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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Regulation | - Bond requirements - Fingerprinting - Temporary adjuster permits - Licensing process - License renewal - Licensing requirements - Qualifications - License maintenance and duration | |
| Topic 2: Dwelling and Homeowners Insurance | - Dwelling policies - Homeowners property coverage - Standard Fire Policy - Homeowners liability coverage - Personal umbrella policies - Personal liability supplement - New York specific endorsements | |
| Topic 3: Claims Adjustment Procedures | - Settlement procedures - Competitive estimates - Arbitration - Mediation - Alternative dispute resolution - Advance payments - Releases - Claims adjustment procedures - Subrogation procedures - Negotiation - Reservation of rights letters - Coverage problems - Draft authority - Execution of releases - Non-waiver agreements - Appraisal | |
| Topic 4: Insurance Principles and Concepts | - Insurance principles and concepts - Concealment - Hazards - Morale hazards - Waiver and estoppel - Insurable interest - Moral hazards - Warranties - Insurance contracts - Representations and misrepresentations - Physical hazards - Fraud | |
| Topic 5: Other Property and Liability Coverages | - Personal automobile - Surety and fidelity bonds - Ocean marine - Aviation insurance - Flood insurance - Inland marine - Workers compensation - Crime insurance - Commercial automobile - Excess liability | |
| Topic 6: Commercial Property | - Commercial property coverage - Commercial property forms and endorsements - Commercial Package Policy - Businessowners Policy - Commercial General Liability | |
| Topic 7: Commercial Package Policy | 38% | - Components of a commercial policy - Common policy conditions - First named insured - Common policy declarations - Monoline versus package policies |
| Topic 8: New York Unfair Claim Settlement and Prohibited Practices | - Terrorism Risk Insurance Act - New York cybersecurity regulation - New York claim settlement laws and regulations - Consumer privacy requirements - Insurance fraud and false statements - Unfair claim settlement practices |
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NEW QUESTION # 54
According to the conditions of Commercial General Liability (CGL), what are the insured's duties in the event of an occurrence, claim, or suit?
Answer: B
Explanation:
The correct answer is B. Under the standard CGL condition titled Duties in the Event of Occurrence, Offense, Claim or Suit, the insured must see that the insurer is notified as soon as practicable of an occurrence or offense that may result in a claim. The notice should, to the extent possible, identify how, when, and where the occurrence happened, the names and addresses of injured persons and witnesses, and the nature and location of resulting injury or damage. New York Court of Appeals decisions reproduce this CGL condition substantially verbatim.
Option A is incorrect because the standard CGL does not establish a universal seven-day reporting deadline.
Option C is defective because cooperation is not discretionary; the insured must cooperate with investigation, settlement, and defense and provide assistance when requested. Option D is far too broad because the policy does not require reporting every business matter.
Once an actual claim or suit is received, additional duties apply, including promptly notifying the insurer and forwarding demands, notices, summonses, and legal papers.
The Series 17-70 outline specifically covers CGL conditions, occurrence versus claims-made coverage, investigation, and duties after loss or claim.
NEW QUESTION # 55
The self-insured portion of an insurance claim is called a
Answer: C
Explanation:
The correct answer is D. A deductible is the portion of an otherwise covered loss that the insured agrees to retain before the insurer becomes responsible for the remaining covered amount. In practical risk-management terms, it represents a form of self-insurance or risk retention because the policyholder absorbs losses up to the deductible amount.
New York Department of Financial Services describes a deductible as the amount the insured agrees to be responsible for when a covered loss occurs. DFS also explains that a higher deductible generally means the insured retains a larger portion of the risk and may receive a lower premium in return.
For example, if covered property damage equals $10,000 and the applicable deductible is $1,000, the insured ordinarily bears $1,000 and the insurer pays $9,000, assuming no other policy limitation applies.
Coinsurance is different; it is an insurance-to-value or cost-sharing mechanism and is not simply the initial dollar amount retained by the insured. "Principal" describes a party or monetary concept in other contractual contexts, while "liability" means legal responsibility.
The Series 17-70 curriculum includes deductibles, loss valuation, policy conditions, and claim settlement concepts.
Therefore, D is correct.
NEW QUESTION # 56
Which of the following is NOT an expense that could be covered by the Comprehensive Motor Vehicle Insurance Reparations Act (PIP)?
Answer: B
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 # 57
Which of the following benefits are NOT paid under workers' compensation laws?
Answer: B
Explanation:
The correct answer is C - Pain and suffering. Workers compensation is a statutory no-fault system designed to provide defined benefits for employees who suffer qualifying occupational injuries or illnesses. New York Workers' Compensation Board guidance identifies benefits including medical care, lost-wage benefits, disability-related awards, survivor benefits, and vocational rehabilitation services.
Workers compensation does not function like a negligence tort action. An injured employee generally does not receive damages for noneconomic elements such as pain, suffering, emotional distress, inconvenience, or loss of enjoyment of life merely because those consequences accompany the occupational injury. Statutory benefits replace the ordinary tort remedy against the employer for covered injuries, subject to limited exceptions under New York law.
Option A is therefore incorrect because vocational rehabilitation services are available to assist qualifying injured workers in returning to employment. Option D is incorrect because cash benefits for disability or lost earning capacity are fundamental workers compensation benefits. Independent medical examinations can also be required within the administration of workers compensation claims; they are not equivalent to tort damages for pain and suffering.
The Series 17-70 outline specifically tests New York Workers Compensation Law, exclusive remedy, covered injuries, benefits provided, disability, medical benefits, and claim procedures.
NEW QUESTION # 58
A limit of insurance that determines the maximum amount that can be paid out annually is
Answer: B
Explanation:
The correct answer is C - an aggregate limit. An aggregate limit establishes the maximum amount an insurer will pay for all covered claims subject to that aggregate during the applicable policy period, ordinarily one year. The Hartford describes an aggregate limit as the maximum amount an insurer pays for all claims during the policy period.
This must be distinguished from an occurrence limit, which caps the amount payable for one occurrence. For example, a liability policy might provide a $1 million each-occurrence limit and a $2 million general aggregate. Multiple individually covered occurrences can therefore consume the aggregate until the total available limit has been exhausted.
A single limit generally refers to one combined limit rather than separate limits for different components, such as bodily injury and property damage. "Face amount" is terminology more commonly associated with life insurance or other contracts stating a specified benefit amount and does not describe an annual liability ceiling.
The official Series 17-70 outline specifically tests policy limits, per-occurrence limits, per-person limits, general and products/completed-operations aggregate limits, single/split limits, and combined single limits.
Thus, when the question asks for the limit controlling the maximum cumulative payout during the annual policy period, aggregate limit is the precise insurance term.
Therefore, C is correct.
NEW QUESTION # 59
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