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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Commercial Package Policy | 38% | - Monoline versus package policies - First named insured - Common policy declarations - Components of a commercial policy - Common policy conditions |
| Topic 2: Claims Adjustment Procedures | - Appraisal - Subrogation procedures - Competitive estimates - Execution of releases - Coverage problems - Claims adjustment procedures - Settlement procedures - Reservation of rights letters - Draft authority - Advance payments - Mediation - Releases - Negotiation - Arbitration - Non-waiver agreements - Alternative dispute resolution | |
| Topic 3: Other Property and Liability Coverages | - Crime insurance - Surety and fidelity bonds - Personal automobile - Ocean marine - Workers compensation - Aviation insurance - Flood insurance - Excess liability - Inland marine - Commercial automobile | |
| Topic 4: Insurance Regulation | - Qualifications - Fingerprinting - Licensing process - Temporary adjuster permits - License maintenance and duration - Bond requirements - License renewal - Licensing requirements | |
| Topic 5: New York Unfair Claim Settlement and Prohibited Practices | - Terrorism Risk Insurance Act - Unfair claim settlement practices - New York cybersecurity regulation - Insurance fraud and false statements - New York claim settlement laws and regulations - Consumer privacy requirements | |
| Topic 6: Insurance Principles and Concepts | - Insurance principles and concepts - Representations and misrepresentations - Insurance contracts - Moral hazards - Fraud - Concealment - Morale hazards - Hazards - Waiver and estoppel - Insurable interest - Warranties - Physical hazards | |
| Topic 7: Commercial Property | - Commercial Package Policy - Commercial General Liability - Commercial property coverage - Businessowners Policy - Commercial property forms and endorsements | |
| Topic 8: Dwelling and Homeowners Insurance | - Standard Fire Policy - Personal liability supplement - New York specific endorsements - Personal umbrella policies - Homeowners liability coverage - Dwelling policies - Homeowners property coverage |
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NEW QUESTION # 73
An insurance contract is a contract of utmost good faith because the insurer relies on the truthfulness of the applicant and the insured relies on the insurer's promise to
Answer: A
Explanation:
The correct answer is C - pay the claims. Insurance contracts traditionally incorporate the doctrine of utmost good faith, sometimes expressed by the Latin term uberrimae fidei. The insurance transaction depends heavily on truthful and complete disclosure because the applicant possesses material information concerning the risk, while the insured depends upon the insurer to perform its contractual obligations when an insured loss occurs.
The Series 17-70 official outline expressly identifies utmost good faith, representations, misrepresentations, warranties, concealment, fraud, waiver, and estoppel as legal concepts affecting insurance contracts.
The applicant's obligation is therefore to make truthful representations concerning matters material to underwriting and coverage. Correspondingly, after a covered loss and satisfaction of applicable policy conditions, the insurer must honor its contractual promise to indemnify or otherwise provide the benefits specified by the policy.
Option A is incomplete because simply issuing a policy does not capture the insurer's principal performance obligation after coverage attaches. Filing regulatory reports is a statutory or administrative responsibility and is not the reciprocal contractual promise on which the insured relies. Charging a fair premium is also not the defining reciprocal duty in the doctrine being tested.
Accordingly, the insured relies on the insurer's promise to pay valid covered claims according to the contract, making C correct.
NEW QUESTION # 74
If a businessowner has a loss, which of the following will the insurer REQUIRE from the insured to assist in the business interruption portion of the claim?
Answer: D
Explanation:
The correct answer is A. A business interruption or Business Income claim requires documentary evidence sufficient to establish what the business would probably have earned had the covered loss not occurred.
Financial records are therefore indispensable. Relevant documentation commonly includes profit-and-loss statements, sales records, payroll information, general ledgers, prior financial statements, income-tax returns, and associated tax schedules.
The standard Business Income coverage conditions authorize the insurer, as often as reasonably required, to examine the insured's books and records and make copies. This enables the adjuster to reconstruct historical income, determine continuing and noncontinuing expenses, identify trends, evaluate the period of restoration, and calculate the actual Business Income loss.
An examination under oath can also be required during a claim investigation, but it is not the best answer to what specifically assists with the business interruption calculation. Furniture and fixture inventories principally support physical property claims. An onsite inspection likewise assists investigation but does not provide the financial evidence needed to quantify lost earnings.
The official Series 17-70 outline specifically tests Business Income/Extra Expense, Business Interruption/time element, and the insured's duty to produce books and records after loss.
NEW QUESTION # 75
What is NOT an element of verifying coverage?
Answer: A
Explanation:
The correct answer is D - The value of the claim. Coverage verification is performed to determine whether the insurance contract potentially responds to the reported occurrence. The adjuster first confirms that the policy was in force on the date of loss, because a loss occurring outside the effective policy period normally cannot trigger that contract. The adjuster must also establish that the claimant or affected party qualifies as the named insured or another insured person under the applicable provisions.
For a property claim, the adjuster must verify that the damaged property is property insured by the contract, at an insured location where applicable, and subject to the relevant coverage. These are fundamental coverage questions.
The value of the claim, however, concerns loss measurement rather than initial coverage verification. Once coverage has been established, the adjuster evaluates the extent of damage, repair or replacement costs, actual cash value or replacement cost provisions, depreciation, deductibles, limits, coinsurance, and other valuation considerations.
Coverage and valuation must therefore be distinguished. A loss may be covered even though its final monetary value has not yet been determined.
Series 17-70 reference topics: Insurance Basics - Policy Period, Named Insured, Covered Property, Coverage Analysis, Loss Adjustment, and Claim Valuation.
NEW QUESTION # 76
Hired and Non-owned Auto Liability Endorsement covers which of the following?
Answer: D
Explanation:
The correct answer is A. The BOP Hired Auto and Non-Owned Auto Liability Endorsement fills an important gap created by the standard auto exclusion. Non-owned auto liability applies to bodily injury or property damage arising from use of a non-owned automobile in the insured's business. A classic example is an employee using the employee's personally owned automobile while conducting business for the employer.
Standard endorsement wording provides that Non-Owned Auto Liability applies to bodily injury or property damage arising from use of any "non-owned auto" in the business. It specifically contemplates automobiles owned by employees when they are being used for business purposes.
Options B and C involve a company-owned van. An owned business automobile should ordinarily be insured under an appropriate commercial auto policy rather than the BOP's hired/non-owned endorsement. Option D likewise involves a company auto and therefore does not satisfy the non-owned or hired-auto concept.
The endorsement is principally liability coverage; it does not automatically pay physical damage to the employee's personal automobile.
The Series 17-70 BOP curriculum specifically tests the Hired Auto and Non-Owned Auto Liability endorsement, liability exclusions, and automobile-related business exposures.
Therefore, A is correct.
NEW QUESTION # 77
A policy that limits coverage to specific causes of loss is called
Answer: C
Explanation:
The correct answer is D - named perils. A named-perils policy provides coverage only when the direct physical loss is caused by a peril specifically identified in the contract. Typical named perils can include fire, lightning, windstorm, hail, explosion, smoke, vandalism, or other causes expressly listed in the applicable form. If the cause of loss is not among the listed covered perils, coverage generally does not apply unless another provision or endorsement extends protection.
This contrasts with an open-perils, sometimes historically called "all risk," form. An open-perils contract generally covers direct physical loss unless the cause is specifically excluded or limited. The burden of analyzing the loss therefore differs substantially between named-perils and open-perils structures.
Option A is incorrect because exclusions remove or restrict coverage rather than define a policy that affirmatively insures only specifically listed causes. Option B concerns loss valuation rather than the scope of insured perils. Option C describes the opposite coverage approach.
The official Series 17-70 outline specifically includes "Named perils versus special (open) perils," direct loss, consequential loss, policy structure, exclusions, and conditions as tested Insurance Basics concepts.
NEW QUESTION # 78
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