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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Principles and Concepts | - Insurable interest - Hazards - Concealment - Fraud - Physical hazards - Waiver and estoppel - Insurance contracts - Representations and misrepresentations - Moral hazards - Morale hazards - Warranties - Insurance principles and concepts | |
| Topic 2: Commercial Property | - Commercial General Liability - Businessowners Policy - Commercial Package Policy - Commercial property coverage - Commercial property forms and endorsements | |
| Topic 3: Claims Adjustment Procedures | - Alternative dispute resolution - Non-waiver agreements - Advance payments - Draft authority - Claims adjustment procedures - Negotiation - Mediation - Subrogation procedures - Releases - Settlement procedures - Competitive estimates - Appraisal - Execution of releases - Reservation of rights letters - Coverage problems - Arbitration | |
| Topic 4: New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - Terrorism Risk Insurance Act - New York claim settlement laws and regulations - Consumer privacy requirements - Unfair claim settlement practices - Insurance fraud and false statements | |
| Topic 5: Other Property and Liability Coverages | - Surety and fidelity bonds - Excess liability - Personal automobile - Workers compensation - Ocean marine - Flood insurance - Commercial automobile - Aviation insurance - Inland marine - Crime insurance | |
| Topic 6: Commercial Package Policy | 38% | - Common policy conditions - Common policy declarations - Components of a commercial policy - Monoline versus package policies - First named insured |
| Topic 7: Dwelling and Homeowners Insurance | - Personal liability supplement - Homeowners property coverage - Personal umbrella policies - New York specific endorsements - Dwelling policies - Homeowners liability coverage - Standard Fire Policy | |
| Topic 8: Insurance Regulation | - Bond requirements - Temporary adjuster permits - Licensing requirements - Fingerprinting - Licensing process - License maintenance and duration - License renewal - Qualifications |
>> Exam Insurance Licensing NY-Independent-General-Adjuster Answers <<
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NEW QUESTION # 12
The self-insured portion of an insurance claim is called a
Answer: C
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 # 13
Damage caused to a farmer's crops during an emergency aircraft landing would be covered by
Answer: D
Explanation:
The correct verified answer is D - Property damage liability. The farmer's crops constitute tangible property belonging to another party from the aircraft operator's perspective. If an insured aircraft makes an emergency landing and physically damages those crops, the applicable third-party aviation exposure is property damage liability: the aircraft owner or operator may become legally obligated to compensate the farmer for physical damage to the farmer's property.
This must not be confused with farm liability. Farm liability protects a farm insured against claims alleging bodily injury or property damage for which the farm insured becomes legally liable. It is liability insurance, not first-party physical damage coverage for the farmer's own crops. The official Series 17-70 outline describes Farm Coverage H as Bodily Injury and Property Damage Liability, reinforcing this third-party distinction.
Products liability is unrelated because the loss does not arise from a defective or harmful product. A deductible is simply the portion of an insured loss retained by the insured and is not a category of coverage.
Most importantly, the official Series 17-70 blueprint separately identifies Aircraft Liability Coverages, including property damage liability, as tested subject matter.
Accordingly, D, not farm liability, is the technically correct answer for the scenario presented.
NEW QUESTION # 14
Which of the following is NOT a basic peril on all homeowners forms?
Answer: C
Explanation:
The correct answer is D - Flood. Standard homeowners insurance does not treat flood as one of its basic insured perils. Flood is generally excluded from ordinary homeowners property coverage and normally requires separate flood insurance, such as coverage obtained through the National Flood Insurance Program or an eligible private flood insurer.
By contrast, riot or civil commotion, smoke, and volcanic eruption are among the standard named causes of loss appearing in homeowners forms. The Insurance Information Institute's comparison of homeowners perils identifies riot/civil commotion, smoke, and volcanic eruption as covered causes while explaining that flood requires separate protection.
The exclusion of flood is particularly important for adjusters because "water damage" is not a single coverage category. The adjuster must determine the actual mechanism and source of water-such as plumbing leakage, rain entering through covered storm damage, surface water, tidal overflow, sewer backup, or flood-and then apply the specific policy language.
The official Series 17-70 outline requires knowledge of the Homeowners 2011 Policy, including perils insured against, exclusions, and conditions. It separately identifies the National Flood Insurance Program elsewhere in the broader property curriculum.
Therefore, the peril that is not a basic homeowners peril is D - Flood.
NEW QUESTION # 15
What is NOT an element of verifying coverage?
Answer: B
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 # 16
On a bail bond, a defendant is also known as
Answer: C
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 # 17
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