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| Section | Weight | Objectives |
|---|---|---|
| Property & Casualty Coverages | 25% | - Dwelling and Homeowners policies - Commercial Property and Businessowners policies - Automobile coverages — Personal and Commercial - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime - General Liability and Commercial General Liability |
| Ethics & Professional Responsibility | 15% | - Fraud detection and reporting obligations - Fair claims handling standards and professional conduct - Fiduciary duty, conflict of interest, and confidentiality |
| New York Insurance Law & Regulations | 25% | - NY Insurance Law Articles and DFS regulations - State-specific policy provisions and mandatory endorsements - Licensing requirements, eligibility, and examination rules - Unfair Claims Settlement Practices Act / Regulation 64 |
| Insurance Fundamentals & General Principles | 15% | - Insurance contract elements and legal structure - Indemnity, subrogation, utmost good faith - Risk management and insurable interest |
| Claims Investigation & Adjusting Procedures | 20% | - Evidence gathering, coverage analysis, and policy interpretation - Loss valuation, damage assessment, and estimating - Claim intake, notice of loss, and initial investigation - Settlement negotiation, reservation of rights, and denial procedures |
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NEW QUESTION # 56
Which of the following exposures would be necessary to purchase a garage coverage form?
Answer: B
Explanation:
The correct examination answer is D - Franchise auto dealer. The traditional ISO Garage Coverage Form was developed specifically for automobile dealerships and related garage operations because such businesses combine exposures arising from owned autos, customers' autos, premises operations, products/completed operations, and automobile liability.
Under the legacy Garage Coverage Form used in the Series 17-70 commercial-auto syllabus, franchised and nonfranchised automobile dealerships are classic eligible garage operations. The Series 17-70 outline expressly identifies the Garage Coverage Form, Garagekeepers Coverage, liability coverage, physical damage, exclusions, conditions, and definitions as tested commercial-auto subjects.
A moving company is ordinarily handled through commercial auto/motor-carrier arrangements. An auto-parts store does not automatically create the combined dealership exposure contemplated by a garage form. A purely self-service carwash also does not present the same dealer exposure identified by the question.
There is an edition issue worth understanding: ISO replaced the dealer portion of the older CA 00 05 Garage Coverage Form with the modern CA 00 25 Auto Dealers Coverage Form beginning with its 2013 commercial- auto revision. Current Auto Dealers eligibility expressly includes franchised automobile dealerships. The Series 17-70 outline, however, explicitly tests the 2010 commercial-auto Garage form.
Therefore, for this examination, D is correct.
NEW QUESTION # 57
Which of the following are included in the basic coverage of Financial Institution Bonds?
Answer: A
Explanation:
The correct answer is A - Counterfeit Currency. Financial Institution Bond Standard Form No. 24 is designed for commercial banks and similar financial institutions and incorporates a series of fundamental crime-related insuring agreements. Standard coverage includes fidelity, loss on premises, property in transit, forgery or alteration, securities exposures, and counterfeit currency protection. The counterfeit-currency insuring agreement covers qualifying direct loss resulting from the institution's good-faith receipt of counterfeit money.
The Series 17-70 outline specifically requires knowledge of Financial Institution Bonds, including Forms 14,
15, 23, 24, and 25 and their major insuring agreements.
Computer systems fraud can be insured through specialized crime/computer-fraud coverage or riders but is not the basic Standard Form No. 24 coverage intended by this question. Audit and claims expense is also generally an additional or specialized expense protection rather than one of the fundamental basic insuring agreements. Debit or credit card losses are subject to specialized provisions, exclusions, and optional coverages rather than constituting the basic answer.
The distinction is important: a financial institution bond is a package of fidelity/crime protections, but not every modern electronic-financial exposure is automatically within its basic form.
Therefore, A - Counterfeit Currency is correct.
NEW QUESTION # 58
Which of the following is a type of adjuster report?
Answer: B
Explanation:
The correct answer is B - Interim Report. An interim report is a recognized claims-adjusting report used when an investigation or adjustment cannot yet be finalized. It updates the insurer concerning the current status of the claim, additional evidence obtained, developments since the preliminary report, revised reserves, outstanding documentation, coverage issues, recovery possibilities, or other material facts.
A strong example appears in FEMA's current NFIP Claims Manual. When an adjuster cannot complete the claim within the prescribed period following the preliminary report, an Interim Report is submitted and additional interim reports continue until the assignment can be concluded.
Option A is overly generic and is not the recognized report classification intended by the question. Option C, an appraisal report, may exist in valuation contexts but is not the standard adjuster-progress report being tested. Option D is incorrect because professional adjuster reporting should be factual and evidence-based rather than subjective.
The Series 17-70 examination framework places substantial emphasis on claims adjustment procedures, gathering evidence, loss valuation, coverage analysis, settlement procedures, and professional claim handling.
Accordingly, an Interim Report is the recognized adjuster report among the choices.
NEW QUESTION # 59
Which of the following is covered by the Causes of Loss - Special Form under commercial property?
Answer: B
Explanation:
The correct answer is D - Windstorm. The Commercial Property Causes of Loss - Special Form operates primarily on an open-perils basis. Rather than limiting coverage only to individually listed causes of loss, it generally covers risks of direct physical loss unless the cause is specifically excluded or limited by the form.
The Special Form specifically excludes smog. It also contains a Water exclusion that includes flood, surface water, waves, overflow of bodies of water, mudslide, and mudflow. Consequently, options A, B, and C describe causes specifically removed from the broad Special Form coverage grant.
Windstorm, by contrast, is not generally excluded by the standard Causes of Loss - Special Form. Direct physical damage caused by wind is therefore ordinarily covered unless another exclusion, limitation, endorsement, or property-specific provision applies.
This illustrates an essential adjusting distinction. Under a named-perils form, the insured must establish that the damage resulted from one of the listed covered causes. Under an open-perils Special Form, analysis begins with broad direct physical loss coverage and then determines whether an exclusion or limitation removes the loss.
The Series 17-70 outline specifically covers Commercial Property causes-of-loss forms, exclusions, and open- versus-named-peril concepts.
Therefore, D is correct.
NEW QUESTION # 60
One of the MAIN purposes of the automobile mandatory inspection requirement is to
Answer: B
Explanation:
The correct answer is D. New York's mandatory automobile physical-damage inspection requirements are fundamentally an anti-fraud and loss-verification mechanism. By inspecting and documenting the automobile when collision or comprehensive coverage is written, the insurer establishes the vehicle's pre-insurance physical condition. If a later claim is submitted, the insurer can compare claimed damage with the condition documented before or at the inception of physical-damage coverage.
New York DFS explains that when physical-damage coverage applies, the insurer inspects and photographs the automobile for comparison purposes if future damages are claimed. That directly supports D: the process helps prevent payment for pre-existing damage incorrectly presented as having occurred during the policy period.
The inspection is not primarily intended to surcharge vehicles because they are cosmetically imperfect, making A incorrect. It is not a consumer notification program concerning scratches or dents, eliminating B.
Nor does it guarantee that covered vehicles are in "top condition," so C is incorrect.
The Series 17-70 examination outline expressly identifies mandatory inspection requirements for private passenger automobiles under Regulation 79, Parts 67.0-67.11 as an Auto Insurance examination subject.
NEW QUESTION # 61
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