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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Other Property and Liability Coverages | - Ocean marine - Crime insurance - Surety and fidelity bonds - Excess liability - Workers compensation - Flood insurance - Inland marine - Commercial automobile - Aviation insurance - Personal automobile | |
| Topic 2: Dwelling and Homeowners Insurance | - Personal umbrella policies - New York specific endorsements - Personal liability supplement - Dwelling policies - Homeowners liability coverage - Standard Fire Policy - Homeowners property coverage | |
| Topic 3: New York Unfair Claim Settlement and Prohibited Practices | - Insurance fraud and false statements - New York cybersecurity regulation - Unfair claim settlement practices - New York claim settlement laws and regulations - Consumer privacy requirements - Terrorism Risk Insurance Act | |
| Topic 4: Insurance Regulation | - Bond requirements - Licensing process - License maintenance and duration - Licensing requirements - Qualifications - Temporary adjuster permits - Fingerprinting - License renewal | |
| Topic 5: Commercial Package Policy | 38% | - First named insured - Common policy declarations - Components of a commercial policy - Common policy conditions - Monoline versus package policies |
| Topic 6: Commercial Property | - Commercial Package Policy - Commercial General Liability - Commercial property forms and endorsements - Businessowners Policy - Commercial property coverage | |
| Topic 7: Claims Adjustment Procedures | - Arbitration - Coverage problems - Non-waiver agreements - Mediation - Releases - Subrogation procedures - Draft authority - Claims adjustment procedures - Alternative dispute resolution - Settlement procedures - Advance payments - Appraisal - Execution of releases - Competitive estimates - Negotiation - Reservation of rights letters | |
| Topic 8: Insurance Principles and Concepts | - Moral hazards - Insurable interest - Physical hazards - Insurance principles and concepts - Concealment - Hazards - Representations and misrepresentations - Insurance contracts - Waiver and estoppel - Fraud - Warranties - Morale hazards |
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NEW QUESTION # 105
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 # 106
Under which of the following coverage forms would a barn be covered on a Farm Policy?
Answer: C
Explanation:
The correct answer is D. Under the ISO Farm Property program, barns, outbuildings, and similar agricultural structures are insured under Coverage G - Other Farm Structures, also identified in modern forms as Coverage G - Barns, Outbuildings and Other Farm Structures. The coverage applies to qualifying farm buildings and structures when the necessary limit of insurance is shown in the declarations. Coverage G expressly encompasses structures such as barns, silos, portable farm buildings, and other qualifying outbuildings.
The other choices correspond to different property classifications. Coverage B, Other Private Structures, concerns eligible private structures associated principally with residential rather than farming use. Coverage E, Scheduled Farm Personal Property, applies to specifically described farm personal property such as designated machinery, livestock, or equipment. Coverage F, Unscheduled Farm Personal Property, provides blanket-style protection for eligible farm personal property rather than buildings.
The official Series 17-70 content outline directly distinguishes these categories: Coverage A-Dwellings, Coverage B-Other Private Structures, Coverage C-Household Personal Property, Coverage D-Loss of Use, Coverage E-Scheduled Farm Personal Property, Coverage F-Unscheduled Farm Personal Property, and Coverage G-Other Farm Structures.
A barn is a structure, not personal property. Therefore, Coverage G / Other Farm Structures is the required selection.
NEW QUESTION # 107
The Commercial Inland Marine Conditions Form, when attached to the Commercial Inland Marine Coverage Section, provides which of the following?
Answer: B
Explanation:
The correct answer is A - the insured party's duties in the event of a loss. The Commercial Inland Marine Conditions Form (CM 00 01) supplies common conditions applicable to qualifying Commercial Inland Marine coverage forms. One of its central provisions is Duties in the Event of Loss.
Those duties include notifying law enforcement when a law may have been broken, giving the insurer prompt notice of the loss, describing the property involved, explaining how, when, and where the loss occurred, protecting property from further damage, preserving damaged property for examination when feasible, providing requested inventories and records, submitting to examination under oath when required, and cooperating with the insurer.
Option B is incorrect because the conditions form does not itself create a generic transportation-and- communication coverage grant. Specific inland marine coverage forms insure particular property classes or transportation exposures. Option C is too broad; coverage depends on the individual inland marine form and applicable exclusions. Option D is not the principal function of CM 00 01.
The official Series 17-70 outline explicitly includes CM 00 01 - Commercial Inland Marine Conditions within its Commercial Package Policy material.
Therefore, A is correct.
NEW QUESTION # 108
One of the MAIN purposes of the automobile mandatory inspection requirement is to
Answer: B
Explanation:
The correct answer is D. New York's mandatory automobile physical-damage inspection requirements are fundamentally an anti-fraud and loss-verification mechanism. By inspecting and documenting the automobile when collision or comprehensive coverage is written, the insurer establishes the vehicle's pre-insurance physical condition. If a later claim is submitted, the insurer can compare claimed damage with the condition documented before or at the inception of physical-damage coverage.
New York DFS explains that when physical-damage coverage applies, the insurer inspects and photographs the automobile for comparison purposes if future damages are claimed. That directly supports D: the process helps prevent payment for pre-existing damage incorrectly presented as having occurred during the policy period.
The inspection is not primarily intended to surcharge vehicles because they are cosmetically imperfect, making A incorrect. It is not a consumer notification program concerning scratches or dents, eliminating B.
Nor does it guarantee that covered vehicles are in "top condition," so C is incorrect.
The Series 17-70 examination outline expressly identifies mandatory inspection requirements for private passenger automobiles under Regulation 79, Parts 67.0-67.11 as an Auto Insurance examination subject.
NEW QUESTION # 109
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: A
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 # 110
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