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| Section | Weight | Objectives |
|---|---|---|
| New York Insurance Law & Regulations | 25% | - Unfair Claims Settlement Practices Act / Regulation 64 - NY Insurance Law Articles and DFS regulations - State-specific policy provisions and mandatory endorsements - Licensing requirements, eligibility, and examination rules |
| Property & Casualty Coverages | 25% | - General Liability and Commercial General Liability - Commercial Property and Businessowners policies - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime - Dwelling and Homeowners policies - Automobile coverages — Personal and Commercial |
| Claims Investigation & Adjusting Procedures | 20% | - Loss valuation, damage assessment, and estimating - Evidence gathering, coverage analysis, and policy interpretation - Claim intake, notice of loss, and initial investigation - Settlement negotiation, reservation of rights, and denial procedures |
| Ethics & Professional Responsibility | 15% | - Fair claims handling standards and professional conduct - Fiduciary duty, conflict of interest, and confidentiality - Fraud detection and reporting obligations |
| Insurance Fundamentals & General Principles | 15% | - Insurance contract elements and legal structure - Indemnity, subrogation, utmost good faith - Risk management and insurable interest |
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NEW QUESTION # 79
A policy that limits coverage to specific causes of loss is called
Answer: D
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 # 80
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 # 81
An insurance licensee must do all of the following in order to renew the insurance license EXCEPT
Answer: A
Explanation:
For the New York Independent General Adjuster Series 17-70, the correct answer is D - complete the continuing education requirements. This is an important New York-specific distinction.
The official New York PSI licensing bulletin expressly states that Independent Adjusters are not subject to the continuing-education requirements that apply to resident agents, brokers, consultants, and public adjusters.
The bulletin separately lists Independent Adjusters among license classes exempt from CE.
Renewal itself is governed by Insurance Law §2108. Every adjuster's license expires on December 31 of even- numbered years and may be renewed for the ensuing two calendar years by filing the prescribed renewal application. The law also requires the applicable license fee when applying for renewal.
The wording of option A is imprecise because New York law specifically provides that a renewal application filed by December 31 of the expiration year allows the existing license to continue while the application is processed; the statute does not establish a universal "within 30 days" formulation as written. Nevertheless, the decisive Series 17-70 rule tested here is the CE exemption.
The official Series 17-70 outline specifically includes renewal under §2108(i) and (j).
Therefore, D is the verified Series 17-70 answer.
NEW QUESTION # 82
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 # 83
What is the purpose of the Insurance Frauds Prevention Act?
Answer: B
Explanation:
The correct answer is C. New York Insurance Law Article 4 is expressly titled the Insurance Frauds Prevention Act. Its legislative findings recognize that insurance transactions-including organization and licensing, issuance of policies, and the adjustment and payment of claims and losses-have potential for abuse and illegal activity. The statutory framework is intended to prevent, detect, investigate, and penalize fraudulent insurance conduct.
Therefore, option C most accurately expresses the purpose among the available choices: protecting the insurance system and consumers from illegal and fraudulent conduct associated with policy and claim transactions.
Option A concerns underwriting standards and risk selection rather than insurance-fraud prevention. Option B concerns insurance advertising regulation, which is governed through separate statutes and regulations.
Option D concerns insurer financial reporting and solvency regulation, not the core purpose of Article 4.
New York DFS emphasizes that insurance fraud affects consumers through higher premiums and costs and encourages detection and reporting of suspected fraudulent activity. Article 4 also requires reporting of suspected fraudulent insurance transactions and authorizes investigation and enforcement.
Accordingly, C is the correct examination answer.
NEW QUESTION # 84
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