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| Section | Weight | Objectives |
|---|---|---|
| Property & Casualty Coverages | 25% | - Dwelling and Homeowners policies - Commercial Property and Businessowners policies - General Liability and Commercial General Liability - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime - Automobile coverages — Personal and Commercial |
| New York Insurance Law & Regulations | 25% | - Licensing requirements, eligibility, and examination rules - NY Insurance Law Articles and DFS regulations - State-specific policy provisions and mandatory endorsements - Unfair Claims Settlement Practices Act / Regulation 64 |
| Claims Investigation & Adjusting Procedures | 20% | - Loss valuation, damage assessment, and estimating - Claim intake, notice of loss, and initial investigation - Evidence gathering, coverage analysis, and policy interpretation - Settlement negotiation, reservation of rights, and denial procedures |
| Insurance Fundamentals & General Principles | 15% | - Insurance contract elements and legal structure - Indemnity, subrogation, utmost good faith - Risk management and insurable interest |
| Ethics & Professional Responsibility | 15% | - Fraud detection and reporting obligations - Fiduciary duty, conflict of interest, and confidentiality - Fair claims handling standards and professional conduct |
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NEW QUESTION # 99
Which of the following situations would REQUIRE a commercial umbrella policy?
Answer: B
Explanation:
The correct answer is D - covering large losses that exceed the underlying liability coverage. A commercial umbrella policy is designed primarily to provide an additional layer of liability protection above specified underlying insurance, commonly Commercial General Liability, Business Auto Liability, and Employers Liability.
When a covered catastrophic claim exceeds the applicable underlying policy limit, the umbrella can respond above that exhausted limit, subject to its attachment point, exclusions, retained limits, and other contractual provisions. Insurance industry guidance describes commercial umbrella insurance as protection intended for unusually large losses after the underlying liability limits have been used up.
Option A is incorrect because statutory minimum insurance requirements are generally satisfied through required primary insurance, not by purchasing an umbrella. Option B is unrelated; the NAIC does not mandate umbrella insurance merely to make an insured's policies uniform. Option C is also incorrect because reinsurance protects insurers and surplus lines insurance addresses risks that may not be available in the admitted market; neither is replaced simply by an insured purchasing umbrella coverage.
A commercial umbrella may also provide broader protection than pure follow-form excess insurance, depending on its specific wording.
The Series 17-70 curriculum specifically tests Commercial Umbrella CU 00 01, underlying limits, excess coverage, stand-alone coverage, and follow-form concepts.
Therefore, D is correct.
NEW QUESTION # 100
Which of the following is NOT a basic peril on all homeowners forms?
Answer: D
Explanation:
The correct answer is D - Flood. Standard homeowners insurance does not treat flood as one of its basic insured perils. Flood is generally excluded from ordinary homeowners property coverage and normally requires separate flood insurance, such as coverage obtained through the National Flood Insurance Program or an eligible private flood insurer.
By contrast, riot or civil commotion, smoke, and volcanic eruption are among the standard named causes of loss appearing in homeowners forms. The Insurance Information Institute's comparison of homeowners perils identifies riot/civil commotion, smoke, and volcanic eruption as covered causes while explaining that flood requires separate protection.
The exclusion of flood is particularly important for adjusters because "water damage" is not a single coverage category. The adjuster must determine the actual mechanism and source of water-such as plumbing leakage, rain entering through covered storm damage, surface water, tidal overflow, sewer backup, or flood-and then apply the specific policy language.
The official Series 17-70 outline requires knowledge of the Homeowners 2011 Policy, including perils insured against, exclusions, and conditions. It separately identifies the National Flood Insurance Program elsewhere in the broader property curriculum.
Therefore, the peril that is not a basic homeowners peril is D - Flood.
NEW QUESTION # 101
At the insurer's request, an insured must assist the insurer in
Answer: B
Explanation:
The correct answer is A. Liability insurance policies impose an assistance and cooperation condition on the insured. Under the traditional policy wording, the insured must cooperate with the insurer and, when requested, assist in the conduct of suits and in enforcing rights of contribution or indemnity against persons or organizations that may be liable to the insured for the covered injury or damage. Courts reproducing standard liability-policy language confirm this contractual obligation.
Option B conflicts with another fundamental liability-policy condition: an insured generally may not voluntarily make payments, assume obligations, or incur expenses without the insurer's consent, except for specifically permitted expenses such as immediate first aid under applicable forms. Unauthorized voluntary payments can prejudice the insurer's contractual control of the claim.
Option C is imprecise. Although an insured can be required to assist the insurer in making settlements, the insurer normally controls settlement negotiations within the authority granted by the liability contract. The question asks for the specific duty expressed in standard cooperation language, making A the precise choice.
Paying legal bills, option D, is likewise not the insured's cooperation obligation where covered defense costs are contractually borne by the insurer.
The Series 17-70 outline expressly includes duties after loss, subrogation, third-party provisions, settlement procedures, and subrogation procedures.
NEW QUESTION # 102
The liability section of a businessowners policy (BOP) covers which of the following?
Answer: B
Explanation:
The correct answer is D - Customer injured on the business premises. The Businessowners Policy liability section protects an eligible business against covered legal liability for bodily injury, property damage, and personal and advertising injury arising from covered business operations. A customer who is injured on the insured premises represents a classic premises-liability exposure.
Option A concerns first-party property damage to the insured building. A roof damaged by a covered windstorm would therefore be analyzed under the BOP property section, not business liability coverage.
Option B is incorrect because bodily injury to an employee arising out of and in the course of employment is generally excluded from ordinary BOP business liability coverage and is instead addressed by Workers Compensation and Employers Liability insurance.
Option C is also incorrect in the ordinary BOP liability form because bodily injury arising from ownership, maintenance, or use of autos is subject to the policy's auto exclusion. Commercial auto exposures typically require separate Business Auto coverage or an applicable BOP endorsement for limited hired/nonowned auto liability.
The official Series 17-70 blueprint expressly tests the Businessowners liability coverage form, coverages, exclusions, who is an insured, limits, general conditions, and hired/nonowned auto endorsements.
Therefore, D is correct.
NEW QUESTION # 103
Which is NOT a type of bond?
Answer: D
Explanation:
The correct answer is A - Obligee. An obligee is not a type of surety bond; it is one of the three parties to a surety bond. The three parties are the principal, the obligee, and the surety. The principal is the party whose performance or obligation is guaranteed. The obligee is the party requiring and benefiting from the bond. The surety is the organization that guarantees the principal's obligation according to the bond terms.
By contrast, bid bonds and performance bonds are recognized types of contract surety bonds. A bid bond supports the bidder's commitment to enter the contract and furnish required security if awarded the job. A performance bond guarantees that the principal will perform the contractual obligations covered by the bond.
"Court bond" is commonly used as a broad description for bonds required in judicial proceedings. The official Series 17-70 outline categorizes these as judicial bonds and separately lists such forms as attachment, replevin, appeal, injunction, and cost bonds.
The Series 17-70 outline makes the distinction explicit: it lists Principal, Obligee, and Surety under "Parties of a surety bond," while Bid and Performance appear under types of contract bonds, and judicial bonds appear as another bond category.
NEW QUESTION # 104
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