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| Section | Weight | Objectives |
|---|---|---|
| Other Property and Liability Coverages | - Surety and fidelity bonds - Ocean marine - Commercial automobile - Flood insurance - Personal automobile - Aviation insurance - Inland marine - Workers compensation - Crime insurance - Excess liability | |
| New York Unfair Claim Settlement and Prohibited Practices | - Unfair claim settlement practices - New York claim settlement laws and regulations - New York cybersecurity regulation - Insurance fraud and false statements - Consumer privacy requirements - Terrorism Risk Insurance Act | |
| Insurance Regulation | - License maintenance and duration - Fingerprinting - Licensing process - Qualifications - Bond requirements - Licensing requirements - Temporary adjuster permits - License renewal | |
| Commercial Property | - Commercial property forms and endorsements - Businessowners Policy - Commercial Package Policy - Commercial property coverage - Commercial General Liability | |
| Claims Adjustment Procedures | - Draft authority - Settlement procedures - Arbitration - Execution of releases - Competitive estimates - Mediation - Coverage problems - Releases - Advance payments - Alternative dispute resolution - Subrogation procedures - Appraisal - Non-waiver agreements - Reservation of rights letters - Negotiation - Claims adjustment procedures | |
| Dwelling and Homeowners Insurance | - New York specific endorsements - Personal umbrella policies - Standard Fire Policy - Homeowners liability coverage - Homeowners property coverage - Dwelling policies - Personal liability supplement | |
| Insurance Principles and Concepts | - Waiver and estoppel - Warranties - Morale hazards - Representations and misrepresentations - Hazards - Physical hazards - Fraud - Insurance principles and concepts - Moral hazards - Insurance contracts - Concealment - Insurable interest | |
| Commercial Package Policy | 38% | - Monoline versus package policies - Components of a commercial policy - Common policy declarations - First named insured - Common policy conditions |
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NEW QUESTION # 42
An example of the insured's consideration is
Answer: B
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 # 43
Which of the following two perils are excluded under the dwelling broad form if a building is vacant for more than 30 consecutive days?
Answer: C
Explanation:
The intended answer is B. Under the dwelling broad form, the two named-peril provisions carrying the vacancy limitation tested by this item are Damage by Burglars and Accidental Discharge or Overflow of Water or Steam. Older DP 00 02 language provided that damage by burglars was not covered when the dwelling had been vacant for more than 30 consecutive days, and the accidental-discharge peril contained the same 30-day vacancy restriction.
Falling Objects and Weight of Ice, Snow, or Sleet have their own coverage limitations, but the specific vacancy restriction presented here does not apply to those perils. Freezing is controlled by separate requirements concerning reasonable care to maintain heat or shut off the water supply and drain the systems.
For Series 17-70 accuracy, there is an important edition distinction: the official New York outline identifies the Dwelling (2014) Policy, and ISO DP 00 02 07 14 changed the comparable vacancy period to 60 consecutive days, not 30. The same two relevant perils remain Damage by Burglars and Accidental Discharge
/Overflow of Water or Steam.
Thus, B is the intended answer, while the video's "30 consecutive days" language reflects the older dwelling- form edition.
NEW QUESTION # 44
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: A
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 # 45
What is the purpose of the Insurance Frauds Prevention Act?
Answer: C
Explanation:
The correct answer is C. New York Insurance Law Article 4 is expressly titled the Insurance Frauds Prevention Act. Its legislative findings recognize that insurance transactions-including organization and licensing, issuance of policies, and the adjustment and payment of claims and losses-have potential for abuse and illegal activity. The statutory framework is intended to prevent, detect, investigate, and penalize fraudulent insurance conduct.
Therefore, option C most accurately expresses the purpose among the available choices: protecting the insurance system and consumers from illegal and fraudulent conduct associated with policy and claim transactions.
Option A concerns underwriting standards and risk selection rather than insurance-fraud prevention. Option B concerns insurance advertising regulation, which is governed through separate statutes and regulations.
Option D concerns insurer financial reporting and solvency regulation, not the core purpose of Article 4.
New York DFS emphasizes that insurance fraud affects consumers through higher premiums and costs and encourages detection and reporting of suspected fraudulent activity. Article 4 also requires reporting of suspected fraudulent insurance transactions and authorizes investigation and enforcement.
Accordingly, C is the correct examination answer.
NEW QUESTION # 46
The liability section of a businessowners policy (BOP) covers which of the following?
Answer: A
NEW QUESTION # 47
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