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| Section | Weight | Objectives |
|---|---|---|
| Claims Investigation & Adjusting Procedures | 20% | - Loss valuation, damage assessment, and estimating - Claim intake, notice of loss, and initial investigation - Evidence gathering, coverage analysis, and policy interpretation - Settlement negotiation, reservation of rights, and denial procedures |
| Property & Casualty Coverages | 25% | - Specialty lines โ Inland Marine, Flood, Workers' Compensation, Crime - Dwelling and Homeowners policies - General Liability and Commercial General Liability - Commercial Property and Businessowners policies - Automobile coverages โ Personal and Commercial |
| Insurance Fundamentals & General Principles | 15% | - Indemnity, subrogation, utmost good faith - Risk management and insurable interest - Insurance contract elements and legal structure |
| Ethics & Professional Responsibility | 15% | - Fraud detection and reporting obligations - Fair claims handling standards and professional conduct - Fiduciary duty, conflict of interest, and confidentiality |
| New York Insurance Law & Regulations | 25% | - NY Insurance Law Articles and DFS regulations - Unfair Claims Settlement Practices Act / Regulation 64 - State-specific policy provisions and mandatory endorsements - Licensing requirements, eligibility, and examination rules |
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NEW QUESTION # 97
Steve was involved in an automobile accident. He does NOT agree with the settlement offer by the insurer. Which common policy provision allows Steve to dispute the settlement offer?
Answer: B
Explanation:
The correct answer is D - Arbitration. Arbitration is a dispute-resolution mechanism in which a disagreement is submitted to a neutral arbitrator or arbitration panel rather than being resolved solely through continued negotiations between the parties. Depending on the insurance coverage and policy provision involved, arbitration may be used to resolve specified disputes concerning entitlement to recovery, damages, or other issues identified in the contract or applicable law.
The question states that Steve rejects the insurer's settlement offer and asks which common policy provision provides a mechanism for disputing the settlement. Of the available choices, arbitration is the only recognized dispute-resolution provision.
A preferred settlement is not a standard policy dispute mechanism. A competitive bid is an estimating or procurement technique and does not determine contractual disputes between an insured and insurer. A market value clause concerns valuation methodology and does not itself create a formal procedure for resolving a contested settlement.
An adjuster must also distinguish arbitration from appraisal. Appraisal is commonly designed to resolve disputes solely over the amount of property loss, whereas arbitration can address disputes according to the scope established by the applicable contract or statute.
Series 17-70 reference topics: Auto Insurance - Claim Settlement, Arbitration, Appraisal, Loss Valuation, and Dispute Resolution.
NEW QUESTION # 98
Which is NOT a type of bond?
Answer: B
Explanation:
The correct answer is A - Obligee. An obligee is not a type of surety bond; it is one of the three parties to a surety bond. The three parties are the principal, the obligee, and the surety. The principal is the party whose performance or obligation is guaranteed. The obligee is the party requiring and benefiting from the bond. The surety is the organization that guarantees the principal's obligation according to the bond terms.
By contrast, bid bonds and performance bonds are recognized types of contract surety bonds. A bid bond supports the bidder's commitment to enter the contract and furnish required security if awarded the job. A performance bond guarantees that the principal will perform the contractual obligations covered by the bond.
"Court bond" is commonly used as a broad description for bonds required in judicial proceedings. The official Series 17-70 outline categorizes these as judicial bonds and separately lists such forms as attachment, replevin, appeal, injunction, and cost bonds.
The Series 17-70 outline makes the distinction explicit: it lists Principal, Obligee, and Surety under "Parties of a surety bond," while Bid and Performance appear under types of contract bonds, and judicial bonds appear as another bond category.
NEW QUESTION # 99
Damage caused to a farmer's crops during an emergency aircraft landing would be covered by
Answer: B
Explanation:
The correct verified answer is D - Property damage liability. The farmer's crops constitute tangible property belonging to another party from the aircraft operator's perspective. If an insured aircraft makes an emergency landing and physically damages those crops, the applicable third-party aviation exposure is property damage liability: the aircraft owner or operator may become legally obligated to compensate the farmer for physical damage to the farmer's property.
This must not be confused with farm liability. Farm liability protects a farm insured against claims alleging bodily injury or property damage for which the farm insured becomes legally liable. It is liability insurance, not first-party physical damage coverage for the farmer's own crops. The official Series 17-70 outline describes Farm Coverage H as Bodily Injury and Property Damage Liability, reinforcing this third-party distinction.
Products liability is unrelated because the loss does not arise from a defective or harmful product. A deductible is simply the portion of an insured loss retained by the insured and is not a category of coverage.
Most importantly, the official Series 17-70 blueprint separately identifies Aircraft Liability Coverages, including property damage liability, as tested subject matter.
Accordingly, D, not farm liability, is the technically correct answer for the scenario presented.
NEW QUESTION # 100
An adjuster cannot contact the insured or claimant once they retain the services of
Answer: B
Explanation:
The correct answer is A - an attorney except with permission. Once an insured or claimant is represented by counsel regarding a particular claim or dispute, communications concerning that represented matter must respect the attorney-client relationship. New York's Rule of Professional Conduct 4.2 prohibits an attorney from communicating, or causing another person to communicate, about the subject of the representation with a person known to be represented by another lawyer unless prior consent is obtained from that lawyer or the communication is otherwise authorized by law.
For adjusters, this means claim communications involving a represented claimant should ordinarily be routed through the claimant's attorney when the representation encompasses the matter being adjusted. The purpose is to prevent interference with legal representation, inappropriate direct negotiation, or uncounseled disclosure concerning the claim.
Retention of an appraiser, physician, or private investigator does not automatically establish the same restriction. Those professionals may participate in valuation, treatment, or investigation, but they do not substitute for legal counsel.
The Series 17-70 outline expressly tests the role and responsibilities of the adjuster and the adjuster's relationship to the legal profession, making recognition of represented parties an important claims-handling principle.
Therefore, A is correct.
NEW QUESTION # 101
Which of the following is NOT a basic peril on all homeowners forms?
Answer: A
Explanation:
The correct answer is D - Flood. Standard homeowners insurance does not treat flood as one of its basic insured perils. Flood is generally excluded from ordinary homeowners property coverage and normally requires separate flood insurance, such as coverage obtained through the National Flood Insurance Program or an eligible private flood insurer.
By contrast, riot or civil commotion, smoke, and volcanic eruption are among the standard named causes of loss appearing in homeowners forms. The Insurance Information Institute's comparison of homeowners perils identifies riot/civil commotion, smoke, and volcanic eruption as covered causes while explaining that flood requires separate protection.
The exclusion of flood is particularly important for adjusters because "water damage" is not a single coverage category. The adjuster must determine the actual mechanism and source of water-such as plumbing leakage, rain entering through covered storm damage, surface water, tidal overflow, sewer backup, or flood-and then apply the specific policy language.
The official Series 17-70 outline requires knowledge of the Homeowners 2011 Policy, including perils insured against, exclusions, and conditions. It separately identifies the National Flood Insurance Program elsewhere in the broader property curriculum.
Therefore, the peril that is not a basic homeowners peril is D - Flood.
NEW QUESTION # 102
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