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| Section | Weight | Objectives |
|---|---|---|
| Claims Investigation & Adjusting Procedures | 20% | - Loss valuation, damage assessment, and estimating - Evidence gathering, coverage analysis, and policy interpretation - Settlement negotiation, reservation of rights, and denial procedures - Claim intake, notice of loss, and initial investigation |
| New York Insurance Law & Regulations | 25% | - Unfair Claims Settlement Practices Act / Regulation 64 - Licensing requirements, eligibility, and examination rules - NY Insurance Law Articles and DFS regulations - State-specific policy provisions and mandatory endorsements |
| Ethics & Professional Responsibility | 15% | - Fair claims handling standards and professional conduct - Fiduciary duty, conflict of interest, and confidentiality - Fraud detection and reporting obligations |
| Insurance Fundamentals & General Principles | 15% | - Risk management and insurable interest - Insurance contract elements and legal structure - Indemnity, subrogation, utmost good faith |
| Property & Casualty Coverages | 25% | - Specialty lines โ Inland Marine, Flood, Workers' Compensation, Crime - Dwelling and Homeowners policies - General Liability and Commercial General Liability - Automobile coverages โ Personal and Commercial - Commercial Property and Businessowners policies |
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NEW QUESTION # 90
Which of the following is covered by the Causes of Loss - Special Form under commercial property?
Answer: C
Explanation:
The correct answer is D - Windstorm. The Commercial Property Causes of Loss - Special Form operates primarily on an open-perils basis. Rather than limiting coverage only to individually listed causes of loss, it generally covers risks of direct physical loss unless the cause is specifically excluded or limited by the form.
The Special Form specifically excludes smog. It also contains a Water exclusion that includes flood, surface water, waves, overflow of bodies of water, mudslide, and mudflow. Consequently, options A, B, and C describe causes specifically removed from the broad Special Form coverage grant.
Windstorm, by contrast, is not generally excluded by the standard Causes of Loss - Special Form. Direct physical damage caused by wind is therefore ordinarily covered unless another exclusion, limitation, endorsement, or property-specific provision applies.
This illustrates an essential adjusting distinction. Under a named-perils form, the insured must establish that the damage resulted from one of the listed covered causes. Under an open-perils Special Form, analysis begins with broad direct physical loss coverage and then determines whether an exclusion or limitation removes the loss.
The Series 17-70 outline specifically covers Commercial Property causes-of-loss forms, exclusions, and open- versus-named-peril concepts.
Therefore, D is correct.
NEW QUESTION # 91
Under a Homeowners policy, which of the following is an insured location?
Answer: B
Explanation:
The correct answer is A - Cemetery plots of any insured. The standardized Homeowners definition of
"insured location" is broader than the residence premises alone. It includes several specifically described locations connected with an insured, one of which is an individual or family cemetery plot or burial vault of an insured.
Published homeowners policy language reproduced in judicial decisions expressly lists individual or family cemetery plots or burial vaults of an insured within the definition of insured location.
An airport is not automatically an insured location merely because an insured happens to be present there.
Similarly, an office building used for business is not brought within the homeowners insured-location definition solely because an insured works there. Farmland is particularly important because homeowners wording generally includes vacant land other than farm land owned by or rented to an insured. Thus, farmland does not qualify under that provision.
The definition is especially significant for Section II liability coverage, because certain premises-related bodily injury or property damage exposures depend on whether a location qualifies as an insured location.
The official Series 17-70 outline tests Homeowners definitions, the HO-2 through HO-6 forms, Section II liability coverages, exclusions, and conditions.
Therefore, A is the only listed location expressly recognized by standard homeowners wording.
NEW QUESTION # 92
An insurance policy written on a replacement cost basis differs from a policy written on an actual cash value basis by the
Answer: C
Explanation:
The correct answer is D - method of determining a loss payment. Replacement Cost and Actual Cash Value are fundamentally loss-valuation methods. They determine how much an insurer owes after a covered physical loss, subject to policy limits, deductibles, insurance-to-value provisions, and other conditions.
New York DFS explains that where property is settled on a replacement cost basis, the insurer generally pays the amount required to repair or replace the damaged property without deducting depreciation, assuming applicable replacement-cost conditions are satisfied. By contrast, traditional actual cash value treatment takes depreciation or similar factors into account when determining the payable amount.
The distinction therefore directly affects the calculation of the claim payment. It is not determined by the original purchase price, which may bear little relationship to either current replacement cost or current value.
The deductible is a separate contractual amount applied according to policy terms and can exist under either valuation method. Premiums can certainly be influenced by the breadth and value of coverage purchased, but the defining distinction between ACV and replacement cost is not merely a premium-calculation method.
The Series 17-70 curriculum expressly tests Actual Cash Value, Replacement Cost, depreciation, valuation, and loss settlement.
Therefore, D is the precise answer.
NEW QUESTION # 93
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 # 94
Under a Homeowners Policy, coverage up to $500 is provided for the insured's legal obligation to pay losses in all of the following situations EXCEPT
Answer: A
Explanation:
The correct answer is B - the dishonesty of an insured. Under the Homeowners 2011 framework tested by Series 17-70, an Additional Coverage addresses Credit Card, Electronic Fund Transfer Card or Access Device, Forgery, and Counterfeit Money. Traditional ISO homeowners wording provides up to $500 for specified losses involving unauthorized use of covered cards or access devices, forgery or alteration of checks and similar negotiable instruments, and acceptance in good faith of counterfeit U.S. or Canadian paper currency.
However, the coverage does not protect an insured against losses caused by the dishonesty of an insured. Such a result would conflict with the basic insurance principle that intentional dishonest acts of an insured are not transformed into fortuitous insured losses.
Option A is within the purpose of the coverage when the credit card is stolen and subsequently used without authorization, subject to policy conditions. Option C is specifically contemplated by forgery coverage, and option D is expressly part of counterfeit-money protection.
The official New York Series 17-70 outline identifies the Homeowners (2011) Policy, including Section I property coverages, Additional Coverages, exclusions, conditions, and selected endorsements.
Therefore, B is the required answer.
NEW QUESTION # 95
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