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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Principles and Concepts | - Insurance principles and concepts - Moral hazards - Fraud - Morale hazards - Hazards - Representations and misrepresentations - Insurance contracts - Concealment - Physical hazards - Insurable interest - Waiver and estoppel - Warranties | |
| Topic 2: Commercial Package Policy | 38% | - Common policy conditions - Common policy declarations - Components of a commercial policy - First named insured - Monoline versus package policies |
| Topic 3: New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - New York claim settlement laws and regulations - Insurance fraud and false statements - Unfair claim settlement practices - Consumer privacy requirements - Terrorism Risk Insurance Act | |
| Topic 4: Insurance Regulation | - Fingerprinting - Licensing requirements - Licensing process - License maintenance and duration - License renewal - Bond requirements - Temporary adjuster permits - Qualifications | |
| Topic 5: Dwelling and Homeowners Insurance | - Homeowners liability coverage - Standard Fire Policy - Dwelling policies - Personal umbrella policies - New York specific endorsements - Homeowners property coverage - Personal liability supplement | |
| Topic 6: Commercial Property | - Commercial property forms and endorsements - Commercial General Liability - Commercial Package Policy - Businessowners Policy - Commercial property coverage | |
| Topic 7: Other Property and Liability Coverages | - Surety and fidelity bonds - Crime insurance - Inland marine - Workers compensation - Flood insurance - Ocean marine - Commercial automobile - Personal automobile - Excess liability - Aviation insurance | |
| Topic 8: Claims Adjustment Procedures | - Advance payments - Releases - Competitive estimates - Negotiation - Claims adjustment procedures - Alternative dispute resolution - Appraisal - Settlement procedures - Draft authority - Subrogation procedures - Coverage problems - Execution of releases - Non-waiver agreements - Reservation of rights letters - Arbitration - Mediation |
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NEW QUESTION # 84
What is the purpose of the Insurance Frauds Prevention Act?
Answer: D
Explanation:
The correct answer is C. New York Insurance Law Article 4 is expressly titled the Insurance Frauds Prevention Act. Its legislative findings recognize that insurance transactions-including organization and licensing, issuance of policies, and the adjustment and payment of claims and losses-have potential for abuse and illegal activity. The statutory framework is intended to prevent, detect, investigate, and penalize fraudulent insurance conduct.
Therefore, option C most accurately expresses the purpose among the available choices: protecting the insurance system and consumers from illegal and fraudulent conduct associated with policy and claim transactions.
Option A concerns underwriting standards and risk selection rather than insurance-fraud prevention. Option B concerns insurance advertising regulation, which is governed through separate statutes and regulations.
Option D concerns insurer financial reporting and solvency regulation, not the core purpose of Article 4.
New York DFS emphasizes that insurance fraud affects consumers through higher premiums and costs and encourages detection and reporting of suspected fraudulent activity. Article 4 also requires reporting of suspected fraudulent insurance transactions and authorizes investigation and enforcement.
Accordingly, C is the correct examination answer.
NEW QUESTION # 85
A producer is REQUIRED to report to the Commissioner any criminal prosecution taken in any jurisdiction against him within how many days of the initial pre-trial hearing date?
Answer: B
Explanation:
The correct answer is B - 30 days. New York Insurance Law ยง2110(j) requires a licensee subject to Article
21 to report any criminal prosecution taken against the licensee in any jurisdiction within 30 days of the initial pretrial hearing date. The report must include the initial complaint, the resulting order, and other relevant legal documents.
New York DFS enforcement actions continue to apply this requirement directly. DFS has disciplined licensees, including independent adjusters, for failing to notify the Department within the required 30-day period following the initial pretrial hearing date.
There is one terminology point to correct for New York examination purposes: the statute requires notification to the Superintendent of Financial Services, not a "Commissioner." The 30-day answer, however, remains unchanged.
Do not confuse criminal-prosecution reporting with the separate requirement under ยง2110(i) for administrative actions. Administrative actions taken in another jurisdiction or by another governmental agency must generally be reported within 30 days of the final disposition of that matter.
Series 17-70 reference topics: Insurance Regulation - Licensing, Maintenance of License, Disciplinary Actions, Reporting Requirements, and New York Insurance Law ยง2110.
NEW QUESTION # 86
After a loss occurs to an insured automobile, according to the conditions of a personal automobile insurance policy, what MUST the insured party do?
Answer: A
Explanation:
The correct answer is D - Permit the insurer to inspect the vehicle before it is repaired. Under the Personal Auto Policy's duties following an accident or loss, a person seeking physical-damage coverage must give the insurer a reasonable opportunity to inspect and appraise damaged property before repair or disposal. This allows the carrier to document the damage, determine whether it resulted from a covered cause of loss, evaluate repairability, estimate repair costs, establish actual cash value where necessary, and determine whether the automobile constitutes a total loss. Standard personal-auto policy language expressly imposes this duty.
Option A is not universally required for every collision. Police notification is specifically required by the standard policy for situations such as theft, while state law may independently impose accident-reporting obligations in particular circumstances. Option B concerns maintaining coverage before the loss, not a post- loss claim duty. Option C does not express the relevant physical-damage requirement.
The insured must also take reasonable steps to protect the covered auto against further loss and comply with other cooperation and documentation requirements.
The official Series 17-70 outline expressly includes Personal Auto Policy-Coverage for Damage to Your Auto and Duties After an Accident or Loss.
Therefore, the required answer is D.
NEW QUESTION # 87
An adjuster cannot contact the insured or claimant once they retain the services of
Answer: B
Explanation:
The correct answer is A - an attorney except with permission. Once an insured or claimant is represented by counsel regarding a particular claim or dispute, communications concerning that represented matter must respect the attorney-client relationship. New York's Rule of Professional Conduct 4.2 prohibits an attorney from communicating, or causing another person to communicate, about the subject of the representation with a person known to be represented by another lawyer unless prior consent is obtained from that lawyer or the communication is otherwise authorized by law.
For adjusters, this means claim communications involving a represented claimant should ordinarily be routed through the claimant's attorney when the representation encompasses the matter being adjusted. The purpose is to prevent interference with legal representation, inappropriate direct negotiation, or uncounseled disclosure concerning the claim.
Retention of an appraiser, physician, or private investigator does not automatically establish the same restriction. Those professionals may participate in valuation, treatment, or investigation, but they do not substitute for legal counsel.
The Series 17-70 outline expressly tests the role and responsibilities of the adjuster and the adjuster's relationship to the legal profession, making recognition of represented parties an important claims-handling principle.
Therefore, A is correct.
NEW QUESTION # 88
What type of insurance covers goods in transit over water?
Answer: D
Explanation:
The correct answer is A - Cargo. Marine Cargo Insurance protects goods or merchandise against covered physical loss or damage while those goods are being transported. Although historically associated primarily with ocean voyages, contemporary cargo policies can cover transit by sea, air, road, rail, or combinations of these methods.
Major marine insurers describe cargo coverage specifically as insurance for goods in transit, including movements by sea. Thus, when the exposure is physical loss of merchandise being transported over water, cargo insurance is the correct form.
"Freight," option C, ordinarily refers to transportation charges or, in marine terminology, the financial interest associated with earning freight charges. It does not identify the insurance protecting the goods themselves.
Protection and Indemnity, option D, is principally maritime liability insurance for vessel owners and operators, addressing exposures such as third-party bodily injury, property damage, crew liability, collision liabilities, and related maritime obligations. "Piracy" is a peril or specialized exposure rather than the general policy classification requested.
An independent adjuster must distinguish hull, cargo, freight, and protection-and-indemnity interests because each represents a different insurable interest within ocean marine insurance.
Therefore, goods transported over water are insured under Cargo Insurance, making A correct.
NEW QUESTION # 89
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