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| Section | Weight | Objectives |
|---|---|---|
| Insurance Regulation | - Licensing process - Licensing requirements - Temporary adjuster permits - Bond requirements - License renewal - Fingerprinting - License maintenance and duration - Qualifications | |
| Dwelling and Homeowners Insurance | - Personal umbrella policies - Dwelling policies - Standard Fire Policy - Homeowners property coverage - New York specific endorsements - Personal liability supplement - Homeowners liability coverage | |
| Commercial Package Policy | 38% | - Common policy conditions - Monoline versus package policies - Components of a commercial policy - Common policy declarations - First named insured |
| New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - Insurance fraud and false statements - Unfair claim settlement practices - Consumer privacy requirements - Terrorism Risk Insurance Act - New York claim settlement laws and regulations | |
| Claims Adjustment Procedures | - Execution of releases - Subrogation procedures - Draft authority - Arbitration - Negotiation - Competitive estimates - Settlement procedures - Releases - Advance payments - Non-waiver agreements - Claims adjustment procedures - Reservation of rights letters - Coverage problems - Appraisal - Alternative dispute resolution - Mediation | |
| Commercial Property | - Commercial property coverage - Commercial Package Policy - Commercial General Liability - Commercial property forms and endorsements - Businessowners Policy | |
| Insurance Principles and Concepts | - Insurable interest - Warranties - Waiver and estoppel - Moral hazards - Insurance principles and concepts - Representations and misrepresentations - Hazards - Physical hazards - Insurance contracts - Morale hazards - Concealment - Fraud | |
| Other Property and Liability Coverages | - Excess liability - Commercial automobile - Inland marine - Crime insurance - Surety and fidelity bonds - Ocean marine - Personal automobile - Flood insurance - Aviation insurance - Workers compensation |
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NEW QUESTION # 71
What is the MINIMUM dollar limit that applies to Workers' Compensation Coverage under Part One of the policy?
Answer: C
Explanation:
The correct answer is C. Part One - Workers Compensation Insurance does not operate with a conventional policy liability limit such as $100,000 or $500,000. Instead, the insurer agrees to pay the workers' compensation benefits that the employer is required to provide under the workers' compensation law applicable to a state listed in the policy.
The New York Compensation Insurance Rating Board states this directly: there is no limit of liability in the Standard Policy for Part One - Workers' Compensation; the contract provides all benefits required by the applicable workers' compensation law.
Options A and B are therefore incorrect because they resemble liability-limit amounts rather than statutory Workers Compensation Part One benefits. Option D is also incorrect. The Information Page identifies the relevant states and other policy data, but it does not transform Part One into a fixed-dollar-limit coverage.
This must also be distinguished from Part Two - Employers Liability Insurance, where limits of liability are relevant. New York has additional state-specific rules concerning employers liability, but those should not be confused with the statutory-benefit structure of Part One.
The Series 17-70 outline expressly tests the Workers Compensation and Employers Liability policy, including Part One-Workers Compensation Insurance and Part Two-Employers Liability Insurance.
Therefore, C is correct.
NEW QUESTION # 72
Under a Businessowners Policy, Inside the Premises - Robbery or Safe Burglary of Money and Securities, this coverage applies to robbery of
Answer: B
Explanation:
The correct answer is C - a custodian that takes place within the premises. Crime coverage titled Inside the Premises - Robbery of a Custodian or Safe Burglary of Money and Securities is specifically structured to protect money and securities against robbery of a custodian while inside the insured premises, as well as qualifying safe or vault burglary.
Current ISO commercial-crime analysis states that coverage applies to loss of money and securities resulting from the robbery of a custodian inside the insured premises or from safe or vault burglary or attempted burglary. A custodian generally includes the named insured, partners, members, or employees having care and custody of the insured property, subject to the form's definition.
Options A and B are incorrect because they place the robbery off premises. Off-premises losses are addressed by different crime insuring agreements, such as Outside the Premises coverage. Option D is incorrect because the critical insured person for this particular robbery provision is a custodian, not simply any customer or client present at the business.
The adjuster must distinguish theft, robbery, burglary, safe burglary, and employee dishonesty because each has a particular contractual meaning and may trigger different coverage.
Therefore, the event specifically contemplated by this coverage is robbery of a custodian inside the premises, making C correct.
NEW QUESTION # 73
Which part of the garage coverage form provides liability coverage for automobiles in the care, custody, and control of the insured?
Answer: B
Explanation:
The correct answer is C - Garagekeepers Coverage. Garagekeepers coverage addresses loss to customers' automobiles while those vehicles are in the insured garage operation's care, custody, or control, such as while being serviced, repaired, parked, stored, or otherwise attended by the insured.
This distinction is essential because ordinary liability coverage contains a care, custody, or control exclusion for damage to property entrusted to the insured. If an automobile repair business damages a customer's automobile while the vehicle is in the shop's custody, ordinary business auto or general liability property- damage protection generally does not fill that exposure. Garagekeepers coverage is specifically designed for it.
Physical Damage Coverage ordinarily protects covered autos owned or otherwise qualifying under the insured's own physical-damage symbols; it is not synonymous with protection for customer vehicles entrusted to the business. "Specified Coverage" is not the relevant garage-form coverage division.
Garagekeepers may be structured on a legal-liability basis or, depending on available forms, direct primary or direct excess bases. The precise form affects whether negligence must be established.
The official Series 17-70 examination outline expressly includes Garage Coverage, Garage Keeper's Coverage, Liability Coverage, Physical Damage Coverage, Exclusions, Conditions, and Definitions within Commercial Auto.
Therefore, the correct answer is C.
NEW QUESTION # 74
The self-insured portion of an insurance claim is called a
Answer: B
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 # 75
Which of the following exposures would be necessary to purchase a garage coverage form?
Answer: D
Explanation:
The correct examination answer is D - Franchise auto dealer. The traditional ISO Garage Coverage Form was developed specifically for automobile dealerships and related garage operations because such businesses combine exposures arising from owned autos, customers' autos, premises operations, products/completed operations, and automobile liability.
Under the legacy Garage Coverage Form used in the Series 17-70 commercial-auto syllabus, franchised and nonfranchised automobile dealerships are classic eligible garage operations. The Series 17-70 outline expressly identifies the Garage Coverage Form, Garagekeepers Coverage, liability coverage, physical damage, exclusions, conditions, and definitions as tested commercial-auto subjects.
A moving company is ordinarily handled through commercial auto/motor-carrier arrangements. An auto-parts store does not automatically create the combined dealership exposure contemplated by a garage form. A purely self-service carwash also does not present the same dealer exposure identified by the question.
There is an edition issue worth understanding: ISO replaced the dealer portion of the older CA 00 05 Garage Coverage Form with the modern CA 00 25 Auto Dealers Coverage Form beginning with its 2013 commercial- auto revision. Current Auto Dealers eligibility expressly includes franchised automobile dealerships. The Series 17-70 outline, however, explicitly tests the 2010 commercial-auto Garage form.
Therefore, for this examination, D is correct.
NEW QUESTION # 76
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