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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Commercial Package Policy | 38% | - Common policy declarations - Monoline versus package policies - Components of a commercial policy - Common policy conditions - First named insured |
| Topic 2: Insurance Regulation | - Temporary adjuster permits - Qualifications - Bond requirements - Licensing process - Licensing requirements - License renewal - Fingerprinting - License maintenance and duration | |
| Topic 3: Insurance Principles and Concepts | - Waiver and estoppel - Warranties - Fraud - Moral hazards - Representations and misrepresentations - Physical hazards - Concealment - Insurance principles and concepts - Insurance contracts - Insurable interest - Morale hazards - Hazards | |
| Topic 4: Dwelling and Homeowners Insurance | - New York specific endorsements - Homeowners liability coverage - Personal umbrella policies - Personal liability supplement - Homeowners property coverage - Standard Fire Policy - Dwelling policies | |
| Topic 5: New York Unfair Claim Settlement and Prohibited Practices | - Consumer privacy requirements - New York cybersecurity regulation - Terrorism Risk Insurance Act - Unfair claim settlement practices - Insurance fraud and false statements - New York claim settlement laws and regulations | |
| Topic 6: Commercial Property | - Commercial property forms and endorsements - Commercial General Liability - Commercial property coverage - Commercial Package Policy - Businessowners Policy | |
| Topic 7: Claims Adjustment Procedures | - Appraisal - Advance payments - Releases - Competitive estimates - Settlement procedures - Arbitration - Alternative dispute resolution - Claims adjustment procedures - Negotiation - Subrogation procedures - Reservation of rights letters - Draft authority - Mediation - Non-waiver agreements - Coverage problems - Execution of releases | |
| Topic 8: Other Property and Liability Coverages | - Workers compensation - Excess liability - Aviation insurance - Ocean marine - Inland marine - Surety and fidelity bonds - Flood insurance - Commercial automobile - Crime insurance - Personal automobile |
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NEW QUESTION # 48
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: D
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 # 49
One of the MAIN purposes of the automobile mandatory inspection requirement is to
Answer: C
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 # 50
A special limitation applies to business income losses under a Businessowners Policy (BOP). This limitation applies to losses resulting from loss or damage to
Answer: B
Explanation:
The correct answer is D - electronic media and records. The Businessowners Policy contains a specific limitation affecting Business Income loss caused by direct physical loss of or damage to Electronic Media and Records. This category includes electronic data-processing, recording, or storage media, data stored on such media, and programming records used for electronic data processing or electronically controlled equipment.
Under standard BOP wording, Business Income attributable to damage to electronic media and records is limited to the longer of 60 consecutive days after the direct physical loss or the period reasonably necessary to repair, rebuild, or replace other property damaged by the same occurrence at the described premises.
The purpose is to prevent an open-ended Business Income period solely because restoration or recreation of data takes substantially longer than restoration of the physical equipment or other damaged property.
Security systems and outdoor signs can have their own property limitations, while foundations and retaining walls are addressed through other covered-property or limitation provisions. They are not the subject of this specific Business Income limitation.
The Series 17-70 outline requires knowledge of BOP Business Income, Extra Expense, covered property, limitations, exclusions, loss conditions, and definitions.
Therefore, D is correct.
NEW QUESTION # 51
An insurance licensee must do all of the following in order to renew the insurance license EXCEPT
Answer: A
Explanation:
For the New York Independent General Adjuster Series 17-70, the correct answer is D - complete the continuing education requirements. This is an important New York-specific distinction.
The official New York PSI licensing bulletin expressly states that Independent Adjusters are not subject to the continuing-education requirements that apply to resident agents, brokers, consultants, and public adjusters.
The bulletin separately lists Independent Adjusters among license classes exempt from CE.
Renewal itself is governed by Insurance Law §2108. Every adjuster's license expires on December 31 of even- numbered years and may be renewed for the ensuing two calendar years by filing the prescribed renewal application. The law also requires the applicable license fee when applying for renewal.
The wording of option A is imprecise because New York law specifically provides that a renewal application filed by December 31 of the expiration year allows the existing license to continue while the application is processed; the statute does not establish a universal "within 30 days" formulation as written. Nevertheless, the decisive Series 17-70 rule tested here is the CE exemption.
The official Series 17-70 outline specifically includes renewal under §2108(i) and (j).
Therefore, D is the verified Series 17-70 answer.
NEW QUESTION # 52
The liability section of a businessowners policy (BOP) covers which of the following?
Answer: A
NEW QUESTION # 53
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