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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Dwelling and Homeowners Insurance | - Homeowners property coverage - Homeowners liability coverage - Personal liability supplement - New York specific endorsements - Standard Fire Policy - Personal umbrella policies - Dwelling policies | |
| Topic 2: New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - New York claim settlement laws and regulations - Terrorism Risk Insurance Act - Unfair claim settlement practices - Consumer privacy requirements - Insurance fraud and false statements | |
| Topic 3: Other Property and Liability Coverages | - Aviation insurance - Flood insurance - Surety and fidelity bonds - Workers compensation - Ocean marine - Excess liability - Crime insurance - Inland marine - Personal automobile - Commercial automobile | |
| Topic 4: Commercial Package Policy | 38% | - First named insured - Components of a commercial policy - Monoline versus package policies - Common policy conditions - Common policy declarations |
| Topic 5: Insurance Regulation | - License maintenance and duration - Qualifications - Licensing requirements - Licensing process - Bond requirements - Temporary adjuster permits - Fingerprinting - License renewal | |
| Topic 6: Insurance Principles and Concepts | - Warranties - Insurable interest - Insurance contracts - Physical hazards - Insurance principles and concepts - Concealment - Hazards - Moral hazards - Representations and misrepresentations - Fraud - Waiver and estoppel - Morale hazards | |
| Topic 7: Claims Adjustment Procedures | - Coverage problems - Settlement procedures - Alternative dispute resolution - Non-waiver agreements - Claims adjustment procedures - Appraisal - Negotiation - Execution of releases - Advance payments - Reservation of rights letters - Draft authority - Competitive estimates - Releases - Mediation - Subrogation procedures - Arbitration | |
| Topic 8: Commercial Property | - Businessowners Policy - Commercial property coverage - Commercial property forms and endorsements - Commercial General Liability - Commercial Package Policy |
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NEW QUESTION # 31
The primary purpose of the Workers Compensation Special Disability Fund is to
Answer: B
Explanation:
The correct answer is A - encourage employers to hire workers with pre-existing disabilities. New York's Special Disability Fund, historically referred to as the Second Injury Fund, was designed to reduce the financial disincentive associated with employing workers who already had permanent physical impairments.
The New York Workers' Compensation Board explains that the fund assumed, in qualifying cases, part of the permanent disability liability resulting when a worker with a pre-existing disability sustained a subsequent employment injury. The Board expressly states that one purpose was to encourage employers to hire people with disabilities by protecting employers against disproportionate liability from a subsequent workplace injury.
Therefore, option A identifies the underlying policy objective. The fund was not created simply because an employee experienced two injuries, eliminating B. It does not provide ordinary benefits for injuries unrelated to employment, so C is incorrect. Option D inaccurately describes the fund as directly compensating employees for "second partial disability claims"; its principal mechanism was reimbursement or allocation of liability involving employers and insurers under qualifying statutory circumstances.
The Fund is now closed to new claims, although historical Section 15(8) matters continue to be administered.
The Series 17-70 outline nevertheless specifically tests the Special Disability Fund under WCL §15(8).
Therefore, A is correct.
NEW QUESTION # 32
Which of the following endorsements ensures that your contents are NOT valued on an actual cash value basis?
Answer: D
Explanation:
The correct answer is D - Personal Property Replacement Cost. Under standard homeowners loss-settlement principles, personal property is commonly settled initially on an actual cash value (ACV) basis unless replacement-cost treatment is provided by the policy or an endorsement. ACV normally reflects depreciation, whereas replacement cost measures the amount required to replace damaged property with property of like kind and quality without deducting depreciation, subject to the policy's conditions and limitations.
The Personal Property Replacement Cost endorsement, HO 04 90, modifies the homeowners contract so qualifying Coverage C personal property may be settled on a replacement-cost basis instead of ordinary ACV treatment. The official Series 17-70 content outline specifically identifies Personal Property Replacement Cost (HO 04 90) as a selected homeowners endorsement and separately tests ACV and replacement-cost valuation.
Inflation guard principally adjusts coverage limits to reflect increasing construction costs; it does not itself convert contents from ACV to replacement cost. "Other insurance" governs coordination when multiple policies apply. Increased cost of construction typically addresses additional building costs generated by enforcement of ordinances or laws rather than depreciation on personal property.
New York DFS distinguishes replacement cost from ACV by noting that replacement-cost settlement does not deduct depreciation.
Therefore, D is correct.
NEW QUESTION # 33
Hired and Non-owned Auto Liability Endorsement covers which of the following?
Answer: A
Explanation:
The correct answer is A. The BOP Hired Auto and Non-Owned Auto Liability Endorsement fills an important gap created by the standard auto exclusion. Non-owned auto liability applies to bodily injury or property damage arising from use of a non-owned automobile in the insured's business. A classic example is an employee using the employee's personally owned automobile while conducting business for the employer.
Standard endorsement wording provides that Non-Owned Auto Liability applies to bodily injury or property damage arising from use of any "non-owned auto" in the business. It specifically contemplates automobiles owned by employees when they are being used for business purposes.
Options B and C involve a company-owned van. An owned business automobile should ordinarily be insured under an appropriate commercial auto policy rather than the BOP's hired/non-owned endorsement. Option D likewise involves a company auto and therefore does not satisfy the non-owned or hired-auto concept.
The endorsement is principally liability coverage; it does not automatically pay physical damage to the employee's personal automobile.
The Series 17-70 BOP curriculum specifically tests the Hired Auto and Non-Owned Auto Liability endorsement, liability exclusions, and automobile-related business exposures.
Therefore, A is correct.
NEW QUESTION # 34
Under a Crop-Hail insurance policy, which of the following is true?
Answer: D
Explanation:
The correct answer is C - it covers only damage to the insured crop. Crop-Hail insurance is a specialized form of property insurance written on specifically identified growing crops. Standard crop-hail terminology defines an insured crop as a crop described in the Schedule of Insurance for which a specific amount of insurance and premium has been established. Loss adjustment therefore focuses on direct damage to the scheduled crop resulting from insured causes of loss.
Option D is incorrect because Crop-Hail is not automatically an all-weather policy. Hail is the fundamental peril, and policies commonly include or permit additional named perils such as fire or lightning. Wind protection frequently requires a separate endorsement, and frost is not universally included. Current agricultural insurance products specifically describe wind as an additional endorsement to underlying Crop- Hail coverage.
Option A is too broad because coverage does not necessarily attach simply when seed is placed in the ground; the effective date, crop condition, and applicable policy provisions govern attachment. Option B is not a universal defining rule of Crop-Hail coverage.
Crop-Hail should also be distinguished from federally supported Multiple Peril Crop Insurance, which addresses a much broader range of production risks.
Therefore, C is correct.
NEW QUESTION # 35
If a businessowner has a loss, which of the following will the insurer REQUIRE from the insured to assist in the business interruption portion of the claim?
Answer: B
Explanation:
The correct answer is A. A business interruption or Business Income claim requires documentary evidence sufficient to establish what the business would probably have earned had the covered loss not occurred.
Financial records are therefore indispensable. Relevant documentation commonly includes profit-and-loss statements, sales records, payroll information, general ledgers, prior financial statements, income-tax returns, and associated tax schedules.
The standard Business Income coverage conditions authorize the insurer, as often as reasonably required, to examine the insured's books and records and make copies. This enables the adjuster to reconstruct historical income, determine continuing and noncontinuing expenses, identify trends, evaluate the period of restoration, and calculate the actual Business Income loss.
An examination under oath can also be required during a claim investigation, but it is not the best answer to what specifically assists with the business interruption calculation. Furniture and fixture inventories principally support physical property claims. An onsite inspection likewise assists investigation but does not provide the financial evidence needed to quantify lost earnings.
The official Series 17-70 outline specifically tests Business Income/Extra Expense, Business Interruption/time element, and the insured's duty to produce books and records after loss.
NEW QUESTION # 36
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