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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Regulation | - Bond requirements - Licensing requirements - Qualifications - License maintenance and duration - License renewal - Temporary adjuster permits - Fingerprinting - Licensing process | |
| Topic 2: Other Property and Liability Coverages | - Crime insurance - Aviation insurance - Personal automobile - Inland marine - Surety and fidelity bonds - Commercial automobile - Flood insurance - Workers compensation - Excess liability - Ocean marine | |
| Topic 3: Commercial Package Policy | 38% | - Common policy conditions - Common policy declarations - Components of a commercial policy - First named insured - Monoline versus package policies |
| Topic 4: New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - Consumer privacy requirements - Unfair claim settlement practices - New York claim settlement laws and regulations - Terrorism Risk Insurance Act - Insurance fraud and false statements | |
| Topic 5: Commercial Property | - Commercial property coverage - Businessowners Policy - Commercial General Liability - Commercial Package Policy - Commercial property forms and endorsements | |
| Topic 6: Insurance Principles and Concepts | - Representations and misrepresentations - Hazards - Moral hazards - Concealment - Insurable interest - Waiver and estoppel - Insurance principles and concepts - Fraud - Morale hazards - Physical hazards - Insurance contracts - Warranties | |
| Topic 7: Claims Adjustment Procedures | - Draft authority - Advance payments - Claims adjustment procedures - Reservation of rights letters - Mediation - Arbitration - Alternative dispute resolution - Competitive estimates - Settlement procedures - Appraisal - Coverage problems - Negotiation - Subrogation procedures - Execution of releases - Releases - Non-waiver agreements | |
| Topic 8: Dwelling and Homeowners Insurance | - Homeowners liability coverage - Standard Fire Policy - Personal liability supplement - New York specific endorsements - Homeowners property coverage - Dwelling policies - Personal umbrella policies |
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NEW QUESTION # 15
A limit of insurance that determines the maximum amount that can be paid out annually is
Answer: C
Explanation:
The correct answer is C - an aggregate limit. An aggregate limit establishes the maximum amount an insurer will pay for all covered claims subject to that aggregate during the applicable policy period, ordinarily one year. The Hartford describes an aggregate limit as the maximum amount an insurer pays for all claims during the policy period.
This must be distinguished from an occurrence limit, which caps the amount payable for one occurrence. For example, a liability policy might provide a $1 million each-occurrence limit and a $2 million general aggregate. Multiple individually covered occurrences can therefore consume the aggregate until the total available limit has been exhausted.
A single limit generally refers to one combined limit rather than separate limits for different components, such as bodily injury and property damage. "Face amount" is terminology more commonly associated with life insurance or other contracts stating a specified benefit amount and does not describe an annual liability ceiling.
The official Series 17-70 outline specifically tests policy limits, per-occurrence limits, per-person limits, general and products/completed-operations aggregate limits, single/split limits, and combined single limits.
Thus, when the question asks for the limit controlling the maximum cumulative payout during the annual policy period, aggregate limit is the precise insurance term.
Therefore, C is correct.
NEW QUESTION # 16
An example of the insured's consideration is
Answer: B
Explanation:
The correct answer is B. Consideration is one of the elements required for an enforceable insurance contract.
Consideration means something of legal value exchanged between the contracting parties. From the insured's side of an insurance transaction, the principal consideration consists of the premium, together with the representations and promises made in the application. From the insurer's side, consideration is the contractual promise to provide the insurance protection and pay covered claims according to the policy terms.
Of the available choices, a paid premium is therefore the clearest and most direct example of the insured's consideration. An application, option A, is primarily the mechanism through which the prospective insured requests coverage and provides underwriting information; the application itself is not the best answer to what constitutes consideration. A contract-signing requirement is procedural rather than the exchanged value supporting the contract. A notice of beneficiary is associated with identifying or changing the person entitled to receive certain policy benefits and is unrelated to contractual consideration.
The official Series 17-70 examination outline specifically places Contract Basics, Elements of a Legal Contract, Offer and Acceptance, and Consideration under Insurance Basics.
Accordingly, the premium supplied by the insured in exchange for the insurer's promise of coverage makes B correct.
NEW QUESTION # 17
Which is NOT a type of bond?
Answer: D
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 # 18
Which of the following is a type of adjuster report?
Answer: C
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 # 19
Under the Businessowners Policy (BOP), business income loss coverage begins after a covered loss has occurred and continues for a MAXIMUM of
Answer: B
Explanation:
The correct answer is D - 12 consecutive months. Under the ISO Businessowners Coverage Form applicable to the form generation tested by this examination material, Business Income coverage pays the actual loss of Business Income sustained during the applicable period of restoration, subject to the contractual maximum of
12 consecutive months after the date of direct physical loss or damage. Policy schedules describing BP 00 03 likewise identify Business Income and Extra Expense as actual-loss-sustained coverage not exceeding 12 consecutive months.
Business Income protection is intended to place the insured, within policy limitations, in approximately the financial position it would have occupied had the covered interruption not occurred. It generally incorporates net income that would have been earned plus continuing normal operating expenses, subject to the particular form.
Options A, B, and C materially understate the maximum period prescribed by the BOP wording tested here.
They should not be confused with separate time restrictions that may apply to specific additional coverages, waiting periods, extended business income provisions, payroll limitations, or endorsements.
The Series 17-70 official outline assigns a specific section to the Businessowners (2010) Policy, including property coverage, additional coverages, causes of loss, exclusions, loss conditions, and definitions.
Therefore, the examination answer is D.
NEW QUESTION # 20
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