New York Insurance Law Article 34 -- Insurance Contracts, art. 34 ss. 3401-3462: Property/Casualty, complete

What this document is

New York Insurance Law Article 34 -- Insurance Contracts: Property/Casualty, complete (art. 34 ss. 3401-3462) is a state statute published by New York State Legislative Bill Drafting Commission (public.leginfo.state.ny.us). It is one of the New York documents that insurance license exam questions are written from, including new york property & casualty, new york personal lines, new york claims adjuster practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• N.Y. Ins. Law Sec. 3404(e) (Standard fire policy, second page; Concealment, fraud)

  “Concealment, fraud. This entire policy shall be void if, whether before or after a loss, the insured has wilfully concealed or misrepresented any material fact or circumstance concerning this insurance or the subject thereof, or the interest of the insured therein, or in case of any fraud or false...”

• N.Y. Ins. Law Sec. 3404(e) (Standard fire policy, second page; Pro rata liability)

  “Pro rata liability. This Company shall not be liable for a greater proportion of any loss than the amount hereby insured shall bear to the whole insurance covering the property against the peril involved, whether collectible or not.”

• N.Y. Ins. Law Sec. 3404(h) (Binder defined; standard fire policy terms deemed included)

  “a description of the nature and amount of coverage which shall be deemed to include the terms of the standard fire insurance policy except as conspicuously noted on the binder;”

• N.Y. Ins. Law Sec. 3404(e) (Standard fire policy, second page; Subrogation)

  “Subrogation. This Company may require from the insured an assignment of all right of recovery against any party for loss to the extent that payment therefor is made by this Company.”

• N.Y. Ins. Law Sec. 3404(f)(1) (Permissible variations from the standard fire policy)

  “(f) (1) Subject to the approval of the superintendent, a policy which insures solely against the peril of fire or which insures against the peril of fire in combination with other kinds of insurance either for a divisible or indivisible premium need not comply with the provisions of subsection (e)...”

• N.Y. Ins. Law Sec. 3404(e) (Standard fire policy, second page, Cancellation of policy)

  “This policy shall be cancelled at any time at the request of the insured, in which case this Company shall, upon demand and surrender of this policy, refund the excess of paid premium above the customary short rates for the expired time.”

• N.Y. Ins. Law Sec. 3404(e) (Standard fire policy, second page, Waiver provisions)

  “No permission affecting this insurance shall exist, or waiver of any provision be valid, unless granted herein or expressed in writing added hereto.”

• N.Y. Ins. Law Sec. 3404(e) (Standard fire policy, second page, Abandonment)

  “Abandonment. There can be no abandonment to this Company of any property.”

• N.Y. Ins. Law Sec. 3404(e) (Standard fire policy, second page, Requirements in case loss occurs)

  “Requirements in case loss occurs. The insured shall give immediate written notice to this Company of any loss, protect the property from further damage, forthwith separate the damaged and undamaged personal property, put it in the best possible order, furnish a complete inventory of the destroyed,...”

• N.Y. Ins. Law Sec. 3402 (Executory contract not a change in interest, title or possession)

  “The making of a contract to sell or to exchange real property shall not constitute a change in the interest, title or possession, within the meaning of the applicable provisions of any contract of fire insurance, including any contract supplemental thereto, covering property located in this state.”

• N.Y. Ins. Law Sec. 3410(a) (Fire insurance contract; payment of liens on proceeds)

  “Every fire insurance policy insuring the interest of an owner pursuant to this article shall include a statement that, prior to the payment of any proceeds thereunder otherwise payable to the insured for damages resulting to the premises from a loss occasioned by fire, the insurer will deduct and...”

• N.Y. Ins. Law Sec. 3404(h) (Binder; acceptance at title closing)

  “No exempt organization, as defined in section five hundred ninety of the banking law, or licensed mortgage banker which originates mortgage loans shall, at the time of title closing for a loan secured by a one to four family residential real property, refuse to accept a binder, issued by an...”

Practice this material

Questions about this source

More New York sources

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• 11 NYCRR Chapter III Subchapter B (Property and Casualty Insurance), Subpart 60-2 and Parts 67 and 73 - New York supplementary uninsured/underinsured motorists insurance, mandatory underwriting inspection of private passenger automobiles, and claims-made policy standards (Subpart 60-2 = Regulation 35-A; Part 67 = Regulation 79; Part 73 = Regulation 121)Regulation
• 11 NYCRR Chapter II (Agents, Brokers and Adjusters), Parts 20, 21, 22, 23 and 34 - New York producer licensing, examination, fiduciary, recordkeeping and place-of-business rules (Part 20 = Regulations 9, 18 and 29; Part 21 = Regulation 5; Part 22 = Regulation 6; Part 23 = Regulation 7; Part 34 = Regulation 125)Regulation
• 11 NYCRR Part 243 (Chapter X, Records) and Part 420 (Chapter XIX) - New York standards of records retention by insurance companies, and privacy of consumer financial and health information (Part 243 = Regulation 152; Part 420 = Regulation 169)Regulation
• 23 NYCRR Part 500 - Cybersecurity Requirements for Financial Services Companies (New York Department of Financial Services; the Part the New York P&C exam outline cites as "Reg 23")Regulation
• Seventh Amendment to 11 NYCRR Part 67 (Insurance Regulation 79) -- Mandatory Underwriting Inspection Requirement for Private Passenger Automobiles, sections 67.2 and 67.3 as adoptedRegulation
• N.Y. Ins. Law s. 3203: Individual life insurance policies; standard provisionsState statute