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Insurance Licensing NY-Independent-General-Adjuster Exam Syllabus Topics:

Section	Weight	Objectives
Adjusting Losses	11%	- Claim Settlement 1. Subrogation, Appraisal and Arbitration 2. Negotiation and Releases - Property and Liability Losses 1. Estimates, Depreciation and Salvage 2. Coverage Verification and Loss Evaluation - Role of the Adjuster 1. Duties and Responsibilities 2. Independent, Staff and Public Adjusters - Claim Investigation 1. Claim Reporting and Documentation 2. Evidence and Witness Statements
Accident and Health Insurance Basics	6%	- Accident and Health Claims 1. Notice and Proof of Loss 2. Investigation and Payment of Claims - Types of Coverage 1. Accidental Injury and Sickness 2. Disability, Medical and Long-Term Care - Limited Policies 1. Accident-Only and Specified Disease 2. Hospital, Dental and Vision Coverage
Insurance Regulation	6%	- Disciplinary Actions 1. Suspension and Revocation 2. Penalties and Cease and Desist Orders - Licensing Requirements 1. Qualifications and Application 2. Bond and Fingerprinting - Claim Settlement Regulations 1. Consumer Privacy 2. Unfair Claim Practices - License Maintenance 1. Assumed Names and Reporting 2. Renewal and Changes
Homeowners Policy	10%	- Perils, Exclusions and Conditions 1. Perils Insured Against 2. Exclusions and Conditions - Property Coverages 1. Loss of Use and Additional Coverages 2. Dwelling, Other Structures and Personal Property - Liability Coverages 1. Medical Payments to Others 2. Personal Liability - Coverage Forms 1. HO-8 2. HO-2 through HO-6 - Selected Endorsements 1. Earthquake, Identity Fraud and Home Business 2. New York Special Provisions
Personal Inland Marine	13%	- Personal Property Floater 1. Coverage and Eligible Property - Personal Effects Floater 1. Coverage and Loss Settlement - Personal Articles Floater 1. Scheduled Personal Property
Dwelling Policy	6%	- Property Coverages 1. Dwelling and Other Structures 2. Personal Property and Loss of Use - Exclusions, Conditions and Endorsements 1. General Exclusions and Conditions 2. New York and Selected Endorsements - Coverage Forms and Perils 1. Covered Perils 2. Basic, Broad and Special Forms
Medical Reports and Terminology	4%	- Basic Human Anatomy 1. Cardiovascular and Abdominal Systems 2. Skeletal, Nervous and Respiratory Systems - Injuries, Diseases and Medical Tests 1. Common Injuries and Diseases 2. Diagnostic Tests - Medical Terminology 1. Prefixes, Suffixes and Abbreviations 2. Medical Specialties
Commercial Package Policy	38%	- Commercial Policy Components 1. Common Policy Declarations 2. Common Policy Conditions - Transportation Coverages 1. Transit Coverage 2. Motor Truck Cargo 3. Common Carrier Legal Liability - Commercial Inland Marine 1. Accounts Receivable and Valuable Papers 2. Marine Definition and Conditions 3. Contractors Equipment and Installation Floaters 4. Jewelers Block, Signs and Electronic Data Processing
Insurance Basics	6%	- Policy Structure 1. Limits, Deductibles and Other Insurance 2. Declarations, Conditions and Exclusions 3. Subrogation, Salvage and Loss Settlement - Insurance Principles 1. Insurable Interest and Indemnity 2. Hazards, Negligence and Liability 3. Causes and Valuation of Loss - Insurance Contracts 1. Representations, Warranties and Concealment 2. Elements and Characteristics

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Insurance Licensing NewYorkIndependent General Adjuster (Series 17-70) Sample Questions (Q73-Q78):

NEW QUESTION # 73
A limit of insurance that determines the maximum amount that can be paid out annually is

A. a single limit.
B. an occurrence limit.
C. an aggregate limit.
D. a face amount.

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 # 74
Which is NOT a type of bond?

A. Performance.
B. Court.
C. Obligee.
D. Bid.

Answer: C

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 # 75
Which section of an insurance policy clarifies the meanings of certain terms used in the policy?

A. Declarations.
B. Definitions.
C. Insuring agreements.
D. Conditions.

Answer: B

Explanation:
The correct answer is D - Definitions. The Definitions section establishes the contractual meaning of important words and phrases used throughout an insurance policy. Defined terms often appear in quotation marks, boldface, or another distinctive format and must be interpreted according to the policy definition rather than solely according to ordinary conversational meaning. This is critical for adjusters because coverage determinations frequently depend on whether a person, property, event, or circumstance satisfies a defined term such as "insured," "occurrence," "bodily injury," "property damage," "residence premises," or "your covered auto." The Insuring Agreement states the insurer's basic promise to provide coverage when specified requirements are met. The Declarations identify policy-specific information such as the named insured, policy period, insured property, selected coverages, limits, and deductibles. The Conditions establish contractual rules and duties governing matters such as notice of loss, cooperation, cancellation, and claim handling.
An adjuster should therefore review definitions together with the coverage grant, exclusions, and conditions before reaching a coverage decision. A term defined within the contract controls the interpretation of that term for that policy.
Series 17-70 reference topics: Insurance Basics - Policy Structure, Definitions, Insuring Agreement, Declarations, Conditions, and Interpretation of Policy Language.

NEW QUESTION # 76
Which of the following does NOT constitute an element of acceptance of a settlement offer to a claimant?

A. The acceptance must be unconditional.
B. The person to whom the offer was made must accept the offer.
C. The person accepting the offer does so with no more than one contingent stipulation.
D. The person accepting the offer must communicate the acceptance by appropriate word or act.

Answer: C

Explanation:
The correct answer is C. A valid acceptance of an ordinary settlement offer must generally constitute unconditional assent to the offer's terms. Under the traditional common-law mirror-image principle, an alleged acceptance that changes, qualifies, or makes acceptance contingent upon an additional term is ordinarily treated as a counteroffer rather than acceptance of the original offer. Cornell's Legal Information Institute describes the mirror-image rule as requiring unconditional assent without modifications.
Therefore, there is no rule allowing the accepting party to add "one contingent stipulation" while still necessarily creating an acceptance. Even one material condition may prevent formation of the settlement on the original terms.
Option A is an element of proper acceptance. Option B is also correct because acceptance must ordinarily be manifested or communicated through an appropriate word, act, or other authorized method. Option D reflects the principle that the offeree-the person to whom the offer was made-is the party possessing the power to accept it. Cornell notes that an offer grants the offeree the power to accept and create a binding agreement.
Settlement agreements are contracts, so ordinary principles of offer, acceptance, consideration, authority, and mutual assent apply.
Accordingly, C is the statement that does not constitute a proper element of acceptance.

NEW QUESTION # 77
Which liability policy is BEST suited to protect someone who manages private pensions and employee benefits plans?

A. Directors and Officers.
B. Errors and Omissions.
C. Malpractice.
D. Fiduciary Liability.

Answer: D

Explanation:
The correct answer is C - Fiduciary Liability. Individuals who exercise discretionary authority or control over employee benefit plans, including private pension or retirement plans, can have fiduciary responsibilities under ERISA. Fiduciary liability insurance is specifically designed to address claims alleging breaches in those responsibilities, including improper plan administration, imprudent investment decisions, failure to follow plan documents, conflicts of interest, or other alleged fiduciary misconduct.
Travelers explains that persons who manage retirement or health plans or control plan assets may be fiduciaries and may face personal liability for breach of fiduciary duty. Chubb similarly identifies employee welfare and retirement plan fiduciary liability as a specialized exposure that conventional Directors and Officers coverage may not adequately address.
Errors and Omissions insurance addresses professional service errors more generally. Malpractice is associated primarily with designated professional practices such as medicine or law. Directors and Officers insurance principally protects corporate directors and officers against wrongful acts arising from organizational management, but it is not the dedicated coverage for ERISA fiduciary exposures.
The Series 17-70 outline expressly lists Fiduciary Liability under Specialty Liability Insurance.
Therefore, C provides the most directly applicable protection.

NEW QUESTION # 78
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