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| Section | Weight | Objectives |
|---|---|---|
| Accident and Health Insurance Basics | 6% | - Types of Coverage
|
| Commercial Package Policy | 38% | - Commercial Policy Components
|
| Adjusting Losses | 11% | - Claim Settlement
|
| Personal Inland Marine | 13% | - Personal Effects Floater
|
| Homeowners Policy | 10% | - Liability Coverages
|
| Insurance Basics | 6% | - Insurance Contracts
|
| Dwelling Policy | 6% | - Property Coverages
|
| Insurance Regulation | 6% | - Licensing Requirements
|
| Medical Reports and Terminology | 4% | - Injuries, Diseases and Medical Tests
|
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NEW QUESTION # 62
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 # 63
Which of the following two perils are excluded under the dwelling broad form if a building is vacant for more than 30 consecutive days?
Answer: B
Explanation:
The intended answer is B. Under the dwelling broad form, the two named-peril provisions carrying the vacancy limitation tested by this item are Damage by Burglars and Accidental Discharge or Overflow of Water or Steam. Older DP 00 02 language provided that damage by burglars was not covered when the dwelling had been vacant for more than 30 consecutive days, and the accidental-discharge peril contained the same 30-day vacancy restriction.
Falling Objects and Weight of Ice, Snow, or Sleet have their own coverage limitations, but the specific vacancy restriction presented here does not apply to those perils. Freezing is controlled by separate requirements concerning reasonable care to maintain heat or shut off the water supply and drain the systems.
For Series 17-70 accuracy, there is an important edition distinction: the official New York outline identifies the Dwelling (2014) Policy, and ISO DP 00 02 07 14 changed the comparable vacancy period to 60 consecutive days, not 30. The same two relevant perils remain Damage by Burglars and Accidental Discharge
/Overflow of Water or Steam.
Thus, B is the intended answer, while the video's "30 consecutive days" language reflects the older dwelling- form edition.
NEW QUESTION # 64
Which of the following endorsements ensures that your contents are NOT valued on an actual cash value basis?
Answer: D
Explanation:
The correct answer is D - Personal Property Replacement Cost. Under standard homeowners loss-settlement principles, personal property is commonly settled initially on an actual cash value (ACV) basis unless replacement-cost treatment is provided by the policy or an endorsement. ACV normally reflects depreciation, whereas replacement cost measures the amount required to replace damaged property with property of like kind and quality without deducting depreciation, subject to the policy's conditions and limitations.
The Personal Property Replacement Cost endorsement, HO 04 90, modifies the homeowners contract so qualifying Coverage C personal property may be settled on a replacement-cost basis instead of ordinary ACV treatment. The official Series 17-70 content outline specifically identifies Personal Property Replacement Cost (HO 04 90) as a selected homeowners endorsement and separately tests ACV and replacement-cost valuation.
Inflation guard principally adjusts coverage limits to reflect increasing construction costs; it does not itself convert contents from ACV to replacement cost. "Other insurance" governs coordination when multiple policies apply. Increased cost of construction typically addresses additional building costs generated by enforcement of ordinances or laws rather than depreciation on personal property.
New York DFS distinguishes replacement cost from ACV by noting that replacement-cost settlement does not deduct depreciation.
Therefore, D is correct.
NEW QUESTION # 65
The primary purpose of the Workers Compensation Special Disability Fund is to
Answer: C
Explanation:
The correct answer is A - encourage employers to hire workers with pre-existing disabilities. New York's Special Disability Fund, historically referred to as the Second Injury Fund, was designed to reduce the financial disincentive associated with employing workers who already had permanent physical impairments.
The New York Workers' Compensation Board explains that the fund assumed, in qualifying cases, part of the permanent disability liability resulting when a worker with a pre-existing disability sustained a subsequent employment injury. The Board expressly states that one purpose was to encourage employers to hire people with disabilities by protecting employers against disproportionate liability from a subsequent workplace injury.
Therefore, option A identifies the underlying policy objective. The fund was not created simply because an employee experienced two injuries, eliminating B. It does not provide ordinary benefits for injuries unrelated to employment, so C is incorrect. Option D inaccurately describes the fund as directly compensating employees for "second partial disability claims"; its principal mechanism was reimbursement or allocation of liability involving employers and insurers under qualifying statutory circumstances.
The Fund is now closed to new claims, although historical Section 15(8) matters continue to be administered.
The Series 17-70 outline nevertheless specifically tests the Special Disability Fund under WCL §15(8).
Therefore, A is correct.
NEW QUESTION # 66
Which of the following is NOT a basic peril on all homeowners forms?
Answer: B
Explanation:
The correct answer is D - Flood. Standard homeowners insurance does not treat flood as one of its basic insured perils. Flood is generally excluded from ordinary homeowners property coverage and normally requires separate flood insurance, such as coverage obtained through the National Flood Insurance Program or an eligible private flood insurer.
By contrast, riot or civil commotion, smoke, and volcanic eruption are among the standard named causes of loss appearing in homeowners forms. The Insurance Information Institute's comparison of homeowners perils identifies riot/civil commotion, smoke, and volcanic eruption as covered causes while explaining that flood requires separate protection.
The exclusion of flood is particularly important for adjusters because "water damage" is not a single coverage category. The adjuster must determine the actual mechanism and source of water-such as plumbing leakage, rain entering through covered storm damage, surface water, tidal overflow, sewer backup, or flood-and then apply the specific policy language.
The official Series 17-70 outline requires knowledge of the Homeowners 2011 Policy, including perils insured against, exclusions, and conditions. It separately identifies the National Flood Insurance Program elsewhere in the broader property curriculum.
Therefore, the peril that is not a basic homeowners peril is D - Flood.
NEW QUESTION # 67
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