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| Section | Weight | Objectives |
|---|---|---|
| Claims Adjustment Procedures | - Settlement procedures - Advance payments - Negotiation - Execution of releases - Subrogation procedures - Claims adjustment procedures - Arbitration - Releases - Reservation of rights letters - Coverage problems - Appraisal - Non-waiver agreements - Alternative dispute resolution - Draft authority - Competitive estimates - Mediation | |
| Insurance Principles and Concepts | - Fraud - Warranties - Morale hazards - Representations and misrepresentations - Hazards - Waiver and estoppel - Physical hazards - Moral hazards - Insurable interest - Concealment - Insurance contracts - Insurance principles and concepts | |
| Dwelling and Homeowners Insurance | - Standard Fire Policy - Personal umbrella policies - Homeowners property coverage - Dwelling policies - New York specific endorsements - Homeowners liability coverage - Personal liability supplement | |
| Commercial Package Policy | 38% | - First named insured - Components of a commercial policy - Monoline versus package policies - Common policy conditions - Common policy declarations |
| Insurance Regulation | - Temporary adjuster permits - Bond requirements - Licensing requirements - License renewal - License maintenance and duration - Fingerprinting - Qualifications - Licensing process | |
| New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - Terrorism Risk Insurance Act - Unfair claim settlement practices - New York claim settlement laws and regulations - Insurance fraud and false statements - Consumer privacy requirements | |
| Other Property and Liability Coverages | - Commercial automobile - Workers compensation - Flood insurance - Crime insurance - Inland marine - Aviation insurance - Surety and fidelity bonds - Excess liability - Ocean marine - Personal automobile | |
| Commercial Property | - Commercial property coverage - Commercial property forms and endorsements - Commercial General Liability - Businessowners Policy - Commercial Package Policy |
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NEW QUESTION # 106
An insured that is covered on a business automobile policy would like to get physical damage coverage for a forklift used at their facility. Which endorsement can be used to insure this covered automobile?
Answer: D
Explanation:
The correct answer is B - Mobile equipment endorsement. A forklift is ordinarily classified as mobile equipment, rather than an "auto," because it is principally designed for use off public roads or for operations at a premises. Consequently, it does not automatically fall within the standard Business Auto Coverage Form's normal treatment of covered autos.
A Mobile Equipment endorsement permits specifically described mobile equipment to be treated as a covered auto for the coverages scheduled in the endorsement. Depending on the form and selections, this can extend Physical Damage coverage to the equipment. Forklifts are specifically recognized as classic examples of mobile equipment.
The Miscellaneous Type Vehicle endorsement is primarily associated with personal auto treatment of specialized vehicles and is not the appropriate commercial solution here. The Truckers Coverage Form addresses motor-carrier/trucking exposures. The Drive Other Car endorsement extends specified commercial- auto protections to certain individuals when they use nonowned autos and has nothing to do with insuring a business-owned forklift.
The Series 17-70 outline directly tests Commercial Auto, Business Auto, Physical Damage Coverage, Definitions, and the Mobile Equipment endorsement. The New York examination outline identifies mobile equipment specifically among the selected commercial-auto endorsements.
Thus, B is the technically correct selection.
NEW QUESTION # 107
Damage caused to a farmer's crops during an emergency aircraft landing would be covered by
Answer: C
Explanation:
The correct verified answer is D - Property damage liability. The farmer's crops constitute tangible property belonging to another party from the aircraft operator's perspective. If an insured aircraft makes an emergency landing and physically damages those crops, the applicable third-party aviation exposure is property damage liability: the aircraft owner or operator may become legally obligated to compensate the farmer for physical damage to the farmer's property.
This must not be confused with farm liability. Farm liability protects a farm insured against claims alleging bodily injury or property damage for which the farm insured becomes legally liable. It is liability insurance, not first-party physical damage coverage for the farmer's own crops. The official Series 17-70 outline describes Farm Coverage H as Bodily Injury and Property Damage Liability, reinforcing this third-party distinction.
Products liability is unrelated because the loss does not arise from a defective or harmful product. A deductible is simply the portion of an insured loss retained by the insured and is not a category of coverage.
Most importantly, the official Series 17-70 blueprint separately identifies Aircraft Liability Coverages, including property damage liability, as tested subject matter.
Accordingly, D, not farm liability, is the technically correct answer for the scenario presented.
NEW QUESTION # 108
What is the purpose of the Insurance Frauds Prevention Act?
Answer: B
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 # 109
Fair rental value is found under which coverage part of a dwelling policy?
Answer: D
Explanation:
The correct answer is C - Coverage D. Under the standard Dwelling Property Policy, Coverage D - Fair Rental Value protects the insured against qualifying loss of rental income when covered damage makes property rented or held for rental unfit for its normal use.
Fair Rental Value represents the fair rental amount of the affected portion of the described location, reduced by expenses that do not continue while the property is uninhabitable. Payment generally continues for the shortest reasonable period required to repair or replace the damaged property. Standard dwelling-policy analysis expressly identifies Fair Rental Value as Coverage D.
Coverage B concerns Other Structures, while Coverage C covers Personal Property. Coverage E is Additional Living Expense, which principally protects an owner-occupant when a covered loss causes necessary increases in living expenses. Fair Rental Value and Additional Living Expense are related time-element protections but serve different financial interests.
For adjusters, this distinction is important because a landlord's lost rental income must be evaluated separately from physical building damage. The adjuster must determine rental value, expenses that ceased, the covered cause of loss, and the reasonable restoration period.
Therefore, Fair Rental Value is found under Coverage D, making option C correct.
NEW QUESTION # 110
What type of insurance covers goods in transit over water?
Answer: B
Explanation:
The correct answer is A - Cargo. Marine Cargo Insurance protects goods or merchandise against covered physical loss or damage while those goods are being transported. Although historically associated primarily with ocean voyages, contemporary cargo policies can cover transit by sea, air, road, rail, or combinations of these methods.
Major marine insurers describe cargo coverage specifically as insurance for goods in transit, including movements by sea. Thus, when the exposure is physical loss of merchandise being transported over water, cargo insurance is the correct form.
"Freight," option C, ordinarily refers to transportation charges or, in marine terminology, the financial interest associated with earning freight charges. It does not identify the insurance protecting the goods themselves.
Protection and Indemnity, option D, is principally maritime liability insurance for vessel owners and operators, addressing exposures such as third-party bodily injury, property damage, crew liability, collision liabilities, and related maritime obligations. "Piracy" is a peril or specialized exposure rather than the general policy classification requested.
An independent adjuster must distinguish hull, cargo, freight, and protection-and-indemnity interests because each represents a different insurable interest within ocean marine insurance.
Therefore, goods transported over water are insured under Cargo Insurance, making A correct.
NEW QUESTION # 111
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