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| Section | Weight | Objectives |
|---|---|---|
| Commercial Property | - Commercial property coverage - Businessowners Policy - Commercial General Liability - Commercial property forms and endorsements - Commercial Package Policy | |
| Insurance Principles and Concepts | - Insurance contracts - Moral hazards - Representations and misrepresentations - Morale hazards - Hazards - Waiver and estoppel - Insurance principles and concepts - Warranties - Insurable interest - Concealment - Physical hazards - Fraud | |
| Insurance Regulation | - Licensing requirements - Fingerprinting - Bond requirements - Qualifications - License maintenance and duration - Licensing process - Temporary adjuster permits - License renewal | |
| Dwelling and Homeowners Insurance | - New York specific endorsements - Homeowners liability coverage - Dwelling policies - Homeowners property coverage - Personal liability supplement - Standard Fire Policy - Personal umbrella policies | |
| Other Property and Liability Coverages | - Crime insurance - Ocean marine - Workers compensation - Aviation insurance - Inland marine - Personal automobile - Commercial automobile - Surety and fidelity bonds - Flood insurance - Excess liability | |
| Claims Adjustment Procedures | - Execution of releases - Reservation of rights letters - Arbitration - Appraisal - Negotiation - Coverage problems - Claims adjustment procedures - Mediation - Subrogation procedures - Advance payments - Draft authority - Competitive estimates - Settlement procedures - Releases - Non-waiver agreements - Alternative dispute resolution | |
| New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - Unfair claim settlement practices - New York claim settlement laws and regulations - Insurance fraud and false statements - Terrorism Risk Insurance Act - Consumer privacy requirements | |
| Commercial Package Policy | 38% | - Common policy declarations - First named insured - Monoline versus package policies - Components of a commercial policy - Common policy conditions |
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NEW QUESTION # 87
The self-insured portion of an insurance claim is called a
Answer: C
Explanation:
The correct answer is D - deductible. A deductible is the amount of an otherwise covered loss that the insured agrees to retain before or as part of the insurer's claim payment. In practical terms, it represents a form of self-insurance or risk retention within the policy.
New York Department of Financial Services defines an automobile physical-damage deductible as an amount the insured agrees to be responsible for in the event of a covered collision or comprehensive loss. DFS also explains that increasing the deductible generally shifts a larger portion of potential loss to the insured and can reduce the insurance premium.
For example, if a covered property loss is $8,000 and the policy contains a $1,000 deductible, the insurer ordinarily pays $7,000, assuming no other limitation applies. The insured absorbs the first $1,000.
Coinsurance is different. It is an insurance-to-value mechanism that can reduce recovery when the insured fails to maintain the required amount of insurance. A principal is a party or amount concept used in other financial or surety contexts. Liability describes legal responsibility and is not the portion of a loss retained by the insured.
The Series 17-70 outline specifically tests deductibles, loss valuation, policy limits, coinsurance, and claim settlement calculations.
Therefore, D is correct.
NEW QUESTION # 88
A policy that limits coverage to specific causes of loss is called
Answer: A
Explanation:
The correct answer is D - named perils. A named-perils policy provides coverage only when the direct physical loss is caused by a peril specifically identified in the contract. Typical named perils can include fire, lightning, windstorm, hail, explosion, smoke, vandalism, or other causes expressly listed in the applicable form. If the cause of loss is not among the listed covered perils, coverage generally does not apply unless another provision or endorsement extends protection.
This contrasts with an open-perils, sometimes historically called "all risk," form. An open-perils contract generally covers direct physical loss unless the cause is specifically excluded or limited. The burden of analyzing the loss therefore differs substantially between named-perils and open-perils structures.
Option A is incorrect because exclusions remove or restrict coverage rather than define a policy that affirmatively insures only specifically listed causes. Option B concerns loss valuation rather than the scope of insured perils. Option C describes the opposite coverage approach.
The official Series 17-70 outline specifically includes "Named perils versus special (open) perils," direct loss, consequential loss, policy structure, exclusions, and conditions as tested Insurance Basics concepts.
NEW QUESTION # 89
Accident-only policies commonly include benefits due to losses related to
Answer: A
Explanation:
The correct answer is C. Accident-only insurance is a limited form of accident and health coverage in which benefits are triggered by an accident or specified category of accidental event, rather than by sickness generally. The NAIC defines an accident as an unexpected event or circumstance without deliberate intent and describes accident-only insurance as coverage for death, dismemberment, disability, hospital treatment, or medical care caused or necessitated by an accident or specified kinds of accidents.
Option A is incorrect because illness is not converted into an accident simply because its onset is unexpected.
Coverage for sickness belongs to health or medical insurance provisions unless specifically included by another policy form. Option B, congenital diseases, similarly concerns medical conditions rather than accidental occurrences. Option D is too broad because the mere absence of intentional conduct does not automatically satisfy the policy's definition of an accidental injury or covered accident. There must be the required causal connection to an insured accidental event.
The Series 17-70 content outline expressly tests Accidental Injury, classes of accident and health coverage, limited policies, and specifically Accident-Only coverage.
Accordingly, a fortuitous, unexpected accidental event is the operative trigger, making C the correct answer.
NEW QUESTION # 90
Fair rental value is found under which coverage part of a dwelling policy?
Answer: B
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 # 91
An insurance policy written on a replacement cost basis differs from a policy written on an actual cash value basis by the
Answer: D
Explanation:
The correct answer is D - method of determining a loss payment. Replacement Cost and Actual Cash Value are fundamentally loss-valuation methods. They determine how much an insurer owes after a covered physical loss, subject to policy limits, deductibles, insurance-to-value provisions, and other conditions.
New York DFS explains that where property is settled on a replacement cost basis, the insurer generally pays the amount required to repair or replace the damaged property without deducting depreciation, assuming applicable replacement-cost conditions are satisfied. By contrast, traditional actual cash value treatment takes depreciation or similar factors into account when determining the payable amount.
The distinction therefore directly affects the calculation of the claim payment. It is not determined by the original purchase price, which may bear little relationship to either current replacement cost or current value.
The deductible is a separate contractual amount applied according to policy terms and can exist under either valuation method. Premiums can certainly be influenced by the breadth and value of coverage purchased, but the defining distinction between ACV and replacement cost is not merely a premium-calculation method.
The Series 17-70 curriculum expressly tests Actual Cash Value, Replacement Cost, depreciation, valuation, and loss settlement.
Therefore, D is the precise answer.
NEW QUESTION # 92
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