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| Section | Weight | Objectives |
|---|---|---|
| Insurance Fundamentals & General Principles | 15% | - Insurance contract elements and legal structure - Indemnity, subrogation, utmost good faith - Risk management and insurable interest |
| New York Insurance Law & Regulations | 25% | - State-specific policy provisions and mandatory endorsements - NY Insurance Law Articles and DFS regulations - Unfair Claims Settlement Practices Act / Regulation 64 - Licensing requirements, eligibility, and examination rules |
| Claims Investigation & Adjusting Procedures | 20% | - Settlement negotiation, reservation of rights, and denial procedures - Claim intake, notice of loss, and initial investigation - Loss valuation, damage assessment, and estimating - Evidence gathering, coverage analysis, and policy interpretation |
| Ethics & Professional Responsibility | 15% | - Fraud detection and reporting obligations - Fiduciary duty, conflict of interest, and confidentiality - Fair claims handling standards and professional conduct |
| Property & Casualty Coverages | 25% | - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime - Automobile coverages — Personal and Commercial - General Liability and Commercial General Liability - Dwelling and Homeowners policies - Commercial Property and Businessowners policies |
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NEW QUESTION # 36
A policy that limits coverage to specific causes of loss is called
Answer: A
Explanation:
The correct answer is D - named perils. A named-perils policy provides coverage only when the direct physical loss is caused by a peril specifically identified in the contract. Typical named perils can include fire, lightning, windstorm, hail, explosion, smoke, vandalism, or other causes expressly listed in the applicable form. If the cause of loss is not among the listed covered perils, coverage generally does not apply unless another provision or endorsement extends protection.
This contrasts with an open-perils, sometimes historically called "all risk," form. An open-perils contract generally covers direct physical loss unless the cause is specifically excluded or limited. The burden of analyzing the loss therefore differs substantially between named-perils and open-perils structures.
Option A is incorrect because exclusions remove or restrict coverage rather than define a policy that affirmatively insures only specifically listed causes. Option B concerns loss valuation rather than the scope of insured perils. Option C describes the opposite coverage approach.
The official Series 17-70 outline specifically includes "Named perils versus special (open) perils," direct loss, consequential loss, policy structure, exclusions, and conditions as tested Insurance Basics concepts.
NEW QUESTION # 37
If insurance is used to establish proof of financial responsibility to comply with the Motor Carrier Act of 1980, what endorsement can be used?
Answer: A
Explanation:
The correct answer is B - MCS-90 endorsement. The MCS-90 is the federally prescribed endorsement attached to a motor carrier's liability insurance policy to demonstrate compliance with applicable public- liability financial-responsibility requirements.
The Federal Motor Carrier Safety Administration identifies Form MCS-90 as the Endorsement for Motor Carrier Policies of Insurance for Public Liability under Sections 29 and 30 of the Motor Carrier Act of 1980.
FMCSA further states that the endorsement is required under 49 CFR §387.15 for motor carriers subject to the applicable federal financial-responsibility rules.
The MCS-90 is attached to the carrier's liability policy rather than to a specific individual vehicle. Its purpose is to assure payment, within the federally required limits, of qualifying final judgments for public liability arising from negligence in the operation, maintenance, or use of covered motor vehicles.
The Additional Insured-Lessor endorsement deals with leased-vehicle relationships. The Individual Named Insured endorsement addresses particular personal-type coverage needs under commercial auto forms. The Mobile Equipment endorsement addresses equipment that otherwise falls outside ordinary automobile classifications.
The Series 17-70 commercial-auto material includes Motor Carrier coverage, federal financial responsibility, endorsements, liability limits, and commercial automobile forms.
Therefore, MCS-90, option B, is the required endorsement.
NEW QUESTION # 38
Which section of an insurance policy clarifies the meanings of certain terms used in the policy?
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 # 39
A policy covering all causes of loss to an aircraft is known as
Answer: A
Explanation:
The correct examination answer is A - Comprehensive. Aircraft physical-damage insurance is commonly referred to as aircraft hull insurance. When written on the broadest physical-damage basis, it is generally described as all-risk hull or comprehensive hull coverage and protects against direct physical loss of or damage to the insured aircraft from covered causes except those specifically excluded.
Modern aviation insurers expressly describe aircraft hull protection as Hull All Risks, covering physical loss or damage to an aircraft while on the ground and in flight. Comprehensive aircraft coverage can address events such as accidental collision, ground damage, storms, hail, theft, vandalism, and other fortuitous causes, subject to exclusions, deductibles, pilot requirements, use restrictions, and policy territory.
Option B, Named Perils, is narrower because coverage exists only for causes specifically listed. Option C,
"All Inclusive," is not the standard aviation insurance classification used for this form of hull protection.
Option D, Liability, protects the insured against legal responsibility for injury or damage to others; it does not principally insure physical loss to the aircraft itself.
The Series 17-70 syllabus includes Aircraft Hull and Aircraft Liability coverages, requiring candidates to distinguish first-party aircraft damage from third-party liability.
Therefore, A is correct.
NEW QUESTION # 40
The policy benefits are found in what part of an insurance policy?
Answer: C
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 # 41
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