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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Claims Investigation & Adjusting Procedures | 20% | - Evidence gathering, coverage analysis, and policy interpretation - Claim intake, notice of loss, and initial investigation - Loss valuation, damage assessment, and estimating - Settlement negotiation, reservation of rights, and denial procedures |
| Topic 2: Property & Casualty Coverages | 25% | - Commercial Property and Businessowners policies - Automobile coverages — Personal and Commercial - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime - Dwelling and Homeowners policies - General Liability and Commercial General Liability |
| Topic 3: Ethics & Professional Responsibility | 15% | - Fair claims handling standards and professional conduct - Fraud detection and reporting obligations - Fiduciary duty, conflict of interest, and confidentiality |
| Topic 4: Insurance Fundamentals & General Principles | 15% | - Risk management and insurable interest - Insurance contract elements and legal structure - Indemnity, subrogation, utmost good faith |
| Topic 5: New York Insurance Law & Regulations | 25% | - State-specific policy provisions and mandatory endorsements - Licensing requirements, eligibility, and examination rules - Unfair Claims Settlement Practices Act / Regulation 64 - NY Insurance Law Articles and DFS regulations |
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NEW QUESTION # 26
If a licensee has been found to have committed any fraudulent or dishonest practice, the Superintendent may do all of the following EXCEPT
Answer: B
Explanation:
The verified answer is D - withhold the licensee's commissions and/or fees. New York Insurance Law §2110 authorizes the Superintendent of Financial Services to refuse renewal, revoke, or suspend an insurance producer's, consultant's, adjuster's, or other covered license when the licensee has used fraudulent, coercive, or dishonest practices or engaged in specified misconduct.
New York law also authorizes monetary penalties. Insurance Law §2127 permits the Superintendent, in lieu of license revocation or suspension in qualifying proceedings, to impose a monetary penalty. Thus, A and B clearly represent recognized regulatory sanctions.
Option D is the required exception because withholding commissions or fees otherwise earned by a licensee is not listed as the Article 21 disciplinary sanction for fraudulent or dishonest practice. Regulatory action may affect the person's continuing authority to transact insurance and can include suspension, revocation, nonrenewal, and statutory penalties, but it does not operate simply by confiscating the licensee's compensation.
The video's use of "Insurance Commissioner" should also be corrected for New York: the appropriate regulator is the Superintendent of Financial Services.
The Series 17-70 outline tests licensing, disciplinary actions, penalties, suspension, revocation, and prohibited fraudulent or dishonest conduct.
Therefore, D is the verified answer.
NEW QUESTION # 27
The self-insured portion of an insurance claim is called a
Answer: A
Explanation:
The correct answer is D. A deductible is the portion of an otherwise covered loss that the insured agrees to retain before the insurer becomes responsible for the remaining covered amount. In practical risk-management terms, it represents a form of self-insurance or risk retention because the policyholder absorbs losses up to the deductible amount.
New York Department of Financial Services describes a deductible as the amount the insured agrees to be responsible for when a covered loss occurs. DFS also explains that a higher deductible generally means the insured retains a larger portion of the risk and may receive a lower premium in return.
For example, if covered property damage equals $10,000 and the applicable deductible is $1,000, the insured ordinarily bears $1,000 and the insurer pays $9,000, assuming no other policy limitation applies.
Coinsurance is different; it is an insurance-to-value or cost-sharing mechanism and is not simply the initial dollar amount retained by the insured. "Principal" describes a party or monetary concept in other contractual contexts, while "liability" means legal responsibility.
The Series 17-70 curriculum includes deductibles, loss valuation, policy conditions, and claim settlement concepts.
Therefore, D is correct.
NEW QUESTION # 28
After a loss occurs to an insured automobile, according to the conditions of a personal automobile insurance policy, what MUST the insured party do?
Answer: D
Explanation:
The correct answer is D - Permit the insurer to inspect the vehicle before it is repaired. Under the Personal Auto Policy's duties following an accident or loss, a person seeking physical-damage coverage must give the insurer a reasonable opportunity to inspect and appraise damaged property before repair or disposal. This allows the carrier to document the damage, determine whether it resulted from a covered cause of loss, evaluate repairability, estimate repair costs, establish actual cash value where necessary, and determine whether the automobile constitutes a total loss. Standard personal-auto policy language expressly imposes this duty.
Option A is not universally required for every collision. Police notification is specifically required by the standard policy for situations such as theft, while state law may independently impose accident-reporting obligations in particular circumstances. Option B concerns maintaining coverage before the loss, not a post- loss claim duty. Option C does not express the relevant physical-damage requirement.
The insured must also take reasonable steps to protect the covered auto against further loss and comply with other cooperation and documentation requirements.
The official Series 17-70 outline expressly includes Personal Auto Policy-Coverage for Damage to Your Auto and Duties After an Accident or Loss.
Therefore, the required answer is D.
NEW QUESTION # 29
A travel accident policy and a dread-disease contract are examples of
Answer: B
Explanation:
The correct answer is D - limited health insurance policies. Limited health insurance is designed to provide benefits for a narrowly defined event, disease, service, or category of loss rather than the broad spectrum of expenses normally addressed by comprehensive medical coverage.
A travel accident policy provides narrowly focused accident protection associated with travel or specified transportation exposures. Similarly, a specified or dread-disease policy pays benefits only when the insured experiences a specifically designated condition, such as cancer or another condition listed in the contract.
Because their benefit triggers and covered losses are intentionally restricted, both fit the limited-policy classification.
The Series 17-70 examination outline makes this distinction directly. It includes Limited versus comprehensive coverage, "Limited policies," "limited benefits and amounts," and specifically identifies Accident-only and Specified (dread) disease policies among the tested forms.
Options A and B describe methods of organizing insured persons rather than the limited nature of the coverage. Option C, "personal health policies," is too broad and does not identify the essential characteristic being tested.
An adjuster must recognize that a limited policy does not provide general medical insurance merely because an insured experiences medical expenses. Benefits are payable only when the loss falls within the policy's narrowly stated coverage trigger.
Therefore, D is correct.
NEW QUESTION # 30
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 # 31
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