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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Regulation | - Temporary adjuster permits - Fingerprinting - Qualifications - Licensing process - License maintenance and duration - Licensing requirements - Bond requirements - License renewal | |
| Topic 2: New York Unfair Claim Settlement and Prohibited Practices | - Consumer privacy requirements - Terrorism Risk Insurance Act - Insurance fraud and false statements - New York claim settlement laws and regulations - New York cybersecurity regulation - Unfair claim settlement practices | |
| Topic 3: Commercial Property | - Commercial General Liability - Commercial property forms and endorsements - Commercial Package Policy - Commercial property coverage - Businessowners Policy | |
| Topic 4: Insurance Principles and Concepts | - Insurance principles and concepts - Insurable interest - Physical hazards - Hazards - Concealment - Waiver and estoppel - Insurance contracts - Warranties - Morale hazards - Representations and misrepresentations - Moral hazards - Fraud | |
| Topic 5: Commercial Package Policy | 38% | - Common policy conditions - Common policy declarations - Monoline versus package policies - First named insured - Components of a commercial policy |
| Topic 6: Claims Adjustment Procedures | - Competitive estimates - Mediation - Alternative dispute resolution - Claims adjustment procedures - Subrogation procedures - Appraisal - Draft authority - Releases - Settlement procedures - Execution of releases - Reservation of rights letters - Advance payments - Coverage problems - Arbitration - Non-waiver agreements - Negotiation | |
| Topic 7: Dwelling and Homeowners Insurance | - Homeowners property coverage - Dwelling policies - New York specific endorsements - Personal umbrella policies - Standard Fire Policy - Personal liability supplement - Homeowners liability coverage | |
| Topic 8: Other Property and Liability Coverages | - Flood insurance - Workers compensation - Surety and fidelity bonds - Ocean marine - Aviation insurance - Inland marine - Excess liability - Commercial automobile - Crime insurance - Personal automobile |
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NEW QUESTION # 57
A limit of insurance that determines the maximum amount that can be paid out annually is
Answer: A
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 # 58
Long-term care policies cover expenses for care when the insured CANNOT perform all of the following activities of daily living EXCEPT
Answer: A
Explanation:
The correct answer is B - Shopping. Long-term care insurance commonly uses the insured's inability to perform specified Activities of Daily Living (ADLs) as a benefit eligibility trigger. New York DFS identifies the principal ADLs as dressing, eating, bathing, toileting, continence, and transferring. Most long-term care policies require inability to perform a specified number of these activities without substantial assistance before benefits become payable, subject to the contract's precise benefit trigger.
Bathing, option A, is a recognized ADL. Toileting, option C, is also a recognized ADL. Transferring, option D, refers generally to the ability to move into or out of a bed, chair, or similar position and is another standard ADL.
Shopping, by contrast, is generally classified as an Instrumental Activity of Daily Living (IADL). IADLs involve more complex activities necessary for independent community living, such as shopping, housekeeping, transportation, managing finances, meal preparation, and telephone use. New York health guidance similarly distinguishes shopping as an instrumental activity rather than a basic ADL.
Therefore, shopping is the activity that does not belong to the standard basic ADL group.
Series 17-70 reference topics: Other Coverages - Long-Term Care Insurance, Benefit Triggers, Activities of Daily Living, and Eligibility for Benefits.
NEW QUESTION # 59
What may the insurer issue if the insured did NOT report a claim on time?
Answer: A
Explanation:
The correct answer is B - Reservation of rights letter. When an insurer receives a claim presenting a potential coverage problem-such as allegedly late notice-the insurer may investigate while expressly reserving its rights under the policy. A reservation of rights advises the insured that participation in investigation or adjustment should not be interpreted as a waiver of the insurer's potential coverage defenses.
New York cases illustrate the use of reservations specifically involving late-notice issues. For example, an insurer may identify the policy's prompt-notice requirement and preserve the right to rely on untimely notice while obtaining the information necessary to determine its coverage position.
A declaratory judgment, option A, is a court determination, not simply a document the insurer "issues." The insurer may bring a declaratory judgment action when a coverage controversy requires judicial resolution.
Option C is not the appropriate mechanism. Option D is overly broad; late reporting does not automatically authorize the insurer to deny every claim without analysis of the applicable policy and New York law.
A critical New York distinction is that a reservation of rights is not automatically a substitute for a legally required timely disclaimer where Insurance Law requirements apply.
The Series 17-70 outline expressly tests Coverage Problems, Reservation of Rights Letter, Non-Waiver Agreement, and Declaratory Judgment Action.
NEW QUESTION # 60
If a businessowner has a loss, which of the following will the insurer REQUIRE from the insured to assist in the business interruption portion of the claim?
Answer: B
Explanation:
The correct answer is A. A business interruption or Business Income claim requires documentary evidence sufficient to establish what the business would probably have earned had the covered loss not occurred.
Financial records are therefore indispensable. Relevant documentation commonly includes profit-and-loss statements, sales records, payroll information, general ledgers, prior financial statements, income-tax returns, and associated tax schedules.
The standard Business Income coverage conditions authorize the insurer, as often as reasonably required, to examine the insured's books and records and make copies. This enables the adjuster to reconstruct historical income, determine continuing and noncontinuing expenses, identify trends, evaluate the period of restoration, and calculate the actual Business Income loss.
An examination under oath can also be required during a claim investigation, but it is not the best answer to what specifically assists with the business interruption calculation. Furniture and fixture inventories principally support physical property claims. An onsite inspection likewise assists investigation but does not provide the financial evidence needed to quantify lost earnings.
The official Series 17-70 outline specifically tests Business Income/Extra Expense, Business Interruption/time element, and the insured's duty to produce books and records after loss.
NEW QUESTION # 61
What is the purpose of the Insurance Frauds Prevention Act?
Answer: A
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 # 62
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