Exam NY-Independent-General-Adjuster Vce - Latest NY-Independent-General-Adjuster Test Objectives

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Insurance Licensing NY-Independent-General-Adjuster Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Insurance Basics	6%	- Insurance Principles 1. Hazards, Negligence and Liability 2. Insurable Interest and Indemnity 3. Causes and Valuation of Loss - Insurance Contracts 1. Representations, Warranties and Concealment 2. Elements and Characteristics - Policy Structure 1. Subrogation, Salvage and Loss Settlement 2. Limits, Deductibles and Other Insurance 3. Declarations, Conditions and Exclusions
Topic 2: Insurance Regulation	6%	- Disciplinary Actions 1. Suspension and Revocation 2. Penalties and Cease and Desist Orders - Claim Settlement Regulations 1. Consumer Privacy 2. Unfair Claim Practices - Licensing Requirements 1. Bond and Fingerprinting 2. Qualifications and Application - License Maintenance 1. Assumed Names and Reporting 2. Renewal and Changes
Topic 3: Personal Inland Marine	13%	- Personal Articles Floater 1. Scheduled Personal Property - Personal Effects Floater 1. Coverage and Loss Settlement - Personal Property Floater 1. Coverage and Eligible Property
Topic 4: Homeowners Policy	10%	- Liability Coverages 1. Medical Payments to Others 2. Personal Liability - Property Coverages 1. Dwelling, Other Structures and Personal Property 2. Loss of Use and Additional Coverages - Coverage Forms 1. HO-8 2. HO-2 through HO-6 - Selected Endorsements 1. Earthquake, Identity Fraud and Home Business 2. New York Special Provisions - Perils, Exclusions and Conditions 1. Exclusions and Conditions 2. Perils Insured Against
Topic 5: Adjusting Losses	11%	- Claim Investigation 1. Evidence and Witness Statements 2. Claim Reporting and Documentation - Claim Settlement 1. Subrogation, Appraisal and Arbitration 2. Negotiation and Releases - Property and Liability Losses 1. Estimates, Depreciation and Salvage 2. Coverage Verification and Loss Evaluation - Role of the Adjuster 1. Independent, Staff and Public Adjusters 2. Duties and Responsibilities
Topic 6: Medical Reports and Terminology	4%	- Injuries, Diseases and Medical Tests 1. Common Injuries and Diseases 2. Diagnostic Tests - Medical Terminology 1. Medical Specialties 2. Prefixes, Suffixes and Abbreviations - Basic Human Anatomy 1. Cardiovascular and Abdominal Systems 2. Skeletal, Nervous and Respiratory Systems
Topic 7: Dwelling Policy	6%	- Exclusions, Conditions and Endorsements 1. General Exclusions and Conditions 2. New York and Selected Endorsements - Coverage Forms and Perils 1. Basic, Broad and Special Forms 2. Covered Perils - Property Coverages 1. Dwelling and Other Structures 2. Personal Property and Loss of Use
Topic 8: Accident and Health Insurance Basics	6%	- Types of Coverage 1. Disability, Medical and Long-Term Care 2. Accidental Injury and Sickness - Limited Policies 1. Hospital, Dental and Vision Coverage 2. Accident-Only and Specified Disease - Accident and Health Claims 1. Investigation and Payment of Claims 2. Notice and Proof of Loss
Topic 9: Commercial Package Policy	38%	- Transportation Coverages 1. Motor Truck Cargo 2. Common Carrier Legal Liability 3. Transit Coverage - Commercial Policy Components 1. Common Policy Conditions 2. Common Policy Declarations - Commercial Inland Marine 1. Accounts Receivable and Valuable Papers 2. Marine Definition and Conditions 3. Contractors Equipment and Installation Floaters 4. Jewelers Block, Signs and Electronic Data Processing

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Insurance Licensing NewYorkIndependent General Adjuster (Series 17-70) Sample Questions (Q45-Q50):

NEW QUESTION # 45
A New York producer moved his/her office on April 1. The producer MUST inform the Superintendent of the address change no later than

A. July 1.
B. May 1.
C. October 1.
D. December 31.

Answer: B

Explanation:
The correct answer is A - May 1. New York Insurance Law §2134(a) requires a licensee under Article 21 to inform the Superintendent, by a means acceptable to the Superintendent, of a change of address within 30 days of the change.
Because the producer moved the office on April 1, the 30-day reporting period makes May 1 the applicable answer among the choices. The requirement is designed to keep DFS licensing records current so that official notices, regulatory communications, licensing information, and other required correspondence can be properly directed to the licensee.
July 1 would be approximately three months after the move, October 1 approximately six months later, and December 31 almost nine months later; each exceeds the statutory 30-day reporting period.
The reporting obligation should not be confused with separate Article 21 requirements involving license renewals, administrative-action reporting, criminal-prosecution reporting, appointment changes, or continuing education. Each has its own statutory trigger and timing requirements.
The official Series 17-70 content outline expressly identifies Change of address - all addresses, including email - under Insurance Law §2134 and applicable regulations as required examination material.
Therefore, an April 1 office-address change must be reported within 30 days, making A - May 1 correct.

NEW QUESTION # 46
Charges for transporting a person injured in an aircraft accident by ambulance are covered under

A. premiums.
B. deductibles.
C. medical payments.
D. fiduciary liability.

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 # 47
An insurance contract is a contract of utmost good faith because the insurer relies on the truthfulness of the applicant and the insured relies on the insurer's promise to

A. charge a fair premium.
B. file reports with the insurance department.
C. pay the claims.
D. issue a policy.

Answer: C

Explanation:
The correct answer is C - pay the claims. Insurance contracts traditionally incorporate the doctrine of utmost good faith, sometimes expressed by the Latin term uberrimae fidei. The insurance transaction depends heavily on truthful and complete disclosure because the applicant possesses material information concerning the risk, while the insured depends upon the insurer to perform its contractual obligations when an insured loss occurs.
The Series 17-70 official outline expressly identifies utmost good faith, representations, misrepresentations, warranties, concealment, fraud, waiver, and estoppel as legal concepts affecting insurance contracts.
The applicant's obligation is therefore to make truthful representations concerning matters material to underwriting and coverage. Correspondingly, after a covered loss and satisfaction of applicable policy conditions, the insurer must honor its contractual promise to indemnify or otherwise provide the benefits specified by the policy.
Option A is incomplete because simply issuing a policy does not capture the insurer's principal performance obligation after coverage attaches. Filing regulatory reports is a statutory or administrative responsibility and is not the reciprocal contractual promise on which the insured relies. Charging a fair premium is also not the defining reciprocal duty in the doctrine being tested.
Accordingly, the insured relies on the insurer's promise to pay valid covered claims according to the contract, making C correct.

NEW QUESTION # 48
The self-insured portion of an insurance claim is called a

A. deductible.
B. principal.
C. liability.
D. coinsurance.

Answer: A

Explanation:
The correct answer is D - deductible. A deductible is the amount of an otherwise covered loss that the insured agrees to retain before or as part of the insurer's claim payment. In practical terms, it represents a form of self-insurance or risk retention within the policy.
New York Department of Financial Services defines an automobile physical-damage deductible as an amount the insured agrees to be responsible for in the event of a covered collision or comprehensive loss. DFS also explains that increasing the deductible generally shifts a larger portion of potential loss to the insured and can reduce the insurance premium.
For example, if a covered property loss is $8,000 and the policy contains a $1,000 deductible, the insurer ordinarily pays $7,000, assuming no other limitation applies. The insured absorbs the first $1,000.
Coinsurance is different. It is an insurance-to-value mechanism that can reduce recovery when the insured fails to maintain the required amount of insurance. A principal is a party or amount concept used in other financial or surety contexts. Liability describes legal responsibility and is not the portion of a loss retained by the insured.
The Series 17-70 outline specifically tests deductibles, loss valuation, policy limits, coinsurance, and claim settlement calculations.
Therefore, D is correct.

NEW QUESTION # 49
The final step of the claims process usually involves which of the following?

A. The claims representative adjusts the initial reserves.
B. The claims representative and the insured discuss details of the loss valuation to agree on the amount the insurer will pay to settle the loss.
C. The claims representative submits the final claim payment report to the state insurance department.
D. The claims representative prepares a historical loss run for the insured at the time of final payment.

Answer: B

Explanation:
The correct answer is A. After coverage has been verified, the loss investigated, evidence gathered, damages measured, and applicable policy provisions applied, the claim normally advances to settlement and payment.
At this stage, the adjuster communicates the valuation and seeks resolution of the amount payable under the policy.
A contemporary claims-process description characterizes the final stage as arranging resolution: once damages and costs are established, the adjuster discusses settlement and arranges payment.
Option B is incorrect because a historical loss run is an underwriting or loss-history document, not a mandatory final step in settling an individual claim. Option C is also incorrect; insurers are subject to regulatory reporting requirements, but an adjuster does not ordinarily submit every final claim payment to the state insurance department as the concluding step of each claim. Option D occurs earlier. Reserves are established and modified throughout investigation as the expected claim cost becomes clearer.
The official Series 17-70 outline specifically identifies Claims Adjustment Procedures, Settlement Procedures, Negotiation, Releases, Advance Payments, Draft Authority, Appraisal, and Alternative Dispute Resolution.
Therefore, A accurately describes the normal final settlement phase.

NEW QUESTION # 50
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