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New York Property & Casualty Study Guide

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Section 1 Distinguish HO-2 through HO-6 and HO-8 eligibility, covered property, loss-of-use, liability, and medical-payments coverage Preview

Preview: Homeowners Policy (14%)

Preview includes
  • 4 of 5 lesson topics
  • 1 overview segment
  • 3 core concepts
  • 2 exam tips

Lesson Topics

  • Homeowners form eligibility
  • Section I property coverages A-D
  • Section II liability coverages E-F
  • HO-2/HO-3/HO-4/HO-5/HO-6/HO-8 comparison

Overview

Exam objective: Distinguish HO-2 through HO-6 and HO-8 eligibility, covered property, loss-of-use, liability, and medical-payments coverage.

Core Concepts

  • Section I: Coverage A Dwelling, B Other Structures, C Personal Property, D Loss of Use.
  • Section II: Coverage E Personal Liability and F Medical Payments to Others.
  • HO-2 is a broad named-peril homeowners form.

Exam Tips

  • First identify the form, then the coverage letter, then the cause of loss/exclusion.
  • Do not assume 'replacement cost' means unlimited payment or personal-property replacement cost.
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Section 2 Apply insurable interest, underwriting, rating, valuation, deductibles, coinsurance, cancellation, nonrenewal, subrogation, salvage, and duties after loss Pro
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Section 3 Apply New York financial responsibility, liability, no-fault PIP, uninsured or underinsured motorist, assigned-risk, claim, cancellation, and inspection rules Pro
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Section 4 Apply commercial common conditions, commercial general liability, commercial property, crime, inland marine, equipment breakdown, and farm coverage Pro
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Section 5 Apply New York property and casualty producer licensing, appointment, renewal, education, reporting, and disciplinary requirements Pro
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Section 6 Distinguish risk, exposure, peril, hazard, loss, reinsurance, insurer classifications, and agency authority Pro
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Section 7 Determine businessowners eligibility and apply property, business income, extra expense, liability, medical, and optional coverage Pro
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Section 8 Apply New York workers’ compensation employment, injury, occupational disease, benefit, claim, exclusive-remedy, employer-liability, and coverage requirements Pro
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Section 9 Distinguish umbrella and excess, errors and omissions, professional, directors and officers, fiduciary, liquor, employment-practices, environmental, and cyber liability Pro
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Section 10 Distinguish dwelling basic, broad, and special causes of loss and apply Coverages A through E Pro
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Section 11 Apply homeowners perils, exclusions, conditions, deductibles, valuation, endorsements, New York cancellation, and required residence-employee coverage Pro
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Section 12 Distinguish direct and indirect loss, named and open perils, blanket and specific insurance, policy sections, limits, insureds, mortgagee, loss-payee, and other-insurance provisions Pro
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Section 13 Apply individual health required provisions and distinguish disability-income benefit triggers and coordination Pro
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Section 14 Apply personal and commercial auto insured, covered-auto, physical-damage, transportation, hired, non-owned, garage, carrier, territory, and endorsement facts Pro
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Section 15 Distinguish occurrence and claims-made triggers, business income and extra expense, causes of loss, limits, exclusions, insureds, deductibles, and commercial endorsements Pro
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Section 16 Apply New York producer conduct, compensation, fiduciary, privacy, fraud, advertising, unfair-practice, and claims rules Pro
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Section 17 Apply contract formation, representations, warranties, concealment, fraud, waiver, estoppel, indemnity, negligence, damages, and liability concepts Pro
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Section 18 Apply BOP causes of loss, exclusions, limits, deductibles, loss conditions, insureds, general conditions, and hired or non-owned auto endorsements Pro
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Section 19 Distinguish policy parts, other-states coverage, federal workers’ compensation, premiums, classifications, experience rating, state fund, and self-insurance Pro
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Section 20 Apply excess lines, surety, flood, FAIR Plan, watercraft, disability benefits, and paid-family-leave purposes, eligibility, limits, disclosures, and exclusions Pro
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Section 21 Apply dwelling eligibility, property limits, exclusions, conditions, New York provisions, construction, theft, and personal-liability options Pro
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Section 22 Distinguish indemnity, HMO, PPO, POS, EPO, group, Medicare supplement, and Affordable Care Act coverage concepts Pro
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