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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Claims Adjustment Procedures | - Negotiation - Appraisal - Claims adjustment procedures - Settlement procedures - Mediation - Draft authority - Non-waiver agreements - Alternative dispute resolution - Competitive estimates - Releases - Subrogation procedures - Execution of releases - Reservation of rights letters - Arbitration - Coverage problems - Advance payments | |
| Topic 2: Insurance Regulation | - Fingerprinting - Licensing process - Temporary adjuster permits - License renewal - Licensing requirements - Qualifications - Bond requirements - License maintenance and duration | |
| Topic 3: Insurance Principles and Concepts | - Insurance principles and concepts - Representations and misrepresentations - Waiver and estoppel - Morale hazards - Hazards - Concealment - Fraud - Warranties - Insurance contracts - Insurable interest - Moral hazards - Physical hazards | |
| Topic 4: Dwelling and Homeowners Insurance | - Homeowners property coverage - Homeowners liability coverage - Standard Fire Policy - Personal umbrella policies - Dwelling policies - New York specific endorsements - Personal liability supplement | |
| Topic 5: Commercial Property | - Commercial General Liability - Commercial property forms and endorsements - Commercial Package Policy - Commercial property coverage - Businessowners Policy | |
| Topic 6: Other Property and Liability Coverages | - Aviation insurance - Crime insurance - Workers compensation - Ocean marine - Commercial automobile - Flood insurance - Excess liability - Personal automobile - Inland marine - Surety and fidelity bonds | |
| Topic 7: New York Unfair Claim Settlement and Prohibited Practices | - Unfair claim settlement practices - New York claim settlement laws and regulations - Terrorism Risk Insurance Act - New York cybersecurity regulation - Insurance fraud and false statements - Consumer privacy requirements | |
| Topic 8: Commercial Package Policy | 38% | - Common policy conditions - Monoline versus package policies - Common policy declarations - Components of a commercial policy - First named insured |
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NEW QUESTION # 14
Which part of the garage coverage form provides liability coverage for automobiles in the care, custody, and control of the insured?
Answer: A
Explanation:
The correct answer is C - Garagekeepers Coverage. Garagekeepers coverage addresses loss to customers' automobiles while those vehicles are in the insured garage operation's care, custody, or control, such as while being serviced, repaired, parked, stored, or otherwise attended by the insured.
This distinction is essential because ordinary liability coverage contains a care, custody, or control exclusion for damage to property entrusted to the insured. If an automobile repair business damages a customer's automobile while the vehicle is in the shop's custody, ordinary business auto or general liability property- damage protection generally does not fill that exposure. Garagekeepers coverage is specifically designed for it.
Physical Damage Coverage ordinarily protects covered autos owned or otherwise qualifying under the insured's own physical-damage symbols; it is not synonymous with protection for customer vehicles entrusted to the business. "Specified Coverage" is not the relevant garage-form coverage division.
Garagekeepers may be structured on a legal-liability basis or, depending on available forms, direct primary or direct excess bases. The precise form affects whether negligence must be established.
The official Series 17-70 examination outline expressly includes Garage Coverage, Garage Keeper's Coverage, Liability Coverage, Physical Damage Coverage, Exclusions, Conditions, and Definitions within Commercial Auto.
Therefore, the correct answer is C.
NEW QUESTION # 15
Leah provides transportation for her client to their business lunch. Leah's client closes the car door on her own hand. What type of coverage applies?
Answer: A
Explanation:
The correct answer is C - Medical payments. Automobile Medical Payments coverage is designed to pay qualifying medical and funeral expenses for the insured and passengers injured in an accident involving the covered automobile, without regard to fault, up to the stated policy limit. New York DFS expressly describes Medical Payments Coverage in these terms.
The client closes the vehicle door on her own hand. No fact establishes negligence by Leah, so liability coverage is not the best answer. Liability coverage ordinarily responds when an insured becomes legally responsible for bodily injury or property damage to another person. Here, the passenger's own action caused the injury.
Physical Damage coverage is also incorrect because it protects against damage to the automobile itself, not bodily injury sustained by a passenger. Health insurance may ultimately address certain medical expenses depending on coordination-of-benefits rules, but it is not the automobile coverage specifically designed for this scenario.
In New York, mandatory No-Fault/PIP may also be relevant to injuries arising from the use or operation of a motor vehicle and is generally primary to health insurance. However, PIP is not one of the options. Among the listed answers, Medical Payments is the intended coverage classification.
Therefore, C is correct.
NEW QUESTION # 16
Which of the following is an exclusion on the Businessowners Policy (BOP) under the liability section?
Answer: C
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 # 17
Under an equipment breakdown coverage form, a breakdown would include
Answer: D
Explanation:
The correct answer is C - Explosion of a pressure vessel. Equipment Breakdown insurance evolved from traditional boiler and machinery coverage and protects against specified accidental failures involving mechanical, electrical, and pressure equipment. Boilers and pressure vessels remain central examples of covered equipment.
Travelers identifies boilers and pressure vessels among equipment insured by equipment-breakdown coverage and explains that such coverage can protect against losses associated with explosions, mechanical failures, and electrical arcing. IRMI likewise describes boiler or pressure-vessel explosion as a traditional equipment- breakdown exposure.
The other choices describe conditions that ordinarily do not independently satisfy the definition of a covered breakdown. Wear and tear represents gradual deterioration rather than a sudden accidental equipment event.
Leakage at valves or fittings is commonly specifically distinguished from breakdown. The functioning or failure characteristics of protective or safety devices also require analysis under the precise form and generally do not constitute the intended qualifying breakdown in this question.
Equipment Breakdown insurance is especially important because standard commercial property forms may exclude or restrict losses caused by mechanical breakdown, electrical disturbance, or certain pressure- equipment events.
Series 17-70 reference topics: Other Coverages - Equipment Breakdown, Property Exposures, Causes of Loss, Exclusions, and Specialized Commercial Coverages.
NEW QUESTION # 18
Damage caused to a farmer's crops during an emergency aircraft landing would be covered by
Answer: A
Explanation:
The correct verified answer is D - Property damage liability. The farmer's crops constitute tangible property belonging to another party from the aircraft operator's perspective. If an insured aircraft makes an emergency landing and physically damages those crops, the applicable third-party aviation exposure is property damage liability: the aircraft owner or operator may become legally obligated to compensate the farmer for physical damage to the farmer's property.
This must not be confused with farm liability. Farm liability protects a farm insured against claims alleging bodily injury or property damage for which the farm insured becomes legally liable. It is liability insurance, not first-party physical damage coverage for the farmer's own crops. The official Series 17-70 outline describes Farm Coverage H as Bodily Injury and Property Damage Liability, reinforcing this third-party distinction.
Products liability is unrelated because the loss does not arise from a defective or harmful product. A deductible is simply the portion of an insured loss retained by the insured and is not a category of coverage.
Most importantly, the official Series 17-70 blueprint separately identifies Aircraft Liability Coverages, including property damage liability, as tested subject matter.
Accordingly, D, not farm liability, is the technically correct answer for the scenario presented.
NEW QUESTION # 19
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