department-approved pre-licensing education course of at least how many hours?
A. 20 hours
B. 40 hours
C. 60 hours
D. 90 hours
Source: DFS.NY.gov, Agent and Broker Prelicensing Education requirements
After completing pre-licensing education, a New York personal lines applicant must pass the PSI-administered licensing examination within what time frame of applying for the license?
A. 6 months
B. 1 year
C. 2 years
D. 5 years
Source: DFS.NY.gov, Agent and Broker Prelicensing Education requirements
A New York personal lines producer is approached by a client who owns a small retail storefront and wants a commercial general liability policy placed. What is the correct action under the producer's personal lines license?
A. Place the policy, since personal lines authority extends to any property/casualty risk
B. Place the policy but only if the premium is under $5,000
C. Place the policy only if the client also owns a personal auto policy with the same producer
D. Decline to place the policy under the personal lines license, because commercial risks fall outside its scope
Source: N.Y. Insurance Law Article 21, §§ 2101, 2103
