New York Property & Casualty Course Notes

Highest-weight domain. Know HO form fit, Section I property coverages, Section II liability coverages, named-peril versus special/open-peril treatment, valuation, exclusions, conditions, and the New York endorsements listed on the Series 17-56 outline.

• Saying HO-3 automatically gives replacement cost on personal property.

• Identify form → coverage letter → peril/exclusion → valuation/limit/deductible → endorsement.

This domain is the mechanics of P&C coverage: insurable interest, underwriting/rating, valuation, limits, deductibles/SIR, coinsurance, policy structure, cancellation/nonrenewal, duties after loss, subrogation, salvage, and third-party interests.

• Defining direct loss as named-peril damage.

• When numbers appear, identify valuation, limit, deductible, and coinsurance before calculating.

New York auto is heavily statutory. Memorize the mandatory liability/no-fault/UM framework and continuous-insurance rule, then distinguish personal-auto and commercial-auto coverage mechanics.

• Using PIP to pay vehicle damage.

• Ask: first-party or third-party? injury/economic loss or vehicle damage? mandatory or optional?

CPP questions combine multiple commercial lines. Know common declarations/conditions, CGL, commercial property, business income/extra expense, crime, inland marine, equipment breakdown, farm, and occurrence versus claims-made timing.

• Saying Special Form excludes direct physical loss.

• Identify line → trigger → exclusion/limit → endorsement.

New York regulation is a statute-and-role domain. Know who must be licensed, agent versus broker, authority/appointment, renewal/CE/reporting, discipline, fiduciary/compensation rules, unauthorized insurers, privacy/cyber, fraud, advertising, unfair practices, and claims handling.

• Treating insurer employment as a substitute for license authority.

• Identify actor → activity → authority → document/report.

This is the vocabulary/legal-foundation domain: risk terms, risk handling, insurer classifications, agency authority, contract formation/characteristics, disclosure/fraud concepts, and core liability principles.

• Calling a hazard the cause of loss.

• Translate the stem into the shortest technical term before reading distractors.

A BOP packages core property and liability for eligible smaller, generally lower-hazard businesses. Focus on eligibility, building/BPP, business income/extra expense, liability/medical payments, exclusions/limits, and listed endorsements.

• Assuming every small business qualifies.

• Eligibility first, coverage second.

New York workers’ compensation is statutory. Know who must be covered, employee status, work injury/occupational disease, benefits, exclusive remedy, policy parts, Other States/Item 3A, premium/rating, NYSIF/self-insurance, and listed federal systems.

• Inventing a general “fewer than five employees” exemption.

• Count control facts, not labels.

This domain tests specialty liability and market mechanisms: umbrella/excess, E&O/professional/D&O/fiduciary/liquor/EPLI/environmental/cyber, excess lines, surety, NFIP, FAIR Plan/C-MAP, watercraft, Disability Benefits, and Paid Family Leave.

• Treating umbrella and excess as automatically identical.

• For specialty liability, identify the wrongful act/exposure first.

Dwelling policies are property-first forms often used when a homeowners package is not the right fit. Know DP Basic/Broad/Special, Coverages A-E, eligibility, exclusions/conditions, NY endorsements, construction/theft, and the optional personal-liability supplement.

• Calling Coverage A personal liability.

• Memorize A-B-C-D-E exactly.

Smallest domain but efficient points. Know required individual-health provisions, disability-income triggers, managed-care plan differences, group concepts, Medicare Supplement, and core ACA concepts.

• Saying all managed-care plans have identical referral rules.

• Use four plan clues: network-only? OON benefit? PCP? referral?