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| Section | Weight | Objectives |
|---|---|---|
| Property & Casualty Coverages | 25% | - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime - Dwelling and Homeowners policies - Automobile coverages — Personal and Commercial - General Liability and Commercial General Liability - Commercial Property and Businessowners policies |
| Insurance Fundamentals & General Principles | 15% | - Risk management and insurable interest - Indemnity, subrogation, utmost good faith - Insurance contract elements and legal structure |
| Ethics & Professional Responsibility | 15% | - Fiduciary duty, conflict of interest, and confidentiality - Fraud detection and reporting obligations - Fair claims handling standards and professional conduct |
| New York Insurance Law & Regulations | 25% | - NY Insurance Law Articles and DFS regulations - Licensing requirements, eligibility, and examination rules - Unfair Claims Settlement Practices Act / Regulation 64 - State-specific policy provisions and mandatory endorsements |
| Claims Investigation & Adjusting Procedures | 20% | - Settlement negotiation, reservation of rights, and denial procedures - Loss valuation, damage assessment, and estimating - Claim intake, notice of loss, and initial investigation - Evidence gathering, coverage analysis, and policy interpretation |
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NEW QUESTION # 57
The National Flood Insurance Program (NFIP) policies cover
Answer: B
Explanation:
The correct answer is B. The National Flood Insurance Program is designed principally to insure eligible buildings and personal property against direct physical loss by or from flood. The Standard Flood Insurance Policy does not function as broad consequential-loss insurance. Federal policy language expressly distinguishes direct physical flood damage from indirect economic consequences such as loss of use, lost revenue, lost profits, business interruption, and additional living expenses. Therefore, option A and option C do not describe the fundamental NFIP coverage grant.
Option D is also incorrect as a general statement. Sewer or drain backup is not independently treated as a covered flood merely because water enters through a sewer or drain; coverage depends on whether the backup is directly caused by an insured flood meeting the federal policy definition and conditions.
Option B uses simplified exam wording. Technically, NFIP does not cover literally every direct loss without limitation; coverage remains subject to insured-property requirements, exclusions, limits, and deductibles.
Nevertheless, B accurately states the intended coverage principle. The official Series 17-70 outline specifically includes National Flood Insurance Program-eligibility, coverage, flood definition, limits, deductibles, proof of loss, and policy forms.
NEW QUESTION # 58
A type of insurance that protects an individual who fails to meet the standards of skill and care generally accepted for her occupation is
Answer: B
Explanation:
The correct answer is A - professional liability. Professional liability insurance, frequently called Errors and Omissions (E & O) coverage, addresses liability resulting from negligence, errors, omissions, or failure to provide the level of skill or professional service reasonably expected within a particular profession.
The Insurance Information Institute explains that professionals are expected to possess specialized knowledge or training and perform according to the standards of conduct applicable to their profession. When a professional fails to exercise the required degree of skill and a client suffers harm, professional liability insurance is designed to address that exposure, subject to policy terms.
Workers Compensation protects employees for qualifying employment-related injury or occupational disease; it does not insure a professional against claims alleging negligent professional services. Fiduciary liability is narrower and addresses breaches of fiduciary responsibility, particularly in connection with employee benefit plans or entrusted assets. Personal liability generally addresses nonbusiness personal activities rather than professional malpractice.
Professional liability forms are often tailored to the occupation involved. For doctors, the coverage is commonly called medical malpractice; for lawyers, accountants, consultants, architects, insurance professionals, and similar occupations, professional liability or E & O terminology is common.
The Series 17-70 curriculum requires the adjuster to distinguish specialized liability exposures as well as negligence and standards of legal responsibility.
Therefore, A is correct.
NEW QUESTION # 59
The self-insured portion of an insurance claim is called a
Answer: C
Explanation:
The correct answer is D. A deductible is the portion of an otherwise covered loss that the insured agrees to retain before the insurer becomes responsible for the remaining covered amount. In practical risk-management terms, it represents a form of self-insurance or risk retention because the policyholder absorbs losses up to the deductible amount.
New York Department of Financial Services describes a deductible as the amount the insured agrees to be responsible for when a covered loss occurs. DFS also explains that a higher deductible generally means the insured retains a larger portion of the risk and may receive a lower premium in return.
For example, if covered property damage equals $10,000 and the applicable deductible is $1,000, the insured ordinarily bears $1,000 and the insurer pays $9,000, assuming no other policy limitation applies.
Coinsurance is different; it is an insurance-to-value or cost-sharing mechanism and is not simply the initial dollar amount retained by the insured. "Principal" describes a party or monetary concept in other contractual contexts, while "liability" means legal responsibility.
The Series 17-70 curriculum includes deductibles, loss valuation, policy conditions, and claim settlement concepts.
Therefore, D is correct.
NEW QUESTION # 60
Broad theft coverage may ONLY be endorsed on a Dwelling Policy if the
Answer: D
Explanation:
The correct answer is C - the insured is the owner-occupant. The Broad Theft Coverage endorsement is designed to add theft protection to a Dwelling Policy for an eligible residence occupied by the named insured.
Broad theft coverage is distinguished from limited theft coverage primarily by its eligibility and its ability to provide both on-premises and qualifying off-premises theft coverage.
For a dwelling, condominium, or cooperative unit, broad theft coverage requires the residence to be owner occupied. Where the dwelling is non-owner occupied, a limited theft form is generally the appropriate theft endorsement.
Option A is therefore insufficient because being a landlord does not make the insured eligible for the broad theft endorsement when tenants occupy the insured dwelling. Vacancy, option B, is not an eligibility requirement and may instead trigger important restrictions in theft coverage. Option D also fails because ownership of personal property by a landlord does not substitute for the occupancy requirement.
New York's official Series 17-70 outline expressly identifies the Broad Theft Endorsement (DP 04 83) as a tested Dwelling Policy endorsement. New York DFS's prelicensing topic locator likewise identifies DP 04 83 as required dwelling-policy subject matter.
Therefore, owner-occupancy makes C correct.
NEW QUESTION # 61
Homeowner Policies exclude coverage for
Answer: D
Explanation:
The correct answer is A. Standard homeowners property forms contain a broad earth movement exclusion, encompassing events such as earthquake, landslide, mudslide, earth sinking, rising, or shifting, subject to the precise policy wording and any endorsements purchased. Earthquake coverage ordinarily requires a separate endorsement or policy. The Series 17-70 examination outline specifically requires knowledge of Homeowners Policy additional coverages, perils insured against, exclusions, conditions, and selected endorsements, including an earthquake endorsement.
The remaining choices describe protections commonly appearing as Additional Coverages rather than general exclusions. Debris Removal reimburses reasonable expenses for removing debris of covered property following a covered cause of loss. Insurance-regulator guidance confirms debris removal is ordinarily incorporated into homeowners coverage when the underlying damage results from an insured peril.
Likewise, Property Removed protects covered property against direct loss while it is being removed from endangered premises to safeguard it from an insured peril, subject to the form's time limitations. Fire Department Service Charge provides a specified additional amount when an insured incurs a contractual fire- department service charge. These provisions are standard examples of homeowners additional coverages.
Therefore, among the four choices, earth movement is the excluded cause of loss.
NEW QUESTION # 62
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