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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Ethics & Professional Responsibility | 15% | - Fraud detection and reporting obligations - Fair claims handling standards and professional conduct - Fiduciary duty, conflict of interest, and confidentiality |
| Topic 2: Claims Investigation & Adjusting Procedures | 20% | - Settlement negotiation, reservation of rights, and denial procedures - Loss valuation, damage assessment, and estimating - Evidence gathering, coverage analysis, and policy interpretation - Claim intake, notice of loss, and initial investigation |
| Topic 3: New York Insurance Law & Regulations | 25% | - State-specific policy provisions and mandatory endorsements - Licensing requirements, eligibility, and examination rules - Unfair Claims Settlement Practices Act / Regulation 64 - NY Insurance Law Articles and DFS regulations |
| Topic 4: Property & Casualty Coverages | 25% | - Dwelling and Homeowners policies - Commercial Property and Businessowners policies - Automobile coverages โ Personal and Commercial - General Liability and Commercial General Liability - Specialty lines โ Inland Marine, Flood, Workers' Compensation, Crime |
| Topic 5: Insurance Fundamentals & General Principles | 15% | - Insurance contract elements and legal structure - Indemnity, subrogation, utmost good faith - Risk management and insurable interest |
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NEW QUESTION # 95
Hired and Non-owned Auto Liability Endorsement covers which of the following?
Answer: D
Explanation:
The correct answer is A. The Hired Auto and Non-Owned Auto Liability endorsement extends a Businessowners Policy's liability protection to specified automobile exposures that otherwise fall within the BOP's auto exclusion.
A non-owned auto is generally an automobile the business does not own, lease, hire, rent, or borrow but that is used in connection with the business. An employee's personally owned automobile being used for company business is the classic example. New York BOP rating material describes Non-Owned Auto Liability as protection for automobiles not owned, borrowed, or hired by the insured, while court decisions applying the endorsement confirm coverage for bodily injury or property damage arising from use of qualifying non- owned autos in the business.
Technically, the endorsement principally protects the business's liability arising from that use; it should not be interpreted as automatically providing personal liability or physical-damage protection to the employee-owner of the vehicle.
Options B, C, and D involve a company-owned automobile. A business-owned van or auto normally requires appropriate commercial automobile insurance and does not become a hired or non-owned auto simply because an employee or customer is driving it.
The Series 17-70 outline specifically includes Businessowners coverage and associated liability concepts.
Therefore, A is correct.
NEW QUESTION # 96
Which coverage form would a condominium unit-owner purchase?
Answer: A
Explanation:
The correct answer is D - HO-6. The HO-6 is the Homeowners Unit-Owners Form, designed specifically for an individual who owns and occupies a condominium unit. The condominium association normally carries a master property policy covering common elements and whatever portions of the building are assigned to the association under its governing documents. The individual unit owner therefore needs separate protection for personal property, personal liability, loss of use, and building items for which the unit owner is responsible.
New York DFS specifically identifies HO-6 as the condominium policy form, while ISO terminology describes HO-6 as the Unit-Owners Form. The Series 17-70 examination outline expressly requires knowledge of HO-2 through HO-6 and HO-8, including their property and liability coverages.
HO-2 and HO-3 are principally designed for owner-occupied houses. HO-4 is the Tenants Form and generally addresses renters rather than condominium unit owners. Although cooperative apartment arrangements can involve somewhat different property interests, the standardized condominium unit-owner form tested here is unequivocally HO-6.
Therefore, the appropriate form is D.
NEW QUESTION # 97
Which of the following are included in the basic coverage of Financial Institution Bonds?
Answer: A
Explanation:
The correct answer is A - Counterfeit Currency. Financial Institution Bond Standard Form No. 24 is designed for commercial banks and similar financial institutions and incorporates a series of fundamental crime-related insuring agreements. Standard coverage includes fidelity, loss on premises, property in transit, forgery or alteration, securities exposures, and counterfeit currency protection. The counterfeit-currency insuring agreement covers qualifying direct loss resulting from the institution's good-faith receipt of counterfeit money.
The Series 17-70 outline specifically requires knowledge of Financial Institution Bonds, including Forms 14,
15, 23, 24, and 25 and their major insuring agreements.
Computer systems fraud can be insured through specialized crime/computer-fraud coverage or riders but is not the basic Standard Form No. 24 coverage intended by this question. Audit and claims expense is also generally an additional or specialized expense protection rather than one of the fundamental basic insuring agreements. Debit or credit card losses are subject to specialized provisions, exclusions, and optional coverages rather than constituting the basic answer.
The distinction is important: a financial institution bond is a package of fidelity/crime protections, but not every modern electronic-financial exposure is automatically within its basic form.
Therefore, A - Counterfeit Currency is correct.
NEW QUESTION # 98
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 # 99
An example of the insured's consideration is
Answer: B
Explanation:
The correct answer is B. Consideration is one of the elements required for an enforceable insurance contract.
Consideration means something of legal value exchanged between the contracting parties. From the insured's side of an insurance transaction, the principal consideration consists of the premium, together with the representations and promises made in the application. From the insurer's side, consideration is the contractual promise to provide the insurance protection and pay covered claims according to the policy terms.
Of the available choices, a paid premium is therefore the clearest and most direct example of the insured's consideration. An application, option A, is primarily the mechanism through which the prospective insured requests coverage and provides underwriting information; the application itself is not the best answer to what constitutes consideration. A contract-signing requirement is procedural rather than the exchanged value supporting the contract. A notice of beneficiary is associated with identifying or changing the person entitled to receive certain policy benefits and is unrelated to contractual consideration.
The official Series 17-70 examination outline specifically places Contract Basics, Elements of a Legal Contract, Offer and Acceptance, and Consideration under Insurance Basics.
Accordingly, the premium supplied by the insured in exchange for the insurer's promise of coverage makes B correct.
NEW QUESTION # 100
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