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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Ethics & Professional Responsibility | 15% | - Fiduciary duty, conflict of interest, and confidentiality - Fair claims handling standards and professional conduct - Fraud detection and reporting obligations |
| Topic 2: Insurance Fundamentals & General Principles | 15% | - Risk management and insurable interest - Indemnity, subrogation, utmost good faith - Insurance contract elements and legal structure |
| Topic 3: New York Insurance Law & Regulations | 25% | - Unfair Claims Settlement Practices Act / Regulation 64 - NY Insurance Law Articles and DFS regulations - State-specific policy provisions and mandatory endorsements - Licensing requirements, eligibility, and examination rules |
| Topic 4: Claims Investigation & Adjusting Procedures | 20% | - Loss valuation, damage assessment, and estimating - Evidence gathering, coverage analysis, and policy interpretation - Settlement negotiation, reservation of rights, and denial procedures - Claim intake, notice of loss, and initial investigation |
| Topic 5: Property & Casualty Coverages | 25% | - General Liability and Commercial General Liability - Dwelling and Homeowners policies - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime - Automobile coverages — Personal and Commercial - Commercial Property and Businessowners policies |
>> Test NY-Independent-General-Adjuster Answers <<
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NEW QUESTION # 105
In a subrogation process, the role of the adjuster is to
Answer: D
Explanation:
The correct answer is C. Subrogation permits an insurer that has paid a covered loss to step into the insured's rights, to the extent permitted by law and the policy, and pursue the third party legally responsible for causing that loss.
The New York Court of Appeals defines subrogation as the principle by which an insurer, after paying its insured's loss, is placed in the insured's position so that the insurer can recover from the legally responsible third party. The doctrine both prevents double recovery and ultimately places the financial burden on the responsible party.
An adjuster's role includes recognizing subrogation potential, identifying responsible parties, preserving evidence, documenting liability, calculating the insurer's recoverable payment, and referring or pursuing the recovery according to carrier procedures. Thus, determining the amount that may properly be recovered from the third party is directly relevant.
Option B reverses the relationship: the adjuster is not determining damages for the tortfeasor. Option D is nonsensical in the subrogation context because the responsible third party does not owe insurance premium to the insurer. Option A is inconsistent with the need to establish the third party's legal responsibility.
The Series 17-70 outline expressly includes subrogation as a common policy provision and subrogation procedures within claims adjustment.
Therefore, C is correct.
NEW QUESTION # 106
Charges for transporting a person injured in an aircraft accident by ambulance are covered under
Answer: C
Explanation:
The correct answer is A. Aircraft Medical Payments coverage pays specified medical expenses resulting from bodily injury sustained in connection with a covered aircraft accident, generally without requiring the injured person first to establish negligence against the aircraft owner or operator.
AOPA's aviation-insurance guidance specifically states that aircraft Medical Payments coverage includes expenses such as ambulance, surgical, dental, and professional nursing services. It can also apply to injuries occurring while a person is entering or leaving the aircraft, subject to the policy's limits and conditions.
This protection is distinct from bodily injury liability coverage. Liability insurance responds when an insured is legally responsible for another person's bodily injury, whereas Medical Payments is designed to fund qualifying medical expenses on a limited no-fault basis.
Option B is incorrect because a deductible is the portion of a covered loss retained by the insured rather than a benefit paying medical expenses. Option C refers to the consideration paid for insurance coverage. Option D, fiduciary liability, protects against specified breaches of fiduciary duty and has no relationship to ambulance transportation following an aircraft accident.
The Series 17-70 curriculum includes specialized aviation insurance concepts together with medical-payment and liability distinctions.
Therefore, ambulance charges are properly classified under Medical Payments, making A correct.
NEW QUESTION # 107
Which of the following are included in the basic coverage of Financial Institution Bonds?
Answer: D
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 # 108
If a licensee has been found to have committed any fraudulent or dishonest practice, the Superintendent may do all of the following EXCEPT
Answer: C
Explanation:
The verified answer is D - withhold the licensee's commissions and/or fees. New York Insurance Law §2110 authorizes the Superintendent of Financial Services to refuse renewal, revoke, or suspend an insurance producer's, consultant's, adjuster's, or other covered license when the licensee has used fraudulent, coercive, or dishonest practices or engaged in specified misconduct.
New York law also authorizes monetary penalties. Insurance Law §2127 permits the Superintendent, in lieu of license revocation or suspension in qualifying proceedings, to impose a monetary penalty. Thus, A and B clearly represent recognized regulatory sanctions.
Option D is the required exception because withholding commissions or fees otherwise earned by a licensee is not listed as the Article 21 disciplinary sanction for fraudulent or dishonest practice. Regulatory action may affect the person's continuing authority to transact insurance and can include suspension, revocation, nonrenewal, and statutory penalties, but it does not operate simply by confiscating the licensee's compensation.
The video's use of "Insurance Commissioner" should also be corrected for New York: the appropriate regulator is the Superintendent of Financial Services.
The Series 17-70 outline tests licensing, disciplinary actions, penalties, suspension, revocation, and prohibited fraudulent or dishonest conduct.
Therefore, D is the verified answer.
NEW QUESTION # 109
If insurance is used to establish proof of financial responsibility to comply with the Motor Carrier Act of 1980, what endorsement can be used?
Answer: B
Explanation:
The correct answer is B - MCS-90 endorsement. The MCS-90 is the federally prescribed endorsement attached to a motor carrier's liability insurance policy to demonstrate compliance with applicable public- liability financial-responsibility requirements.
The Federal Motor Carrier Safety Administration identifies Form MCS-90 as the Endorsement for Motor Carrier Policies of Insurance for Public Liability under Sections 29 and 30 of the Motor Carrier Act of 1980.
FMCSA further states that the endorsement is required under 49 CFR §387.15 for motor carriers subject to the applicable federal financial-responsibility rules.
The MCS-90 is attached to the carrier's liability policy rather than to a specific individual vehicle. Its purpose is to assure payment, within the federally required limits, of qualifying final judgments for public liability arising from negligence in the operation, maintenance, or use of covered motor vehicles.
The Additional Insured-Lessor endorsement deals with leased-vehicle relationships. The Individual Named Insured endorsement addresses particular personal-type coverage needs under commercial auto forms. The Mobile Equipment endorsement addresses equipment that otherwise falls outside ordinary automobile classifications.
The Series 17-70 commercial-auto material includes Motor Carrier coverage, federal financial responsibility, endorsements, liability limits, and commercial automobile forms.
Therefore, MCS-90, option B, is the required endorsement.
NEW QUESTION # 110
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