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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Property & Casualty Coverages | 25% | - Automobile coverages — Personal and Commercial - Dwelling and Homeowners policies - General Liability and Commercial General Liability - Commercial Property and Businessowners policies - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime |
| Topic 2: Ethics & Professional Responsibility | 15% | - Fraud detection and reporting obligations - Fair claims handling standards and professional conduct - Fiduciary duty, conflict of interest, and confidentiality |
| Topic 3: Claims Investigation & Adjusting Procedures | 20% | - Settlement negotiation, reservation of rights, and denial procedures - Claim intake, notice of loss, and initial investigation - Evidence gathering, coverage analysis, and policy interpretation - 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: New York Insurance Law & Regulations | 25% | - NY Insurance Law Articles and DFS regulations - Licensing requirements, eligibility, and examination rules - State-specific policy provisions and mandatory endorsements - Unfair Claims Settlement Practices Act / Regulation 64 |
>> Test NY-Independent-General-Adjuster Objectives Pdf <<
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NEW QUESTION # 19
Accident-only policies commonly include benefits due to losses related to
Answer: B
Explanation:
The correct answer is C. Accident-only insurance is a limited form of accident and health coverage in which benefits are triggered by an accident or specified category of accidental event, rather than by sickness generally. The NAIC defines an accident as an unexpected event or circumstance without deliberate intent and describes accident-only insurance as coverage for death, dismemberment, disability, hospital treatment, or medical care caused or necessitated by an accident or specified kinds of accidents.
Option A is incorrect because illness is not converted into an accident simply because its onset is unexpected.
Coverage for sickness belongs to health or medical insurance provisions unless specifically included by another policy form. Option B, congenital diseases, similarly concerns medical conditions rather than accidental occurrences. Option D is too broad because the mere absence of intentional conduct does not automatically satisfy the policy's definition of an accidental injury or covered accident. There must be the required causal connection to an insured accidental event.
The Series 17-70 content outline expressly tests Accidental Injury, classes of accident and health coverage, limited policies, and specifically Accident-Only coverage.
Accordingly, a fortuitous, unexpected accidental event is the operative trigger, making C the correct answer.
NEW QUESTION # 20
Under a Homeowners Policy, coverage up to $500 is provided for the insured's legal obligation to pay losses in all of the following situations EXCEPT
Answer: A
Explanation:
The correct answer is B - the dishonesty of an insured. Under the Homeowners 2011 framework tested by Series 17-70, an Additional Coverage addresses Credit Card, Electronic Fund Transfer Card or Access Device, Forgery, and Counterfeit Money. Traditional ISO homeowners wording provides up to $500 for specified losses involving unauthorized use of covered cards or access devices, forgery or alteration of checks and similar negotiable instruments, and acceptance in good faith of counterfeit U.S. or Canadian paper currency.
However, the coverage does not protect an insured against losses caused by the dishonesty of an insured. Such a result would conflict with the basic insurance principle that intentional dishonest acts of an insured are not transformed into fortuitous insured losses.
Option A is within the purpose of the coverage when the credit card is stolen and subsequently used without authorization, subject to policy conditions. Option C is specifically contemplated by forgery coverage, and option D is expressly part of counterfeit-money protection.
The official New York Series 17-70 outline identifies the Homeowners (2011) Policy, including Section I property coverages, Additional Coverages, exclusions, conditions, and selected endorsements.
Therefore, B is the required answer.
NEW QUESTION # 21
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 # 22
What is the MINIMUM dollar limit that applies to Workers' Compensation Coverage under Part One of the policy?
Answer: C
Explanation:
The correct answer is C. Part One - Workers Compensation Insurance does not operate with a conventional policy liability limit such as $100,000 or $500,000. Instead, the insurer agrees to pay the workers' compensation benefits that the employer is required to provide under the workers' compensation law applicable to a state listed in the policy.
The New York Compensation Insurance Rating Board states this directly: there is no limit of liability in the Standard Policy for Part One - Workers' Compensation; the contract provides all benefits required by the applicable workers' compensation law.
Options A and B are therefore incorrect because they resemble liability-limit amounts rather than statutory Workers Compensation Part One benefits. Option D is also incorrect. The Information Page identifies the relevant states and other policy data, but it does not transform Part One into a fixed-dollar-limit coverage.
This must also be distinguished from Part Two - Employers Liability Insurance, where limits of liability are relevant. New York has additional state-specific rules concerning employers liability, but those should not be confused with the statutory-benefit structure of Part One.
The Series 17-70 outline expressly tests the Workers Compensation and Employers Liability policy, including Part One-Workers Compensation Insurance and Part Two-Employers Liability Insurance.
Therefore, C is correct.
NEW QUESTION # 23
Under the Businessowners Policy (BOP), business income loss coverage begins after a covered loss has occurred and continues for a MAXIMUM of
Answer: D
Explanation:
The correct answer is D - 12 consecutive months. Under the ISO Businessowners Coverage Form applicable to the form generation tested by this examination material, Business Income coverage pays the actual loss of Business Income sustained during the applicable period of restoration, subject to the contractual maximum of
12 consecutive months after the date of direct physical loss or damage. Policy schedules describing BP 00 03 likewise identify Business Income and Extra Expense as actual-loss-sustained coverage not exceeding 12 consecutive months.
Business Income protection is intended to place the insured, within policy limitations, in approximately the financial position it would have occupied had the covered interruption not occurred. It generally incorporates net income that would have been earned plus continuing normal operating expenses, subject to the particular form.
Options A, B, and C materially understate the maximum period prescribed by the BOP wording tested here.
They should not be confused with separate time restrictions that may apply to specific additional coverages, waiting periods, extended business income provisions, payroll limitations, or endorsements.
The Series 17-70 official outline assigns a specific section to the Businessowners (2010) Policy, including property coverage, additional coverages, causes of loss, exclusions, loss conditions, and definitions.
Therefore, the examination answer is D.
NEW QUESTION # 24
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