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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Principles and Concepts | - Concealment - Insurable interest - Fraud - Representations and misrepresentations - Waiver and estoppel - Hazards - Warranties - Insurance principles and concepts - Physical hazards - Morale hazards - Insurance contracts - Moral hazards | |
| Topic 2: Dwelling and Homeowners Insurance | - Standard Fire Policy - Personal umbrella policies - New York specific endorsements - Homeowners property coverage - Homeowners liability coverage - Personal liability supplement - Dwelling policies | |
| Topic 3: Insurance Regulation | - Temporary adjuster permits - Licensing requirements - Bond requirements - Qualifications - License renewal - Fingerprinting - License maintenance and duration - Licensing process | |
| Topic 4: Commercial Package Policy | 38% | - First named insured - Components of a commercial policy - Monoline versus package policies - Common policy declarations - Common policy conditions |
| Topic 5: Other Property and Liability Coverages | - Commercial automobile - Aviation insurance - Flood insurance - Inland marine - Ocean marine - Crime insurance - Personal automobile - Surety and fidelity bonds - Workers compensation - Excess liability | |
| Topic 6: Commercial Property | - Commercial property coverage - Commercial Package Policy - Commercial property forms and endorsements - Businessowners Policy - Commercial General Liability | |
| Topic 7: Claims Adjustment Procedures | - Execution of releases - Alternative dispute resolution - Advance payments - Subrogation procedures - Competitive estimates - Draft authority - Releases - Arbitration - Claims adjustment procedures - Non-waiver agreements - Negotiation - Appraisal - Coverage problems - Settlement procedures - Reservation of rights letters - Mediation | |
| Topic 8: New York Unfair Claim Settlement and Prohibited Practices | - New York claim settlement laws and regulations - Consumer privacy requirements - Unfair claim settlement practices - Terrorism Risk Insurance Act - New York cybersecurity regulation - Insurance fraud and false statements |
>> NY-Independent-General-Adjuster Advanced Testing Engine <<
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NEW QUESTION # 62
Under a Commercial Package Policy (CPP), the first named insured possesses all of the following responsibilities EXCEPT
Answer: B
Explanation:
The correct answer is C - submitting surveys of the insured business to the insurer. The CPP Common Policy Conditions grant the first named insured several special rights and responsibilities. The first named insured may cancel the policy by providing the required written notice, is the party to whom applicable premium refunds are sent, and is authorized to make policy changes with the insurer's consent. Therefore, requesting an adjustment to policy limits falls within the first named insured's authority to seek policy changes.
The Inspections and Surveys condition operates differently. It gives the insurer the right, but generally not the obligation, to make inspections and surveys, provide reports concerning conditions found, and recommend changes. The policy does not impose a standard responsibility on the first named insured to prepare and submit surveys of the business. Standard common-policy wording expressly assigns the inspection-and-survey right to the insurer.
The first named insured also has important premium-related functions. Standard CPP wording provides for return premiums to be sent to the first named insured and recognizes the first named insured's cancellation authority.
The Series 17-70 outline specifically tests CPP components, Common Policy Declarations, Common Policy Conditions, and the First Named Insured.
NEW QUESTION # 63
Which liability policy is BEST suited to protect someone who manages private pensions and employee benefits plans?
Answer: D
Explanation:
The correct answer is C - Fiduciary Liability. Individuals who exercise discretionary authority or control over employee benefit plans, including private pension or retirement plans, can have fiduciary responsibilities under ERISA. Fiduciary liability insurance is specifically designed to address claims alleging breaches in those responsibilities, including improper plan administration, imprudent investment decisions, failure to follow plan documents, conflicts of interest, or other alleged fiduciary misconduct.
Travelers explains that persons who manage retirement or health plans or control plan assets may be fiduciaries and may face personal liability for breach of fiduciary duty. Chubb similarly identifies employee welfare and retirement plan fiduciary liability as a specialized exposure that conventional Directors and Officers coverage may not adequately address.
Errors and Omissions insurance addresses professional service errors more generally. Malpractice is associated primarily with designated professional practices such as medicine or law. Directors and Officers insurance principally protects corporate directors and officers against wrongful acts arising from organizational management, but it is not the dedicated coverage for ERISA fiduciary exposures.
The Series 17-70 outline expressly lists Fiduciary Liability under Specialty Liability Insurance.
Therefore, C provides the most directly applicable protection.
NEW QUESTION # 64
An example of the insured's consideration is
Answer: D
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 # 65
Hired and Non-owned Auto Liability Endorsement covers which of the following?
Answer: C
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 # 66
Which of the following is NOT an expense that could be covered by the Comprehensive Motor Vehicle Insurance Reparations Act (PIP)?
Answer: D
Explanation:
The correct answer is D - Property damage. New York's Comprehensive Motor Vehicle Insurance Reparations Act establishes the state's No-Fault / Personal Injury Protection system. PIP is designed to reimburse qualifying injured persons for basic economic loss resulting from bodily injury arising out of the use or operation of a motor vehicle, without regard to fault.
New York DFS states that basic No-Fault protection includes medical and health expenses, lost earnings, and certain other reasonable and necessary expenses. Medical expenses expressly include dental services, so both options A and C may qualify. Lost earnings are also expressly included, subject to statutory limitations.
Property damage is fundamentally different. Damage to another person's vehicle or other property is handled under property damage liability coverage, not first-party PIP benefits. PIP follows the injured person and addresses economic losses caused by personal injury; it does not reimburse the insured for physical damage to automobiles or other tangible property.
The Series 17-70 examination outline specifically includes the Comprehensive Motor Vehicle Insurance Reparations Act, mandatory Personal Injury Protection, basic economic loss, and New York auto coverage requirements.
Therefore, D is correct.
NEW QUESTION # 67
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