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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Property & Casualty Coverages | 25% | - Dwelling and Homeowners policies - Commercial Property and Businessowners policies - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime - General Liability and Commercial General Liability - Automobile coverages — Personal and Commercial |
| Topic 2: Insurance Fundamentals & General Principles | 15% | - Indemnity, subrogation, utmost good faith - Insurance contract elements and legal structure - Risk management and insurable interest |
| Topic 3: Claims Investigation & Adjusting Procedures | 20% | - Evidence gathering, coverage analysis, and policy interpretation - Settlement negotiation, reservation of rights, and denial procedures - Loss valuation, damage assessment, and estimating - Claim intake, notice of loss, and initial investigation |
| Topic 4: New York Insurance Law & Regulations | 25% | - Unfair Claims Settlement Practices Act / Regulation 64 - Licensing requirements, eligibility, and examination rules - NY Insurance Law Articles and DFS regulations - State-specific policy provisions and mandatory endorsements |
| Topic 5: Ethics & Professional Responsibility | 15% | - Fiduciary duty, conflict of interest, and confidentiality - Fraud detection and reporting obligations - Fair claims handling standards and professional conduct |
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NEW QUESTION # 60
A producer is REQUIRED to report to the Commissioner any criminal prosecution taken in any jurisdiction against him within how many days of the initial pre-trial hearing date?
Answer: C
Explanation:
The correct answer is B - 30 days. New York Insurance Law §2110(j) requires a licensee subject to Article
21 to report any criminal prosecution taken against the licensee in any jurisdiction within 30 days of the initial pretrial hearing date. The report must include the initial complaint, the resulting order, and other relevant legal documents.
New York DFS enforcement actions continue to apply this requirement directly. DFS has disciplined licensees, including independent adjusters, for failing to notify the Department within the required 30-day period following the initial pretrial hearing date.
There is one terminology point to correct for New York examination purposes: the statute requires notification to the Superintendent of Financial Services, not a "Commissioner." The 30-day answer, however, remains unchanged.
Do not confuse criminal-prosecution reporting with the separate requirement under §2110(i) for administrative actions. Administrative actions taken in another jurisdiction or by another governmental agency must generally be reported within 30 days of the final disposition of that matter.
Series 17-70 reference topics: Insurance Regulation - Licensing, Maintenance of License, Disciplinary Actions, Reporting Requirements, and New York Insurance Law §2110.
NEW QUESTION # 61
When investigating a liability claim against your insured, the insured calls you and requests that you deny the claim because the insured believes the claim lacks merit. As the adjuster you CANNOT
Answer: C
Explanation:
The correct answer is B. An independent adjuster's claim decision must be based on the policy, facts, evidence, applicable law, and authority received from the insurer, not merely on the insured's preference that a third-party claim be rejected. An insured's assertion that a claim is meritless is relevant information, but it does not substitute for an objective investigation.
New York Regulation 64 establishes prompt and fair claims-handling standards. DFS states that insurers should assist in claim processing, obtain verification where reasonably necessary, clearly communicate positions on disputed matters, and respond promptly to interested parties. DFS also identifies unfair claims settlement practices as prohibited conduct.
Accordingly, the adjuster may inform the insurer of the insured's position, making A permissible. The adjuster can also decline to follow an unsupported instruction to deny the claim, so C is permissible. Contacting the claimant to investigate the circumstances is an appropriate fact-development step, making D permissible.
What the adjuster cannot properly do is deny liability simply because the insured wants a denial. Such action would bypass the required investigation and professional evaluation.
The Series 17-70 outline specifically tests the adjuster's role, duties and responsibilities, claim investigation, liability-loss investigation procedures, verification, and settlement procedures.
NEW QUESTION # 62
Which of the following is covered by the Causes of Loss - Special Form under commercial property?
Answer: B
Explanation:
The correct answer is D - Windstorm. The Commercial Property Causes of Loss - Special Form is written on an open-perils basis. Instead of providing coverage only for specifically named perils, it defines covered causes of loss broadly as risks of direct physical loss unless the cause is expressly excluded or limited.
Windstorm is not generally excluded by the standard Special Form and is therefore ordinarily covered. By contrast, the form expressly excludes smog and includes broad water exclusions encompassing flood, surface water, waves, tides, and mudslide or mudflow. The actual ISO-derived Special Form wording identifies those exclusions directly. New York case law applying the Special Form likewise recognizes flood and mudslide
/mudflow within the standard water exclusion.
This illustrates the key distinction between Basic, Broad, and Special Causes of Loss forms. With a named- peril form, the insured generally begins by demonstrating that a listed peril caused the damage. With Special Form coverage, direct physical loss is presumptively within the broad coverage grant unless an exclusion or limitation applies.
An adjuster must therefore examine the causal mechanism and then determine whether a Special Form exclusion applies.
Among the four choices, Windstorm is the covered cause of loss.
Therefore, D is correct.
NEW QUESTION # 63
What type of insurance covers goods in transit over water?
Answer: A
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 # 64
Fair rental value is found under which coverage part of a dwelling policy?
Answer: A
Explanation:
The correct answer is C - Coverage D. Under the standard Dwelling Property Policy, Coverage D - Fair Rental Value protects the insured against qualifying loss of rental income when covered damage makes property rented or held for rental unfit for its normal use.
Fair Rental Value represents the fair rental amount of the affected portion of the described location, reduced by expenses that do not continue while the property is uninhabitable. Payment generally continues for the shortest reasonable period required to repair or replace the damaged property. Standard dwelling-policy analysis expressly identifies Fair Rental Value as Coverage D.
Coverage B concerns Other Structures, while Coverage C covers Personal Property. Coverage E is Additional Living Expense, which principally protects an owner-occupant when a covered loss causes necessary increases in living expenses. Fair Rental Value and Additional Living Expense are related time-element protections but serve different financial interests.
For adjusters, this distinction is important because a landlord's lost rental income must be evaluated separately from physical building damage. The adjuster must determine rental value, expenses that ceased, the covered cause of loss, and the reasonable restoration period.
Therefore, Fair Rental Value is found under Coverage D, making option C correct.
NEW QUESTION # 65
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