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| Section | Weight | Objectives |
|---|---|---|
| Insurance Principles and Concepts | - Insurance principles and concepts - Insurable interest - Physical hazards - Waiver and estoppel - Insurance contracts - Fraud - Morale hazards - Concealment - Hazards - Warranties - Representations and misrepresentations - Moral hazards | |
| Dwelling and Homeowners Insurance | - Homeowners property coverage - Personal liability supplement - New York specific endorsements - Standard Fire Policy - Homeowners liability coverage - Personal umbrella policies - Dwelling policies | |
| Commercial Package Policy | 38% | - First named insured - Common policy conditions - Common policy declarations - Components of a commercial policy - Monoline versus package policies |
| Other Property and Liability Coverages | - Surety and fidelity bonds - Crime insurance - Inland marine - Aviation insurance - Flood insurance - Ocean marine - Workers compensation - Personal automobile - Excess liability - Commercial automobile | |
| Claims Adjustment Procedures | - Mediation - Coverage problems - Advance payments - Claims adjustment procedures - Arbitration - Releases - Appraisal - Non-waiver agreements - Competitive estimates - Draft authority - Alternative dispute resolution - Settlement procedures - Negotiation - Reservation of rights letters - Subrogation procedures - Execution of releases | |
| Commercial Property | - Businessowners Policy - Commercial General Liability - Commercial property coverage - Commercial Package Policy - Commercial property forms and endorsements | |
| Insurance Regulation | - Licensing requirements - License maintenance and duration - Licensing process - Qualifications - Bond requirements - Fingerprinting - License renewal - Temporary adjuster permits | |
| New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - New York claim settlement laws and regulations - Consumer privacy requirements - Terrorism Risk Insurance Act - Unfair claim settlement practices - Insurance fraud and false statements |
>> Valid Insurance Licensing NY-Independent-General-Adjuster Test Objectives <<
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NEW QUESTION # 31
Homeowner Policies exclude coverage for
Answer: A
Explanation:
The correct answer is A. Standard homeowners property forms contain a broad earth movement exclusion, encompassing events such as earthquake, landslide, mudslide, earth sinking, rising, or shifting, subject to the precise policy wording and any endorsements purchased. Earthquake coverage ordinarily requires a separate endorsement or policy. The Series 17-70 examination outline specifically requires knowledge of Homeowners Policy additional coverages, perils insured against, exclusions, conditions, and selected endorsements, including an earthquake endorsement.
The remaining choices describe protections commonly appearing as Additional Coverages rather than general exclusions. Debris Removal reimburses reasonable expenses for removing debris of covered property following a covered cause of loss. Insurance-regulator guidance confirms debris removal is ordinarily incorporated into homeowners coverage when the underlying damage results from an insured peril.
Likewise, Property Removed protects covered property against direct loss while it is being removed from endangered premises to safeguard it from an insured peril, subject to the form's time limitations. Fire Department Service Charge provides a specified additional amount when an insured incurs a contractual fire- department service charge. These provisions are standard examples of homeowners additional coverages.
Therefore, among the four choices, earth movement is the excluded cause of loss.
NEW QUESTION # 32
Which of the following is a type of adjuster report?
Answer: D
Explanation:
The correct answer is B - Interim Report. An interim report is a recognized claims-adjusting report used when an investigation or adjustment cannot yet be finalized. It updates the insurer concerning the current status of the claim, additional evidence obtained, developments since the preliminary report, revised reserves, outstanding documentation, coverage issues, recovery possibilities, or other material facts.
A strong example appears in FEMA's current NFIP Claims Manual. When an adjuster cannot complete the claim within the prescribed period following the preliminary report, an Interim Report is submitted and additional interim reports continue until the assignment can be concluded.
Option A is overly generic and is not the recognized report classification intended by the question. Option C, an appraisal report, may exist in valuation contexts but is not the standard adjuster-progress report being tested. Option D is incorrect because professional adjuster reporting should be factual and evidence-based rather than subjective.
The Series 17-70 examination framework places substantial emphasis on claims adjustment procedures, gathering evidence, loss valuation, coverage analysis, settlement procedures, and professional claim handling.
Accordingly, an Interim Report is the recognized adjuster report among the choices.
NEW QUESTION # 33
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 # 34
An insurance policy written on a replacement cost basis differs from a policy written on an actual cash value basis by the
Answer: C
Explanation:
The correct answer is D - method of determining a loss payment. Replacement Cost and Actual Cash Value are fundamentally loss-valuation methods. They determine how much an insurer owes after a covered physical loss, subject to policy limits, deductibles, insurance-to-value provisions, and other conditions.
New York DFS explains that where property is settled on a replacement cost basis, the insurer generally pays the amount required to repair or replace the damaged property without deducting depreciation, assuming applicable replacement-cost conditions are satisfied. By contrast, traditional actual cash value treatment takes depreciation or similar factors into account when determining the payable amount.
The distinction therefore directly affects the calculation of the claim payment. It is not determined by the original purchase price, which may bear little relationship to either current replacement cost or current value.
The deductible is a separate contractual amount applied according to policy terms and can exist under either valuation method. Premiums can certainly be influenced by the breadth and value of coverage purchased, but the defining distinction between ACV and replacement cost is not merely a premium-calculation method.
The Series 17-70 curriculum expressly tests Actual Cash Value, Replacement Cost, depreciation, valuation, and loss settlement.
Therefore, D is the precise answer.
NEW QUESTION # 35
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: C
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 # 36
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