NY DFS + Licensing
25%of exam
DFSPSIPrelicenseProducer LicenseCEAppointments
NY Property Insurance
25%of exam
NY Casualty + Auto
25%of exam
No-FaultSUMAuto LiabilityWorkers CompCGLCommercial Auto
Ethics + Practices
25%of exam
Quick Facts
- Exam
- NY P&C
- Regulator
- NY DFS
- Provider
- PSI
- Questions
- 150
- Time
- 2.5 hours
- Pass
- 70%
- Prelicense
- 90 hours
- License
- Agent or broker
- Focus
- NY law distinctions
NY Path
Course, exam, apply, renew.
Course: 90 hoursExam: PSIApply: DFSRenew: CE
Agent vs Broker
Agent
- Represents insurer
- Appointment needed
Broker
- Represents insured
- Market access
Who is represented
License Path
- Need full P&C→90-hour course
- Course complete→PSI exam
- Exam passed→DFS application
- Agent authority→Insurer appointment
- Broker authority→Insured representation
- Nonresident applicant→Home-state license
- CPCU holder→Laws exam
- Address changes→Notify DFS
Exam License Map
- NY DFS
- State insurance regulator
- PSI
- Exam provider
- Agent
- Represents insurer
- Broker
- Represents insured
- Prelicense
- Ninety hours
- Exam validity
- Apply within two years
- Appointment
- Insurer authorization
- Nonresident
- Home license basis
- Business entity
- Entity license
- Address change
- Report to DFS
Producer Licensing
- Age
- Adult applicant
- Course certificate
- Education proof
- Exam score
- Passing result
- Application
- DFS filing
- CE
- Renewal education
- Renewal
- Biennial license cycle
- Excess line
- Diligent search
- CPCU waiver
- Laws exam path
- Work waiver
- Broker education exception
Policy DICE
DICE: declarations, insuring, conditions, exclusions.
D: who/limitsI: promiseC: dutiesE: no coverage
NYPIUA vs Surplus Lines
NYPIUA
- Shared property market
- Eligible rejected risks
Surplus
- Nonadmitted market
- Diligent search
Residual vs nonadmitted
Coverage Picker
- Owner-occupied home→Homeowners form
- Tenant contents→HO-4
- Condo unit→HO-6
- Rental dwelling→DP form
- FAIR Plan need→NYPIUA
- Small business package→BOP
- Business income loss→BI coverage
- Mobile property→Inland marine
- Auto injury benefits→PIP
- Underinsured driver→SUM
Property Basics
- Insurable interest
- Financial stake
- Peril
- Cause of loss
- Hazard
- Increases loss chance
- ACV
- Replacement minus depreciation
- Replacement cost
- New-for-old cost
- Coinsurance
- Insurance-to-value clause
- Appraisal
- Amount dispute
- Subrogation
- Insurer recovery right
- Proof loss
- Sworn loss statement
- Salvage
- Damaged property value
HO-3 vs HO-5
HO-3
- Open dwelling
- Named contents
HO-5
- Open dwelling
- Open contents
Contents difference
Homeowners Dwelling
- HO-3
- Open dwelling
- HO-4
- Renters contents
- HO-5
- Open property
- HO-6
- Condo unit
- DP-1
- Basic named perils
- DP-3
- Open dwelling
- Section I
- Property coverages
- Section II
- Liability coverages
- ALE
- Extra living expense
- Flood
- Separate policy
ACV vs Replacement
ACV
- Depreciation deducted
- Older value
Replacement
- New-for-old cost
- No depreciation
Old vs new
NY Property Markets
- NYPIUA
- FAIR Plan
- C-MAP
- Coastal market help
- NFIP
- Federal flood
- Voluntary market
- Standard placement
- Surplus lines
- Nonadmitted option
- Binder
- Temporary coverage
- Cancellation
- Statutory notice rules
- Nonrenewal
- Renewal stop notice
- Redlining
- Geographic discrimination
- Coastal risk
- Underwriting concern
Commercial Property
- BOP
- Small business package
- CPP
- Package platform
- Building
- Owned structures
- BPP
- Business contents
- Business income
- Lost earnings
- Extra expense
- Continue operations
- Builders risk
- Construction property
- Inland marine
- Moveable property
- Equipment breakdown
- Boiler machinery
- Crime
- Dishonesty losses
PIP SUM
PIP first-party; SUM underinsured.
PIP: first-partyUM: uninsuredSUM: underinsured
PIP vs BI Liability
PIP
- First-party benefits
- Fault not required
BI Liability
- Third-party liability
- Fault matters
Benefits vs liability
Auto No-Fault
- Article 51
- No-fault framework
- PIP
- First-party benefits
- Basic economic loss
- PIP benefits package
- Medical
- Covered economic loss
- Wage loss
- Offset rules apply
- Serious injury
- Tort threshold
- SUM
- Optional added UM
- OBEL
- Optional basic loss
- MVAIC
- Uninsured gap fund
- No-fault deadline
- Application timing matters
UM vs SUM
UM
- Mandatory baseline
- Uninsured driver
SUM
- Optional expansion
- Underinsured driver
Baseline vs added limits
Auto Coverage
- BI liability
- Injury to others
- PD liability
- Damage to others
- UM
- Uninsured driver
- SUM
- Underinsured expansion
- Collision
- Impact/upset
- Comprehensive
- Other-than-collision
- Rental reimbursement
- Transportation expense
- Commercial auto
- Business vehicle coverage
- Garagekeepers
- Customer auto damage
- MCS-90
- Motor carrier endorsement
Occurrence vs Claims-made
Occurrence
- Event trigger
- Late claim possible
Claims-made
- Claim trigger
- Retro date matters
Event vs claim
Liability Workers
- Negligence
- Breach of duty
- Tort
- Civil wrong
- CGL A
- BI/PD liability
- CGL B
- Personal advertising injury
- CGL C
- Medical payments
- Occurrence
- Event trigger
- Claims-made
- Claim trigger
- Workers comp
- Work injury benefits
- Exclusive remedy
- Employee lawsuit bar
- Employers liability
- Employer lawsuit coverage
Producer Duties
Funds, facts, fairness.
Funds: separateFacts: truthfulFairness: claims
Rebating vs Twisting
Rebating
- Illegal inducement
- Value offered
Twisting
- Misleading replacement
- Policy switch
Gift vs switch
Claims Conduct
- Premium received→Trust handling
- Replacement proposed→Avoid twisting
- Claim notice received→Reg 64 workflow
- Amount disputed→Appraisal clause
- Fraud suspected→Report channel
- Unauthorized insurer→Surplus rules
- Insurer insolvent→Security Fund
- Complaint received→DFS response
Producer Conduct
- Fiduciary
- Premium funds duty
- Commingling
- Mixing funds
- Rebating
- Illegal inducement
- Twisting
- Misleading replacement
- Churning
- Needless replacement
- Misrepresentation
- False policy statement
- Fraud referral
- Report suspected fraud
- Disclosure
- Material limits explained
- Commission sharing
- Licensed persons only
Unfair Claims
- Reg 64
- Claims settlement rules
- Acknowledge claim
- 15 business days
- Investigation
- Reasonable claim review
- Accept/deny
- After proof review
- Denial
- Written explanation
- Complaint
- DFS consumer channel
- Claim file
- Reconstruct all events
- Good faith
- Fair settlement conduct
Security Fraud
- Security Fund
- Insolvency protection
- Authorized insurer
- Covered member
- Surplus lines
- Not fund covered
- Insolvency
- Liquidation trigger
- Fraud
- Intentional deception
- Suspicious claim
- Report for review
- Unlicensed activity
- License violation
- Records
- DFS examination evidence
- Restitution
- Consumer repayment
- Penalty
- Regulatory consequence
Common Traps
Agent vs broker
Agent represents insurer ≠ Broker represents insured
PIP vs liability
PIP pays insured ≠ BI pays others
UM vs SUM
UM covers uninsured ≠ SUM expands underinsured
FAIR vs surplus
NYPIUA is residual ≠ Surplus is nonadmitted
HO-3 vs HO-5
HO-3 named contents ≠ HO-5 open contents
Rebate vs discount
Rebate is inducement ≠ Filed discount is rating
Premium funds
Trust funds separate ≠ Commingling violates duties
Claims timing
Acknowledge promptly ≠ Document every contact
Last Minute
- 1.Use PSI 2.5-hour fact
- 2.Remember 90-hour prelicense
- 3.DFS regulates producers
- 4.Agent represents insurer
- 5.Broker represents insured
- 6.PIP before fault
- 7.SUM expands UM
- 8.NYPIUA = FAIR Plan
- 9.Reg 64 governs claims
- 10.Premium funds stay separate
- 11.HO-3 vs HO-5 contents
- 12.Commercial: BOP vs CPP
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