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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Homeowners Policy | 10% | - Property Coverages
|
| Topic 2: Adjusting Losses | 11% | - Role of the Adjuster
|
| Topic 3: Dwelling Policy | 6% | - Coverage Forms and Perils
|
| Topic 4: Insurance Basics | 6% | - Insurance Contracts
|
| Topic 5: Insurance Regulation | 6% | - Disciplinary Actions
|
| Topic 6: Personal Inland Marine | 13% | - Personal Effects Floater
|
| Topic 7: Medical Reports and Terminology | 4% | - Basic Human Anatomy
|
| Topic 8: Commercial Package Policy | 38% | - Commercial Inland Marine
|
| Topic 9: Accident and Health Insurance Basics | 6% | - Accident and Health Claims
|
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NEW QUESTION # 82
Under a Businessowners Policy, Inside the Premises - Robbery or Safe Burglary of Money and Securities, this coverage applies to robbery of
Answer: D
Explanation:
The correct answer is C - a custodian that takes place within the premises. Crime coverage titled Inside the Premises - Robbery of a Custodian or Safe Burglary of Money and Securities is specifically structured to protect money and securities against robbery of a custodian while inside the insured premises, as well as qualifying safe or vault burglary.
Current ISO commercial-crime analysis states that coverage applies to loss of money and securities resulting from the robbery of a custodian inside the insured premises or from safe or vault burglary or attempted burglary. A custodian generally includes the named insured, partners, members, or employees having care and custody of the insured property, subject to the form's definition.
Options A and B are incorrect because they place the robbery off premises. Off-premises losses are addressed by different crime insuring agreements, such as Outside the Premises coverage. Option D is incorrect because the critical insured person for this particular robbery provision is a custodian, not simply any customer or client present at the business.
The adjuster must distinguish theft, robbery, burglary, safe burglary, and employee dishonesty because each has a particular contractual meaning and may trigger different coverage.
Therefore, the event specifically contemplated by this coverage is robbery of a custodian inside the premises, making C correct.
NEW QUESTION # 83
On a bail bond, a defendant is also known as
Answer: A
Explanation:
The correct answer is C - principal. A surety arrangement involves distinct parties. The principal is the person whose obligation or performance is being guaranteed. In a bail bond transaction, the criminal defendant is the principal because the bond guarantees the defendant's compliance with the conditions of release, particularly appearance before the court when required.
The surety is the party guaranteeing the obligation and potentially becoming liable under the bond when its terms are breached. The obligee is the party in whose favor the obligation runs-typically the court or governmental authority in a bail context. An indemnitor is a person who agrees to reimburse the surety for losses arising from issuance of the bond. "Indemnity" itself refers to the reimbursement obligation or agreement, not the defendant's party designation.
The New York PSI licensing outline identifies the parties to a surety bond as principal, indemnitor for principal, obligee, and surety. It also specifically uses the phrase "Surrender of principal (defendant)," directly confirming that the defendant is the principal in bail-bond terminology.
Understanding these roles is essential because each party has distinct contractual rights, duties, and financial responsibilities.
Therefore, the defendant on a bail bond is the principal, making C correct.
NEW QUESTION # 84
The insured under a property policy has placed $100,000 of stock in storage. The stock is damaged by a covered cause of loss. What policy provision assures that the storage facility will NOT collect any claim payment?
Answer: C
Explanation:
The correct answer is C - No benefit to bailee. A bailee is a person or organization that temporarily has possession or custody of another person's property. A commercial storage facility holding the insured's stock is therefore functioning as a bailee.
The commercial property condition commonly called No Benefit to Bailee prevents the insurance purchased by the property owner from directly or indirectly benefiting a person or organization merely because that party has custody of the covered property. Court decisions quoting standard commercial property wording state that a person or organization having custody of covered property does not benefit from the insured's property insurance.
The provision preserves the insurer's ability, where appropriate, to pursue recovery against a negligent bailee after paying the insured. Without such wording, a bailee might attempt to rely on the owner's insurance as protection against its own responsibility.
Liberalization automatically broadens coverage when specified policy changes occur. A mortgage clause protects qualifying mortgagees. Assignment concerns transfer of policy rights and generally requires insurer consent.
The Series 17-70 outline tests Commercial Property Conditions, Covered Property, loss conditions, subrogation concepts, and common policy provisions.
Thus, C is the precise answer.
NEW QUESTION # 85
What is NOT covered in the Farm Liability Coverage Form?
Answer: A
Explanation:
The correct answer is C - Injury to farm employees. The standard Farm Liability Coverage Form provides several principal liability protections. These include Coverage H - Bodily Injury and Property Damage Liability, Coverage I - Personal and Advertising Injury Liability, and Coverage J - Medical Payments.
These correspond directly to options D, B, and A.
In contrast, bodily injury sustained by an employee as a result of employment by the insured is generally excluded from the standard liability coverage. Standard Farm Liability wording excludes most bodily injury to an employee arising out of and in the course of employment, reflecting the principle that occupational injuries should ordinarily be handled through Workers Compensation or specialized farm-employer coverage rather than general farm liability.
Where broader protection for farm employees is needed, specialized endorsements or separate statutory coverage may modify the exposure. An adjuster must therefore distinguish third-party farm liability from an employer's obligations to employees.
The Series 17-70 outline specifically includes farm liability concepts and requires candidates to distinguish covered liability hazards from employee-related exclusions.
Therefore, C is correct.
NEW QUESTION # 86
What is the policy limit for personal liability supplement under Coverage L of a dwelling policy?
Answer: D
Explanation:
The correct examination answer is B - $100,000. A standard Dwelling Policy primarily provides property insurance; personal liability protection is added through the Personal Liability Supplement. Under that supplement, Coverage L - Personal Liability responds when an insured becomes legally liable for bodily injury or property damage caused by a covered occurrence. Coverage M separately provides Medical Payments to Others. The Series 17-70 outline expressly identifies the Personal Liability Supplement as a tested Dwelling Policy endorsement.
The traditional standard limit associated with Coverage L in licensing material is $100,000 per occurrence.
Policy analyses of the ISO dwelling liability supplement also illustrate Coverage L using a $100,000 limit.
A technical distinction is important for claims practice: the actual contractual limit is ultimately the amount shown in the policy declarations or Personal Liability Schedule. Therefore, higher limits may be purchased when offered by the insurer. The question is testing the standard/default licensing-exam limit rather than asserting that every dwelling liability supplement is permanently restricted to $100,000.
Coverage L also generally includes the insurer's defense obligation in addition to covered damages, subject to the policy's exclusions and conditions.
Therefore, the required answer is B.
NEW QUESTION # 87
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