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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Principles and Concepts | - Warranties - Concealment - Morale hazards - Insurance principles and concepts - Waiver and estoppel - Insurance contracts - Hazards - Physical hazards - Fraud - Representations and misrepresentations - Moral hazards - Insurable interest | |
| Topic 2: Commercial Property | - Commercial General Liability - Commercial property forms and endorsements - Commercial Package Policy - Commercial property coverage - Businessowners Policy | |
| Topic 3: New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - Consumer privacy requirements - Insurance fraud and false statements - Terrorism Risk Insurance Act - Unfair claim settlement practices - New York claim settlement laws and regulations | |
| Topic 4: Other Property and Liability Coverages | - Surety and fidelity bonds - Personal automobile - Aviation insurance - Workers compensation - Excess liability - Inland marine - Commercial automobile - Flood insurance - Ocean marine - Crime insurance | |
| Topic 5: Claims Adjustment Procedures | - Advance payments - Releases - Execution of releases - Mediation - Draft authority - Non-waiver agreements - Negotiation - Alternative dispute resolution - Subrogation procedures - Coverage problems - Settlement procedures - Competitive estimates - Appraisal - Arbitration - Claims adjustment procedures - Reservation of rights letters | |
| Topic 6: Insurance Regulation | - Licensing process - Qualifications - Fingerprinting - Bond requirements - Temporary adjuster permits - License renewal - License maintenance and duration - Licensing requirements | |
| Topic 7: Dwelling and Homeowners Insurance | - Homeowners liability coverage - Personal liability supplement - Standard Fire Policy - Dwelling policies - Personal umbrella policies - New York specific endorsements - Homeowners property coverage | |
| Topic 8: Commercial Package Policy | 38% | - Monoline versus package policies - Common policy conditions - First named insured - Components of a commercial policy - Common policy declarations |
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NEW QUESTION # 95
Under an equipment breakdown coverage form, a breakdown would include
Answer: B
Explanation:
The correct answer is C - Explosion of a pressure vessel. Equipment Breakdown insurance evolved from traditional boiler and machinery coverage and protects against specified accidental failures involving mechanical, electrical, and pressure equipment. Boilers and pressure vessels remain central examples of covered equipment.
Travelers identifies boilers and pressure vessels among equipment insured by equipment-breakdown coverage and explains that such coverage can protect against losses associated with explosions, mechanical failures, and electrical arcing. IRMI likewise describes boiler or pressure-vessel explosion as a traditional equipment- breakdown exposure.
The other choices describe conditions that ordinarily do not independently satisfy the definition of a covered breakdown. Wear and tear represents gradual deterioration rather than a sudden accidental equipment event.
Leakage at valves or fittings is commonly specifically distinguished from breakdown. The functioning or failure characteristics of protective or safety devices also require analysis under the precise form and generally do not constitute the intended qualifying breakdown in this question.
Equipment Breakdown insurance is especially important because standard commercial property forms may exclude or restrict losses caused by mechanical breakdown, electrical disturbance, or certain pressure- equipment events.
Series 17-70 reference topics: Other Coverages - Equipment Breakdown, Property Exposures, Causes of Loss, Exclusions, and Specialized Commercial Coverages.
NEW QUESTION # 96
Charges for transporting a person injured in an aircraft accident by ambulance are covered under
Answer: D
Explanation:
The correct answer is A - medical payments. Aircraft Medical Payments coverage is designed to pay specified reasonable medical expenses resulting from bodily injury sustained in connection with a covered aircraft accident, generally without requiring a determination of legal liability.
Aviation insurance guidance specifically identifies ambulance expenses among the costs payable under Aircraft Medical Payments coverage. AOPA explains that aircraft medical-payments protection can pay expenses including ambulance, surgical, dental, professional nursing, and related medical costs for qualifying injuries involving the insured aircraft. Standard aircraft liability wording likewise describes Medical Payments coverage as including necessary medical, surgical, ambulance, hospital, professional nursing, and funeral services, subject to the stated policy terms and limits.
A deductible, option B, is an amount retained by the insured and therefore is not a coverage category paying transportation charges. Premiums, option C, are the consideration paid for insurance. Fiduciary liability, option D, addresses breaches of fiduciary duties and has no connection with emergency medical transportation following an aircraft accident.
Medical Payments should also be distinguished from Aircraft Bodily Injury Liability. Liability coverage depends upon legal responsibility, whereas medical-payments protection is generally intended to fund relatively immediate medical expenses without first establishing negligence.
Therefore, A is correct.
NEW QUESTION # 97
Which section of an insurance policy clarifies the meanings of certain terms used in the policy?
Answer: A
Explanation:
The correct answer is D - Definitions. The Definitions section establishes the contractual meaning of important words and phrases used throughout an insurance policy. Defined terms often appear in quotation marks, boldface, or another distinctive format and must be interpreted according to the policy definition rather than solely according to ordinary conversational meaning. This is critical for adjusters because coverage determinations frequently depend on whether a person, property, event, or circumstance satisfies a defined term such as "insured," "occurrence," "bodily injury," "property damage," "residence premises," or "your covered auto." The Insuring Agreement states the insurer's basic promise to provide coverage when specified requirements are met. The Declarations identify policy-specific information such as the named insured, policy period, insured property, selected coverages, limits, and deductibles. The Conditions establish contractual rules and duties governing matters such as notice of loss, cooperation, cancellation, and claim handling.
An adjuster should therefore review definitions together with the coverage grant, exclusions, and conditions before reaching a coverage decision. A term defined within the contract controls the interpretation of that term for that policy.
Series 17-70 reference topics: Insurance Basics - Policy Structure, Definitions, Insuring Agreement, Declarations, Conditions, and Interpretation of Policy Language.
NEW QUESTION # 98
Which of the following is an example of an unfair claim settlement practice?
Answer: A
Explanation:
The correct answer is A. New York Insurance Law §2601 identifies specified conduct as unfair claim settlement practices when performed without just cause with sufficient frequency to constitute a general business practice. One expressly identified practice is failing to attempt in good faith to effectuate prompt, fair, and equitable settlements of claims in which liability has become reasonably clear. Deliberately or unjustifiably delaying such a settlement therefore falls directly within the regulatory concept tested by this question.
Option C describes the opposite behavior. Insurers are expected to adopt and implement reasonable standards for prompt claim investigation and settlement. Failure to establish reasonable standards may itself support an unfair-practices finding.
Option D is likewise inconsistent with an unfair-practice answer because accurate disclosure of relevant coverage or settlement provisions promotes informed claim handling. Misrepresentation or improper withholding of material policy information, rather than appropriate disclosure, raises regulatory concerns.
Option B does not describe an unfair claim settlement practice on the facts given.
The official New York Series 17-70 blueprint specifically includes Claim Settlement Laws and Regulations- Regulation 64, Part 216, and Unfair Claim Practices-Insurance Law §2601 under Insurance Regulation.
Accordingly, the conduct in A is the regulatory violation contemplated by the question.
NEW QUESTION # 99
The self-insured portion of an insurance claim is called a
Answer: B
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 # 100
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