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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Principles and Concepts | - Fraud - Insurance principles and concepts - Moral hazards - Concealment - Waiver and estoppel - Physical hazards - Morale hazards - Insurable interest - Insurance contracts - Warranties - Hazards - Representations and misrepresentations | |
| Topic 2: Insurance Regulation | - Qualifications - Temporary adjuster permits - Licensing process - Licensing requirements - Fingerprinting - License maintenance and duration - Bond requirements - License renewal | |
| Topic 3: Dwelling and Homeowners Insurance | - Homeowners property coverage - New York specific endorsements - Personal umbrella policies - Standard Fire Policy - Personal liability supplement - Homeowners liability coverage - Dwelling policies | |
| Topic 4: Other Property and Liability Coverages | - Crime insurance - Inland marine - Flood insurance - Aviation insurance - Commercial automobile - Workers compensation - Excess liability - Personal automobile - Ocean marine - Surety and fidelity bonds | |
| Topic 5: Commercial Package Policy | 38% | - Components of a commercial policy - Monoline versus package policies - Common policy conditions - Common policy declarations - First named insured |
| Topic 6: Commercial Property | - Commercial property forms and endorsements - Commercial Package Policy - Commercial General Liability - Businessowners Policy - Commercial property coverage | |
| Topic 7: Claims Adjustment Procedures | - Releases - Alternative dispute resolution - Advance payments - Appraisal - Coverage problems - Settlement procedures - Reservation of rights letters - Competitive estimates - Negotiation - Subrogation procedures - Draft authority - Execution of releases - Non-waiver agreements - Mediation - Claims adjustment procedures - Arbitration | |
| Topic 8: New York Unfair Claim Settlement and Prohibited Practices | - Insurance fraud and false statements - Unfair claim settlement practices - Terrorism Risk Insurance Act - New York claim settlement laws and regulations - New York cybersecurity regulation - Consumer privacy requirements |
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NEW QUESTION # 54
If insurance is used to establish proof of financial responsibility to comply with the Motor Carrier Act of 1980, what endorsement can be used?
Answer: B
Explanation:
The correct answer is B - MCS-90 endorsement. The MCS-90 is the federally prescribed endorsement attached to a motor carrier's liability insurance policy to demonstrate compliance with applicable public- liability financial-responsibility requirements.
The Federal Motor Carrier Safety Administration identifies Form MCS-90 as the Endorsement for Motor Carrier Policies of Insurance for Public Liability under Sections 29 and 30 of the Motor Carrier Act of 1980.
FMCSA further states that the endorsement is required under 49 CFR §387.15 for motor carriers subject to the applicable federal financial-responsibility rules.
The MCS-90 is attached to the carrier's liability policy rather than to a specific individual vehicle. Its purpose is to assure payment, within the federally required limits, of qualifying final judgments for public liability arising from negligence in the operation, maintenance, or use of covered motor vehicles.
The Additional Insured-Lessor endorsement deals with leased-vehicle relationships. The Individual Named Insured endorsement addresses particular personal-type coverage needs under commercial auto forms. The Mobile Equipment endorsement addresses equipment that otherwise falls outside ordinary automobile classifications.
The Series 17-70 commercial-auto material includes Motor Carrier coverage, federal financial responsibility, endorsements, liability limits, and commercial automobile forms.
Therefore, MCS-90, option B, is the required endorsement.
NEW QUESTION # 55
On a Commercial General Liability claims-made policy, a claim is first made when notice of the claim is received by the insured party or the
Answer: B
Explanation:
The correct answer is A - insurer. Under standard claims-made CGL wording, a claim by a person or organization seeking damages is generally considered made when notice of the claim is received and recorded by any insured or by the insurer, whichever occurs first. Judicial decisions reproducing standard claims-made CGL language apply exactly this trigger.
This differs fundamentally from an occurrence-based CGL policy. Under an occurrence form, coverage is principally tied to when the bodily injury or property damage occurs. Under a claims-made form, the timing of the claim being made-and where required, reported-becomes a central coverage trigger. A retroactive date and applicable Extended Reporting Period may also affect whether the claim is covered.
Receipt by the injured party does not constitute the relevant claim-made trigger because the injured party is ordinarily the person asserting the claim. Likewise, receipt by the claimant's attorney does not satisfy the contractual language. An insurance agent may transmit notice, but the standardized answer asks which party, in addition to an insured, is expressly identified in the claims-made provision: the insurer.
The Series 17-70 outline specifically tests occurrence versus claims-made, claims-made and reported coverage, trigger, retroactive date, and Extended Reporting Periods.
Therefore, A is correct.
NEW QUESTION # 56
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: C
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 # 57
Under a Homeowners policy, which of the following is an insured location?
Answer: B
NEW QUESTION # 58
When investigating a liability claim against your insured, the insured calls you and requests that you deny the claim because the insured believes the claim lacks merit. As the adjuster you CANNOT
Answer: A
Explanation:
The correct answer is B. An independent adjuster's claim decision must be based on the policy, facts, evidence, applicable law, and authority received from the insurer, not merely on the insured's preference that a third-party claim be rejected. An insured's assertion that a claim is meritless is relevant information, but it does not substitute for an objective investigation.
New York Regulation 64 establishes prompt and fair claims-handling standards. DFS states that insurers should assist in claim processing, obtain verification where reasonably necessary, clearly communicate positions on disputed matters, and respond promptly to interested parties. DFS also identifies unfair claims settlement practices as prohibited conduct.
Accordingly, the adjuster may inform the insurer of the insured's position, making A permissible. The adjuster can also decline to follow an unsupported instruction to deny the claim, so C is permissible. Contacting the claimant to investigate the circumstances is an appropriate fact-development step, making D permissible.
What the adjuster cannot properly do is deny liability simply because the insured wants a denial. Such action would bypass the required investigation and professional evaluation.
The Series 17-70 outline specifically tests the adjuster's role, duties and responsibilities, claim investigation, liability-loss investigation procedures, verification, and settlement procedures.
NEW QUESTION # 59
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