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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Regulation | - Qualifications - License maintenance and duration - Fingerprinting - Bond requirements - License renewal - Licensing process - Temporary adjuster permits - Licensing requirements | |
| Topic 2: Commercial Property | - Commercial General Liability - Businessowners Policy - Commercial Package Policy - Commercial property forms and endorsements - Commercial property coverage | |
| Topic 3: Dwelling and Homeowners Insurance | - New York specific endorsements - Homeowners property coverage - Personal umbrella policies - Homeowners liability coverage - Dwelling policies - Personal liability supplement - Standard Fire Policy | |
| Topic 4: Insurance Principles and Concepts | - Moral hazards - Waiver and estoppel - Insurance principles and concepts - Warranties - Hazards - Concealment - Fraud - Representations and misrepresentations - Morale hazards - Insurance contracts - Insurable interest - Physical hazards | |
| Topic 5: New York Unfair Claim Settlement and Prohibited Practices | - Unfair claim settlement practices - Terrorism Risk Insurance Act - Insurance fraud and false statements - New York cybersecurity regulation - Consumer privacy requirements - New York claim settlement laws and regulations | |
| Topic 6: Other Property and Liability Coverages | - Personal automobile - Commercial automobile - Surety and fidelity bonds - Aviation insurance - Flood insurance - Inland marine - Excess liability - Crime insurance - Ocean marine - Workers compensation | |
| Topic 7: Commercial Package Policy | 38% | - Components of a commercial policy - Monoline versus package policies - First named insured - Common policy conditions - Common policy declarations |
| Topic 8: Claims Adjustment Procedures | - Mediation - Competitive estimates - Reservation of rights letters - Draft authority - Subrogation procedures - Negotiation - Advance payments - Arbitration - Claims adjustment procedures - Appraisal - Settlement procedures - Releases - Execution of releases - Alternative dispute resolution - Non-waiver agreements - Coverage problems |
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NEW QUESTION # 63
The final step of the claims process usually involves which of the following?
Answer: D
Explanation:
The correct answer is A. After coverage has been verified, the loss investigated, evidence gathered, damages measured, and applicable policy provisions applied, the claim normally advances to settlement and payment.
At this stage, the adjuster communicates the valuation and seeks resolution of the amount payable under the policy.
A contemporary claims-process description characterizes the final stage as arranging resolution: once damages and costs are established, the adjuster discusses settlement and arranges payment.
Option B is incorrect because a historical loss run is an underwriting or loss-history document, not a mandatory final step in settling an individual claim. Option C is also incorrect; insurers are subject to regulatory reporting requirements, but an adjuster does not ordinarily submit every final claim payment to the state insurance department as the concluding step of each claim. Option D occurs earlier. Reserves are established and modified throughout investigation as the expected claim cost becomes clearer.
The official Series 17-70 outline specifically identifies Claims Adjustment Procedures, Settlement Procedures, Negotiation, Releases, Advance Payments, Draft Authority, Appraisal, and Alternative Dispute Resolution.
Therefore, A accurately describes the normal final settlement phase.
NEW QUESTION # 64
In a Dwelling Policy, an unoccupied property refers to one that has no
Answer: D
Explanation:
The correct answer is B - inhabitants. Insurance terminology distinguishes unoccupied property from vacant property. An unoccupied dwelling is generally one that is not presently being lived in but may continue to contain the furniture, fixtures, and personal property normally associated with habitation. A vacant building, by contrast, generally lacks both inhabitants and substantial contents necessary for ordinary occupancy.
New York Department of Financial Services guidance directly addresses this distinction. DFS explains that a vacant residence typically contains no personal property and no inhabitants, whereas an unoccupied residence may retain fixtures and furniture but has no inhabitants or occupants. New York case law cited by DFS similarly treats an unoccupied building as one not being lived in even though personal property remains.
Consequently, option C describes an element more characteristic of vacancy, not merely unoccupancy. The presence or absence of alarms or locks does not determine occupancy status, eliminating A and D.
This distinction matters because vacancy and unoccupancy can affect particular causes of loss, conditions, exclusions, protective obligations, and claim determinations. The Series 17-70 outline tests policy definitions, conditions, exclusions, and dwelling-property coverage concepts.
Therefore, a dwelling without inhabitants is properly characterized as unoccupied, making B correct.
NEW QUESTION # 65
Which of the following is an exclusion on the Businessowners Policy (BOP) under the liability section?
Answer: A
Explanation:
The correct answer is A - Liquor liability. The Businessowners liability section includes a Liquor Liability exclusion addressing bodily injury or property damage for which an insured may be held liable because of causing or contributing to intoxication, furnishing alcoholic beverages to underage or intoxicated persons, or violating laws concerning the sale, gift, distribution, or use of alcoholic beverages.
Under the standard BOP formulation, the exclusion principally applies when the named insured is engaged in the business of manufacturing, distributing, selling, serving, or furnishing alcoholic beverages. Thus, it should not be interpreted as eliminating every alcohol-related incident for every BOP insured. Host-liquor situations may remain covered when the insured is not engaged in the liquor business, subject to the actual form.
Options B, C, and D identify important liability exposures ordinarily included within the BOP's liability framework. Products and completed operations liability is part of the business liability protection, while personal and advertising injury is a separate liability coverage component subject to its own exclusions.
The Series 17-70 examination outline expressly requires knowledge of the Businessowners Liability Coverage Form-Coverages and Exclusions. It also separately identifies Liquor Liability as a specialty liability subject.
Therefore, among the listed choices, Liquor Liability is the correct exclusion.
NEW QUESTION # 66
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: B
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 # 67
A limit of insurance that determines the maximum amount that can be paid out annually is
Answer: D
Explanation:
The correct answer is C - an aggregate limit. An aggregate limit establishes the maximum amount an insurer will pay for all covered claims subject to that aggregate during the applicable policy period, ordinarily one year. The Hartford describes an aggregate limit as the maximum amount an insurer pays for all claims during the policy period.
This must be distinguished from an occurrence limit, which caps the amount payable for one occurrence. For example, a liability policy might provide a $1 million each-occurrence limit and a $2 million general aggregate. Multiple individually covered occurrences can therefore consume the aggregate until the total available limit has been exhausted.
A single limit generally refers to one combined limit rather than separate limits for different components, such as bodily injury and property damage. "Face amount" is terminology more commonly associated with life insurance or other contracts stating a specified benefit amount and does not describe an annual liability ceiling.
The official Series 17-70 outline specifically tests policy limits, per-occurrence limits, per-person limits, general and products/completed-operations aggregate limits, single/split limits, and combined single limits.
Thus, when the question asks for the limit controlling the maximum cumulative payout during the annual policy period, aggregate limit is the precise insurance term.
Therefore, C is correct.
NEW QUESTION # 68
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