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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Property & Casualty Coverages | 25% | - Dwelling and Homeowners policies - Automobile coverages โ Personal and Commercial - Specialty lines โ Inland Marine, Flood, Workers' Compensation, Crime - General Liability and Commercial General Liability - Commercial Property and Businessowners policies |
| Topic 2: 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 |
| Topic 3: Claims Investigation & Adjusting Procedures | 20% | - Settlement negotiation, reservation of rights, and denial procedures - Evidence gathering, coverage analysis, and policy interpretation - Claim intake, notice of loss, and initial investigation - Loss valuation, damage assessment, and estimating |
| Topic 4: Insurance Fundamentals & General Principles | 15% | - Insurance contract elements and legal structure - Indemnity, subrogation, utmost good faith - Risk management and insurable interest |
| Topic 5: Ethics & Professional Responsibility | 15% | - Fair claims handling standards and professional conduct - Fraud detection and reporting obligations - Fiduciary duty, conflict of interest, and confidentiality |
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NEW QUESTION # 52
Which of the following are included in the basic coverage of Financial Institution Bonds?
Answer: B
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 # 53
A travel accident policy and a dread-disease contract are examples of
Answer: D
Explanation:
The correct answer is D - limited health insurance policies. Limited health insurance is designed to provide benefits for a narrowly defined event, disease, service, or category of loss rather than the broad spectrum of expenses normally addressed by comprehensive medical coverage.
A travel accident policy provides narrowly focused accident protection associated with travel or specified transportation exposures. Similarly, a specified or dread-disease policy pays benefits only when the insured experiences a specifically designated condition, such as cancer or another condition listed in the contract.
Because their benefit triggers and covered losses are intentionally restricted, both fit the limited-policy classification.
The Series 17-70 examination outline makes this distinction directly. It includes Limited versus comprehensive coverage, "Limited policies," "limited benefits and amounts," and specifically identifies Accident-only and Specified (dread) disease policies among the tested forms.
Options A and B describe methods of organizing insured persons rather than the limited nature of the coverage. Option C, "personal health policies," is too broad and does not identify the essential characteristic being tested.
An adjuster must recognize that a limited policy does not provide general medical insurance merely because an insured experiences medical expenses. Benefits are payable only when the loss falls within the policy's narrowly stated coverage trigger.
Therefore, D is correct.
NEW QUESTION # 54
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 # 55
What percentage of loss of wages is covered under Personal Injury Protection (PIP)?
Answer: B
Explanation:
The correct answer is C - 80%. New York's mandatory No-Fault system, formally established under the Comprehensive Motor Vehicle Insurance Reparations Act, provides Personal Injury Protection benefits for qualifying basic economic loss resulting from a motor vehicle accident.
New York Department of Financial Services guidance states specifically that Basic No-Fault coverage pays
80% of lost earnings from work, subject to a maximum payment of $2,000 per month for up to three years from the date of the accident. Applicable statutory offsets may reduce the amount payable, including qualifying Workers Compensation, New York disability, or federal Social Security disability benefits.
PIP also includes reasonable and necessary accident-related medical and rehabilitation expenses, specified other necessary expenses, and a death benefit, all subject to the statutory structure and the basic No-Fault limit.
The Series 17-70 official outline directly identifies the Comprehensive Motor Vehicle Insurance Reparations Act (PIP), medical expenses, rehabilitation, loss of earnings, funeral expenses, substitution services, OBEL, and additional PIP as examination content.
Option D is incorrect because No-Fault does not replace 100% of wages. Options A and B understate the statutory percentage.
Accordingly, the New York PIP wage-loss percentage tested by this question is 80%, making C correct.
NEW QUESTION # 56
A homeowners policy debris removal clause covers
Answer: C
Explanation:
The correct answer is D. Homeowners Debris Removal coverage does not pay merely because a tree has fallen somewhere on the residence premises. The coverage generally requires that the loss satisfy the specific policy conditions governing fallen-tree removal.
Under standard homeowners principles, reasonable tree-removal expenses can be covered when a tree is felled by an applicable insured peril and damages a covered structure. Certain forms also provide coverage where a qualifying tree blocks a driveway or specified accessibility route. A state insurance regulator's homeowners guidance similarly explains that debris removal includes qualifying trees felled by a covered peril when they damage a covered structure or meet specified access-blocking requirements.
Option A is much too broad because a tree falling harmlessly in the yard does not automatically generate insurance coverage. Option B is likewise incorrect because "natural disaster" is not itself a policy coverage trigger; the cause must fall within the applicable insured-peril wording. Option C confuses the tree-removal sublimit with the requirement that the tree cause a particular dollar amount of property damage. The policy does not require exactly $1,000 of structural damage.
The Series 17-70 outline specifically tests Homeowners Additional Coverages, Perils Insured Against, Exclusions, and Conditions.
Therefore, D is the best answer.
NEW QUESTION # 57
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