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| Section | Weight | Objectives |
|---|---|---|
| Insurance Regulation | - Bond requirements - License renewal - Qualifications - Licensing process - Licensing requirements - Temporary adjuster permits - Fingerprinting - License maintenance and duration | |
| Insurance Principles and Concepts | - Moral hazards - Warranties - Waiver and estoppel - Insurance principles and concepts - Concealment - Morale hazards - Physical hazards - Insurable interest - Insurance contracts - Hazards - Fraud - Representations and misrepresentations | |
| Dwelling and Homeowners Insurance | - Homeowners liability coverage - Homeowners property coverage - Standard Fire Policy - Personal liability supplement - New York specific endorsements - Personal umbrella policies - Dwelling policies | |
| Commercial Package Policy | 38% | - First named insured - Common policy declarations - Monoline versus package policies - Components of a commercial policy - Common policy conditions |
| Commercial Property | - Businessowners Policy - Commercial property coverage - Commercial General Liability - Commercial Package Policy - Commercial property forms and endorsements | |
| New York Unfair Claim Settlement and Prohibited Practices | - Insurance fraud and false statements - New York claim settlement laws and regulations - Terrorism Risk Insurance Act - New York cybersecurity regulation - Unfair claim settlement practices - Consumer privacy requirements | |
| Claims Adjustment Procedures | - Settlement procedures - Claims adjustment procedures - Advance payments - Coverage problems - Negotiation - Arbitration - Alternative dispute resolution - Competitive estimates - Execution of releases - Appraisal - Subrogation procedures - Draft authority - Releases - Reservation of rights letters - Mediation - Non-waiver agreements | |
| Other Property and Liability Coverages | - Excess liability - Crime insurance - Flood insurance - Personal automobile - Commercial automobile - Workers compensation - Inland marine - Surety and fidelity bonds - Ocean marine - Aviation insurance |
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NEW QUESTION # 28
An insurance policy written on a replacement cost basis differs from a policy written on an actual cash value basis by the
Answer: B
Explanation:
The correct answer is D - method of determining a loss payment. Replacement Cost and Actual Cash Value are fundamentally loss-valuation methods. They determine how much an insurer owes after a covered physical loss, subject to policy limits, deductibles, insurance-to-value provisions, and other conditions.
New York DFS explains that where property is settled on a replacement cost basis, the insurer generally pays the amount required to repair or replace the damaged property without deducting depreciation, assuming applicable replacement-cost conditions are satisfied. By contrast, traditional actual cash value treatment takes depreciation or similar factors into account when determining the payable amount.
The distinction therefore directly affects the calculation of the claim payment. It is not determined by the original purchase price, which may bear little relationship to either current replacement cost or current value.
The deductible is a separate contractual amount applied according to policy terms and can exist under either valuation method. Premiums can certainly be influenced by the breadth and value of coverage purchased, but the defining distinction between ACV and replacement cost is not merely a premium-calculation method.
The Series 17-70 curriculum expressly tests Actual Cash Value, Replacement Cost, depreciation, valuation, and loss settlement.
Therefore, D is the precise answer.
NEW QUESTION # 29
What is NOT an element of verifying coverage?
Answer: C
Explanation:
The correct answer is D - The value of the claim. Coverage verification is performed to determine whether the insurance contract potentially responds to the reported occurrence. The adjuster first confirms that the policy was in force on the date of loss, because a loss occurring outside the effective policy period normally cannot trigger that contract. The adjuster must also establish that the claimant or affected party qualifies as the named insured or another insured person under the applicable provisions.
For a property claim, the adjuster must verify that the damaged property is property insured by the contract, at an insured location where applicable, and subject to the relevant coverage. These are fundamental coverage questions.
The value of the claim, however, concerns loss measurement rather than initial coverage verification. Once coverage has been established, the adjuster evaluates the extent of damage, repair or replacement costs, actual cash value or replacement cost provisions, depreciation, deductibles, limits, coinsurance, and other valuation considerations.
Coverage and valuation must therefore be distinguished. A loss may be covered even though its final monetary value has not yet been determined.
Series 17-70 reference topics: Insurance Basics - Policy Period, Named Insured, Covered Property, Coverage Analysis, Loss Adjustment, and Claim Valuation.
NEW QUESTION # 30
Which of the following situations would REQUIRE a commercial umbrella policy?
Answer: C
Explanation:
The correct answer is D - covering large losses that exceed the underlying liability coverage. A commercial umbrella policy is designed primarily to provide an additional layer of liability protection above specified underlying insurance, commonly Commercial General Liability, Business Auto Liability, and Employers Liability.
When a covered catastrophic claim exceeds the applicable underlying policy limit, the umbrella can respond above that exhausted limit, subject to its attachment point, exclusions, retained limits, and other contractual provisions. Insurance industry guidance describes commercial umbrella insurance as protection intended for unusually large losses after the underlying liability limits have been used up.
Option A is incorrect because statutory minimum insurance requirements are generally satisfied through required primary insurance, not by purchasing an umbrella. Option B is unrelated; the NAIC does not mandate umbrella insurance merely to make an insured's policies uniform. Option C is also incorrect because reinsurance protects insurers and surplus lines insurance addresses risks that may not be available in the admitted market; neither is replaced simply by an insured purchasing umbrella coverage.
A commercial umbrella may also provide broader protection than pure follow-form excess insurance, depending on its specific wording.
The Series 17-70 curriculum specifically tests Commercial Umbrella CU 00 01, underlying limits, excess coverage, stand-alone coverage, and follow-form concepts.
Therefore, D is correct.
NEW QUESTION # 31
The liability section of a businessowners policy (BOP) covers which of the following?
Answer: D
Explanation:
The correct answer is D - Customer injured on the business premises. The Businessowners Policy liability section protects an eligible business against covered legal liability for bodily injury, property damage, and personal and advertising injury arising from covered business operations. A customer who is injured on the insured premises represents a classic premises-liability exposure.
Option A concerns first-party property damage to the insured building. A roof damaged by a covered windstorm would therefore be analyzed under the BOP property section, not business liability coverage.
Option B is incorrect because bodily injury to an employee arising out of and in the course of employment is generally excluded from ordinary BOP business liability coverage and is instead addressed by Workers Compensation and Employers Liability insurance.
Option C is also incorrect in the ordinary BOP liability form because bodily injury arising from ownership, maintenance, or use of autos is subject to the policy's auto exclusion. Commercial auto exposures typically require separate Business Auto coverage or an applicable BOP endorsement for limited hired/nonowned auto liability.
The official Series 17-70 blueprint expressly tests the Businessowners liability coverage form, coverages, exclusions, who is an insured, limits, general conditions, and hired/nonowned auto endorsements.
Therefore, D is correct.
NEW QUESTION # 32
The policy benefits are found in what part of an insurance policy?
Answer: D
Explanation:
The correct answer is A - Declarations. The declarations page provides policy-specific information identifying the coverages and benefits selected by the insured, together with applicable limits, deductibles, policy dates, insured information, covered property, vehicles, or locations as appropriate. New York DFS describes the declarations page as a summary of the insured's coverage and requires covered benefits and limits to be accurately reflected there.
The technical distinction is important: the Insuring Agreement contains the insurer's operative contractual promise to pay or perform when the coverage requirements are satisfied. However, because "Insuring Agreement" is not among the answer choices, the declarations page is the correct response to where the policy's selected benefits and coverage amounts are identified.
Option B, Conditions, establishes contractual requirements governing performance of the policy. Option C, the insured's duties, concerns obligations such as providing notice, protecting damaged property, submitting documentation, and cooperating with investigation. Option D, Exclusions, removes or restricts coverage that would otherwise fall within the coverage grant.
An adjuster should never read the declarations page in isolation; it must be interpreted together with the coverage form, definitions, exclusions, conditions, and endorsements.
Series 17-70 reference topics: Insurance Basics - Declarations, Policy Benefits, Coverage Limits, Conditions, Exclusions, and Policy Structure.
NEW QUESTION # 33
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