NY Property & Casualty study guide
NY Property & Casualty · Work through your exam, one topic at a time.
The New York Property and Casualty Agent/Broker license is the credential the New York State Department of Financial Services (DFS) requires before you can legally sell, solicit, or negotiate property and casualty insurance in the state. It is aimed at career-changers entering an agency, captive or independent producers, customer service staff moving into a sales role, and employees of brokers who need signing authority on personal and commercial lines. The NY Property & Casualty study guide has 8 sections and about 2,472 words.
01New York Insurance Law and Regulations
New York regulates insurance through the Insurance Law, the Financial Services Law, and the Department of Financial Services (DFS), headed by the Superintendent of Financial Services. Regulations are numbered 11 NYCRR rules - expect references to Regulation 64 (claims), Regulation 68 (no-fault), and Regulation 60 (life and annuity replacement, not property-casualty).
320 words, about 2 min02General Insurance Principles and Concepts
Risk is uncertainty about loss; peril is the cause of loss; hazard is a condition that increases the chance or severity of loss. Physical hazards are tangible conditions; moral hazard is dishonesty (arson, staged theft); morale hazard is carelessness that follows from owning insurance.
312 words, about 2 min03Property Insurance Basics and Policy Provisions
Every form contains declarations, an insuring agreement, conditions, exclusions, and definitions. Read exclusions literally.
298 words, about 1 min04Homeowners and Dwelling Policy Coverages
Homeowners forms: HO-2 broad, HO-3 special, HO-5 comprehensive, HO-4 renters (contents only, no Coverage A), HO-6 condominium unit owners (building elements within the unit plus contents), HO-8 modified for older homes using functional replacement cost. Limits run off Coverage A: B other structures 10%, C personal property 50%, D loss of use 30%, plus E personal liability ( 100,000) and F medical payments to others ( 1,000).
308 words, about 2 min05Commercial Property and Inland Marine Coverages
The commercial package policy combines property and liability. Property coverage parts include building, business personal property, personal property of others, business income and extra expense, and legal liability.
304 words, about 2 min06Casualty Insurance Basics and Liability Concepts
Four elements: duty, breach, proximate cause, damages. Defenses include comparative negligence, assumption of risk, and contributory negligence.
282 words, about 1 min07Auto Insurance (Personal and Commercial)
Minimum liability limits are 25/50/10 - 25,000 per person, 50,000 per accident bodily injury, 10,000 property damage. No-fault (PIP) provides 50,000 per person for medical expenses, lost wages (80% of earnings up to 2,000 a month, capped at 25,000), and a death benefit; claims must be submitted within 30 days and the insurer has 30 days to pay or deny.
332 words, about 2 min08Other Casualty Lines (Workers' Compensation, General Liability, Umbrella, Crime)
Workers' compensation is a statutory no-fault system: benefits are paid regardless of fault, and the exclusive remedy rule bars the employee from suing the employer. New York requires coverage for virtually every employer with employees, including part-time and family workers; sole proprietors, partners, and LLC members are excluded but may elect coverage.
316 words, about 2 min