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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Principles and Concepts | - Insurance contracts - Moral hazards - Hazards - Waiver and estoppel - Physical hazards - Fraud - Insurable interest - Morale hazards - Representations and misrepresentations - Warranties - Concealment - Insurance principles and concepts | |
| Topic 2: Commercial Package Policy | 38% | - Monoline versus package policies - First named insured - Common policy conditions - Common policy declarations - Components of a commercial policy |
| Topic 3: New York Unfair Claim Settlement and Prohibited Practices | - New York claim settlement laws and regulations - New York cybersecurity regulation - Terrorism Risk Insurance Act - Insurance fraud and false statements - Unfair claim settlement practices - Consumer privacy requirements | |
| Topic 4: Commercial Property | - Commercial property forms and endorsements - Commercial General Liability - Commercial property coverage - Commercial Package Policy - Businessowners Policy | |
| Topic 5: Other Property and Liability Coverages | - Excess liability - Aviation insurance - Flood insurance - Inland marine - Crime insurance - Commercial automobile - Workers compensation - Personal automobile - Ocean marine - Surety and fidelity bonds | |
| Topic 6: Insurance Regulation | - License maintenance and duration - Temporary adjuster permits - Licensing requirements - License renewal - Qualifications - Licensing process - Bond requirements - Fingerprinting | |
| Topic 7: Claims Adjustment Procedures | - Advance payments - Releases - Claims adjustment procedures - Appraisal - Mediation - Negotiation - Subrogation procedures - Draft authority - Execution of releases - Alternative dispute resolution - Non-waiver agreements - Competitive estimates - Reservation of rights letters - Coverage problems - Arbitration - Settlement procedures | |
| Topic 8: Dwelling and Homeowners Insurance | - Personal umbrella policies - Personal liability supplement - Dwelling policies - Homeowners liability coverage - Homeowners property coverage - New York specific endorsements - Standard Fire Policy |
>> Associate NY-Independent-General-Adjuster Level Exam <<
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NEW QUESTION # 60
Which of the following is NOT a basic peril on all homeowners forms?
Answer: D
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 # 61
The National Flood Insurance Program (NFIP) policies cover
Answer: C
Explanation:
The correct answer is B. The National Flood Insurance Program is designed principally to insure eligible buildings and personal property against direct physical loss by or from flood. The Standard Flood Insurance Policy does not function as broad consequential-loss insurance. Federal policy language expressly distinguishes direct physical flood damage from indirect economic consequences such as loss of use, lost revenue, lost profits, business interruption, and additional living expenses. Therefore, option A and option C do not describe the fundamental NFIP coverage grant.
Option D is also incorrect as a general statement. Sewer or drain backup is not independently treated as a covered flood merely because water enters through a sewer or drain; coverage depends on whether the backup is directly caused by an insured flood meeting the federal policy definition and conditions.
Option B uses simplified exam wording. Technically, NFIP does not cover literally every direct loss without limitation; coverage remains subject to insured-property requirements, exclusions, limits, and deductibles.
Nevertheless, B accurately states the intended coverage principle. The official Series 17-70 outline specifically includes National Flood Insurance Program-eligibility, coverage, flood definition, limits, deductibles, proof of loss, and policy forms.
NEW QUESTION # 62
A special limitation applies to business income losses under a Businessowners Policy (BOP). This limitation applies to losses resulting from loss or damage to
Answer: C
Explanation:
The correct answer is D - electronic media and records. The Businessowners Policy contains a specific limitation affecting Business Income loss caused by direct physical loss of or damage to Electronic Media and Records. This category includes electronic data-processing, recording, or storage media, data stored on such media, and programming records used for electronic data processing or electronically controlled equipment.
Under standard BOP wording, Business Income attributable to damage to electronic media and records is limited to the longer of 60 consecutive days after the direct physical loss or the period reasonably necessary to repair, rebuild, or replace other property damaged by the same occurrence at the described premises.
The purpose is to prevent an open-ended Business Income period solely because restoration or recreation of data takes substantially longer than restoration of the physical equipment or other damaged property.
Security systems and outdoor signs can have their own property limitations, while foundations and retaining walls are addressed through other covered-property or limitation provisions. They are not the subject of this specific Business Income limitation.
The Series 17-70 outline requires knowledge of BOP Business Income, Extra Expense, covered property, limitations, exclusions, loss conditions, and definitions.
Therefore, D is correct.
NEW QUESTION # 63
A broken bone is the same as a
Answer: B
Explanation:
The correct answer is A - fracture. A fracture is the medical term for a break in a bone. The break may be complete or partial and can be classified in numerous ways, including open versus closed, displaced versus nondisplaced, transverse, oblique, comminuted, stress, or other fracture patterns. MedlinePlus expressly identifies a fracture as a break in a bone and lists "broken bone" as an alternative description.
A dislocation differs because it involves bones being forced out of their normal relationship at a joint. A sprain involves ligaments, while a strain typically involves muscles or tendons. Although a serious traumatic event can produce more than one of these injuries simultaneously-for example, a fracture-dislocation-they remain medically distinct conditions.
For an independent general adjuster, accurate medical terminology is important when reviewing bodily injury claims. A diagnosis of fracture may affect emergency treatment, immobilization, surgery, rehabilitation, duration of disability, medical expenses, and the eventual evaluation of damages. The adjuster should therefore distinguish structural injury to bone from injuries involving joints, ligaments, muscles, and tendons.
Accordingly, the medical equivalent of a broken bone is a fracture, making A the only correct choice.
NEW QUESTION # 64
A Public Employee Bond would be REQUIRED for which town employee?
Answer: B
Explanation:
The correct answer is C - Treasurer. A Public Official or Public Employee Bond guarantees the faithful and honest performance of duties by a public official or employee, particularly where the position involves custody, control, collection, or disbursement of public funds.
Treasurers are among the classic positions requiring public official bonds because they exercise direct fiduciary responsibility over governmental money. Surety industry guidance specifically identifies treasurers, tax collectors, clerks, and similar public officials as common positions for which statutory public-official bonds are required. The Surety Association's classification material likewise specifically identifies treasurers and tax collectors as public officials with bonding exposures.
A truck driver, lifeguard, or librarian may certainly be a municipal employee, but those occupations do not inherently involve the fiduciary custody and accounting of public funds that makes a Treasurer the clear examination answer. A particular jurisdiction could impose bonding requirements on additional positions, but that does not alter the general surety principle tested here.
Public official bonds protect the governmental entity and ultimately the public rather than functioning as conventional liability insurance for the official.
The Series 17-70 surety material requires knowledge of official bonds, public employee bonds, fidelity obligations, principals, obligees, and sureties.
Therefore, C is correct.
NEW QUESTION # 65
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