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| Section | Weight | Objectives |
|---|---|---|
| Ethics & Professional Responsibility | 15% | - Fair claims handling standards and professional conduct - Fiduciary duty, conflict of interest, and confidentiality - Fraud detection and reporting obligations |
| Insurance Fundamentals & General Principles | 15% | - Indemnity, subrogation, utmost good faith - Risk management and insurable interest - Insurance contract elements and legal structure |
| New York Insurance Law & Regulations | 25% | - State-specific policy provisions and mandatory endorsements - Licensing requirements, eligibility, and examination rules - NY Insurance Law Articles and DFS regulations - Unfair Claims Settlement Practices Act / Regulation 64 |
| Claims Investigation & Adjusting Procedures | 20% | - Evidence gathering, coverage analysis, and policy interpretation - Claim intake, notice of loss, and initial investigation - Settlement negotiation, reservation of rights, and denial procedures - Loss valuation, damage assessment, and estimating |
| Property & Casualty Coverages | 25% | - Automobile coverages — Personal and Commercial - Commercial Property and Businessowners policies - General Liability and Commercial General Liability - Dwelling and Homeowners policies - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime |
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NEW QUESTION # 104
Which liability policy is BEST suited to protect someone who manages private pensions and employee benefits plans?
Answer: D
Explanation:
The correct answer is C - Fiduciary Liability. Individuals who exercise discretionary authority or control over employee benefit plans, including private pension or retirement plans, can have fiduciary responsibilities under ERISA. Fiduciary liability insurance is specifically designed to address claims alleging breaches in those responsibilities, including improper plan administration, imprudent investment decisions, failure to follow plan documents, conflicts of interest, or other alleged fiduciary misconduct.
Travelers explains that persons who manage retirement or health plans or control plan assets may be fiduciaries and may face personal liability for breach of fiduciary duty. Chubb similarly identifies employee welfare and retirement plan fiduciary liability as a specialized exposure that conventional Directors and Officers coverage may not adequately address.
Errors and Omissions insurance addresses professional service errors more generally. Malpractice is associated primarily with designated professional practices such as medicine or law. Directors and Officers insurance principally protects corporate directors and officers against wrongful acts arising from organizational management, but it is not the dedicated coverage for ERISA fiduciary exposures.
The Series 17-70 outline expressly lists Fiduciary Liability under Specialty Liability Insurance.
Therefore, C provides the most directly applicable protection.
NEW QUESTION # 105
In order to provide coverage for land-based maritime employees, which endorsement MUST be added to the standard Workers' Compensation Policy?
Answer: B
Explanation:
The correct answer is D - U.S. Longshore and Harbor Workers Compensation Endorsement. The Longshore and Harbor Workers' Compensation Act (LHWCA) is a federal workers' compensation statute covering qualifying maritime employees such as longshore workers, harbor workers, ship repairers, shipbuilders, and shipbreakers who satisfy the Act's coverage requirements.
For New York workers' compensation insurance, the New York Compensation Insurance Rating Board expressly states that U.S. Longshore and Harbor Workers' Compensation Act insurance is provided by attaching the Longshore and Harbor Workers' Compensation Act Coverage Endorsement, WC 00 01 06 A, to the standard Workers Compensation and Employers Liability Insurance Policy.
Option B, the Federal Employers' Liability Act endorsement, addresses railroad employment exposures governed by FELA rather than longshore employment. Maritime Coverage endorsements relate principally to certain admiralty-law liabilities and should not be confused with the specific federal statutory workers' compensation coverage required by the LHWCA.
The distinction between seamen and land-based maritime workers is particularly important: qualifying vessel crew may fall under different maritime remedies, whereas qualifying shoreside maritime workers are the principal concern of the LHWCA.
Series 17-70 reference topics: Workers Compensation - Federal Workers Compensation Laws, LHWCA, Workers Compensation Policy, Employers Liability, and Federal Endorsements.
NEW QUESTION # 106
Regarding insurance coverage for employment practices exposures, which one of the following statements is TRUE?
Answer: A
Explanation:
The correct answer is C. Employment Practices Liability Insurance (EPLI) is specifically designed to address claims arising from wrongful employment-related conduct. Core exposures include wrongful termination, workplace discrimination, sexual harassment, retaliation, and other specified employment practices. Current EPLI coverage descriptions expressly identify discrimination, harassment, and wrongful termination as principal covered allegations.
Option A is incorrect because EPLI may be written as a standalone policy or incorporated within broader management-liability programs. It is not restricted to being an endorsement to Directors and Officers insurance.
Option B is incorrect because the standard Commercial General Liability policy is not basic professional or employment-practices liability insurance. In fact, many employment-related practices exposures are specifically excluded or inadequately addressed under conventional CGL coverage.
Option D concerns occupational bodily injury. An employee physically injured in the course of employment would ordinarily look to Workers Compensation and Employers Liability, not EPLI. EPLI primarily addresses wrongful employment decisions and conduct rather than workplace accident injuries.
The adjuster must therefore distinguish an employment-practices wrongful act from an employment-related bodily injury. One is principally a management/professional liability exposure; the other is a Workers Compensation/employers liability exposure.
Therefore, C accurately describes the purpose of EPLI.
NEW QUESTION # 107
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 # 108
The self-insured portion of an insurance claim is called a
Answer: A
Explanation:
The correct answer is D. A deductible is the portion of an otherwise covered loss that the insured agrees to retain before the insurer becomes responsible for the remaining covered amount. In practical risk-management terms, it represents a form of self-insurance or risk retention because the policyholder absorbs losses up to the deductible amount.
New York Department of Financial Services describes a deductible as the amount the insured agrees to be responsible for when a covered loss occurs. DFS also explains that a higher deductible generally means the insured retains a larger portion of the risk and may receive a lower premium in return.
For example, if covered property damage equals $10,000 and the applicable deductible is $1,000, the insured ordinarily bears $1,000 and the insurer pays $9,000, assuming no other policy limitation applies.
Coinsurance is different; it is an insurance-to-value or cost-sharing mechanism and is not simply the initial dollar amount retained by the insured. "Principal" describes a party or monetary concept in other contractual contexts, while "liability" means legal responsibility.
The Series 17-70 curriculum includes deductibles, loss valuation, policy conditions, and claim settlement concepts.
Therefore, D is correct.
NEW QUESTION # 109
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