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| Section | Weight | Objectives |
|---|---|---|
| Insurance Regulation | - Qualifications - Fingerprinting - Bond requirements - License maintenance and duration - License renewal - Licensing process - Temporary adjuster permits - Licensing requirements | |
| Other Property and Liability Coverages | - Surety and fidelity bonds - Inland marine - Personal automobile - Excess liability - Flood insurance - Ocean marine - Workers compensation - Aviation insurance - Crime insurance - Commercial automobile | |
| Dwelling and Homeowners Insurance | - New York specific endorsements - Personal liability supplement - Standard Fire Policy - Personal umbrella policies - Dwelling policies - Homeowners liability coverage - Homeowners property coverage | |
| New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - Terrorism Risk Insurance Act - Unfair claim settlement practices - Insurance fraud and false statements - New York claim settlement laws and regulations - Consumer privacy requirements | |
| Commercial Property | - Commercial property forms and endorsements - Businessowners Policy - Commercial General Liability - Commercial property coverage - Commercial Package Policy | |
| Insurance Principles and Concepts | - Fraud - Hazards - Moral hazards - Morale hazards - Physical hazards - Insurance principles and concepts - Insurance contracts - Warranties - Waiver and estoppel - Representations and misrepresentations - Insurable interest - Concealment | |
| Claims Adjustment Procedures | - Arbitration - Alternative dispute resolution - Claims adjustment procedures - Execution of releases - Draft authority - Mediation - Advance payments - Competitive estimates - Reservation of rights letters - Subrogation procedures - Appraisal - Negotiation - Releases - Settlement procedures - Non-waiver agreements - Coverage problems | |
| Commercial Package Policy | 38% | - Components of a commercial policy - First named insured - Common policy conditions - Monoline versus package policies - Common policy declarations |
>> NY-Independent-General-Adjuster Reliable Exam Questions <<
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NEW QUESTION # 89
Which of the following is an example of an unfair claim settlement practice?
Answer: D
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 # 90
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 # 91
A commercial umbrella policy provides coverage in which of the following situations?
Answer: B
Explanation:
The correct answer is D. A commercial umbrella policy provides an additional layer of liability insurance above specified underlying policies, such as Commercial General Liability, Business Auto Liability, or Employers Liability. For a loss covered by both the underlying policy and umbrella, the umbrella generally begins responding after the applicable underlying limits have been exhausted by covered loss, subject to the umbrella's terms, limits, exclusions, and attachment requirements.
Travelers describes umbrella coverage as providing additional limits for types of losses covered by primary policies, while excess liability functions as another layer over primary protection. The Series 17-70 outline specifically tests commercial umbrella coverage, underlying limits, excess coverage, stand-alone coverage, and follow-form concepts.
Option A is incorrect because an umbrella ordinarily does not automatically drop down merely because an underlying insurer becomes insolvent; insolvency treatment depends on the umbrella's exact wording. Option B refers to a personal-auto exposure rather than the commercial liability structure asked about. Option C is incorrect because a loss still within the retained underlying limit is principally the responsibility of the underlying insurer or insured retention.
Thus, once the required underlying policy limits have been exhausted by covered claims, the umbrella layer can attach.
Therefore, D is correct.
NEW QUESTION # 92
On a bail bond, a defendant is also known as
Answer: A
Explanation:
The correct answer is C - principal. A surety arrangement involves distinct parties. The principal is the person whose obligation or performance is being guaranteed. In a bail bond transaction, the criminal defendant is the principal because the bond guarantees the defendant's compliance with the conditions of release, particularly appearance before the court when required.
The surety is the party guaranteeing the obligation and potentially becoming liable under the bond when its terms are breached. The obligee is the party in whose favor the obligation runs-typically the court or governmental authority in a bail context. An indemnitor is a person who agrees to reimburse the surety for losses arising from issuance of the bond. "Indemnity" itself refers to the reimbursement obligation or agreement, not the defendant's party designation.
The New York PSI licensing outline identifies the parties to a surety bond as principal, indemnitor for principal, obligee, and surety. It also specifically uses the phrase "Surrender of principal (defendant)," directly confirming that the defendant is the principal in bail-bond terminology.
Understanding these roles is essential because each party has distinct contractual rights, duties, and financial responsibilities.
Therefore, the defendant on a bail bond is the principal, making C correct.
NEW QUESTION # 93
The self-insured portion of an insurance claim is called a
Answer: D
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 # 94
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