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| Section | Weight | Objectives |
|---|---|---|
| Commercial Property | - Commercial property coverage - Commercial Package Policy - Businessowners Policy - Commercial General Liability - Commercial property forms and endorsements | |
| Claims Adjustment Procedures | - Draft authority - Negotiation - Releases - Mediation - Competitive estimates - Appraisal - Non-waiver agreements - Subrogation procedures - Execution of releases - Alternative dispute resolution - Reservation of rights letters - Coverage problems - Arbitration - Claims adjustment procedures - Settlement procedures - Advance payments | |
| New York Unfair Claim Settlement and Prohibited Practices | - Insurance fraud and false statements - Unfair claim settlement practices - Consumer privacy requirements - Terrorism Risk Insurance Act - New York cybersecurity regulation - New York claim settlement laws and regulations | |
| Other Property and Liability Coverages | - Personal automobile - Workers compensation - Flood insurance - Inland marine - Ocean marine - Crime insurance - Excess liability - Commercial automobile - Aviation insurance - Surety and fidelity bonds | |
| Commercial Package Policy | 38% | - Common policy declarations - First named insured - Common policy conditions - Monoline versus package policies - Components of a commercial policy |
| Dwelling and Homeowners Insurance | - Homeowners property coverage - Personal liability supplement - New York specific endorsements - Homeowners liability coverage - Standard Fire Policy - Personal umbrella policies - Dwelling policies | |
| Insurance Regulation | - License maintenance and duration - Fingerprinting - Licensing requirements - Temporary adjuster permits - Licensing process - License renewal - Qualifications - Bond requirements | |
| Insurance Principles and Concepts | - Representations and misrepresentations - Moral hazards - Hazards - Morale hazards - Waiver and estoppel - Physical hazards - Concealment - Warranties - Fraud - Insurable interest - Insurance principles and concepts - Insurance contracts |
>> NY-Independent-General-Adjuster Exam Reviews <<
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NEW QUESTION # 23
What type of insurance covers goods in transit over water?
Answer: C
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 # 24
What may the insurer issue if the insured did NOT report a claim on time?
Answer: C
Explanation:
The correct answer is B - Reservation of rights letter. When an insurer receives a claim presenting a potential coverage problem-such as allegedly late notice-the insurer may investigate while expressly reserving its rights under the policy. A reservation of rights advises the insured that participation in investigation or adjustment should not be interpreted as a waiver of the insurer's potential coverage defenses.
New York cases illustrate the use of reservations specifically involving late-notice issues. For example, an insurer may identify the policy's prompt-notice requirement and preserve the right to rely on untimely notice while obtaining the information necessary to determine its coverage position.
A declaratory judgment, option A, is a court determination, not simply a document the insurer "issues." The insurer may bring a declaratory judgment action when a coverage controversy requires judicial resolution.
Option C is not the appropriate mechanism. Option D is overly broad; late reporting does not automatically authorize the insurer to deny every claim without analysis of the applicable policy and New York law.
A critical New York distinction is that a reservation of rights is not automatically a substitute for a legally required timely disclaimer where Insurance Law requirements apply.
The Series 17-70 outline expressly tests Coverage Problems, Reservation of Rights Letter, Non-Waiver Agreement, and Declaratory Judgment Action.
NEW QUESTION # 25
A policy that limits coverage to specific causes of loss is called
Answer: D
Explanation:
The correct answer is D - named perils. A named-perils policy provides coverage only when the direct physical loss is caused by a peril specifically identified in the contract. Typical named perils can include fire, lightning, windstorm, hail, explosion, smoke, vandalism, or other causes expressly listed in the applicable form. If the cause of loss is not among the listed covered perils, coverage generally does not apply unless another provision or endorsement extends protection.
This contrasts with an open-perils, sometimes historically called "all risk," form. An open-perils contract generally covers direct physical loss unless the cause is specifically excluded or limited. The burden of analyzing the loss therefore differs substantially between named-perils and open-perils structures.
Option A is incorrect because exclusions remove or restrict coverage rather than define a policy that affirmatively insures only specifically listed causes. Option B concerns loss valuation rather than the scope of insured perils. Option C describes the opposite coverage approach.
The official Series 17-70 outline specifically includes "Named perils versus special (open) perils," direct loss, consequential loss, policy structure, exclusions, and conditions as tested Insurance Basics concepts.
NEW QUESTION # 26
A special limitation applies to business income losses under a Businessowners Policy (BOP). This limitation applies to losses resulting from loss or damage to
Answer: D
Explanation:
The correct answer is D - electronic media and records. The Businessowners Policy contains a specific limitation affecting Business Income loss caused by direct physical loss of or damage to Electronic Media and Records. This category includes electronic data-processing, recording, or storage media, data stored on such media, and programming records used for electronic data processing or electronically controlled equipment.
Under standard BOP wording, Business Income attributable to damage to electronic media and records is limited to the longer of 60 consecutive days after the direct physical loss or the period reasonably necessary to repair, rebuild, or replace other property damaged by the same occurrence at the described premises.
The purpose is to prevent an open-ended Business Income period solely because restoration or recreation of data takes substantially longer than restoration of the physical equipment or other damaged property.
Security systems and outdoor signs can have their own property limitations, while foundations and retaining walls are addressed through other covered-property or limitation provisions. They are not the subject of this specific Business Income limitation.
The Series 17-70 outline requires knowledge of BOP Business Income, Extra Expense, covered property, limitations, exclusions, loss conditions, and definitions.
Therefore, D is correct.
NEW QUESTION # 27
Which of the following two perils are excluded under the dwelling broad form if a building is vacant for more than 30 consecutive days?
Answer: C
Explanation:
The intended answer is B. Under the dwelling broad form, the two named-peril provisions carrying the vacancy limitation tested by this item are Damage by Burglars and Accidental Discharge or Overflow of Water or Steam. Older DP 00 02 language provided that damage by burglars was not covered when the dwelling had been vacant for more than 30 consecutive days, and the accidental-discharge peril contained the same 30-day vacancy restriction.
Falling Objects and Weight of Ice, Snow, or Sleet have their own coverage limitations, but the specific vacancy restriction presented here does not apply to those perils. Freezing is controlled by separate requirements concerning reasonable care to maintain heat or shut off the water supply and drain the systems.
For Series 17-70 accuracy, there is an important edition distinction: the official New York outline identifies the Dwelling (2014) Policy, and ISO DP 00 02 07 14 changed the comparable vacancy period to 60 consecutive days, not 30. The same two relevant perils remain Damage by Burglars and Accidental Discharge
/Overflow of Water or Steam.
Thus, B is the intended answer, while the video's "30 consecutive days" language reflects the older dwelling- form edition.
NEW QUESTION # 28
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