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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Commercial Property | - Commercial Package Policy - Commercial property forms and endorsements - Businessowners Policy - Commercial General Liability - Commercial property coverage | |
| Topic 2: Insurance Regulation | - Bond requirements - Licensing requirements - Licensing process - Fingerprinting - License maintenance and duration - Qualifications - License renewal - Temporary adjuster permits | |
| Topic 3: Insurance Principles and Concepts | - Morale hazards - Warranties - Hazards - Insurance principles and concepts - Physical hazards - Representations and misrepresentations - Fraud - Moral hazards - Insurance contracts - Concealment - Insurable interest - Waiver and estoppel | |
| Topic 4: Claims Adjustment Procedures | - Mediation - Reservation of rights letters - Execution of releases - Non-waiver agreements - Releases - Claims adjustment procedures - Settlement procedures - Coverage problems - Draft authority - Appraisal - Arbitration - Subrogation procedures - Alternative dispute resolution - Competitive estimates - Advance payments - Negotiation | |
| Topic 5: Dwelling and Homeowners Insurance | - Dwelling policies - New York specific endorsements - Personal umbrella policies - Homeowners liability coverage - Standard Fire Policy - Personal liability supplement - Homeowners property coverage | |
| Topic 6: Commercial Package Policy | 38% | - Monoline versus package policies - First named insured - Common policy declarations - Common policy conditions - Components of a commercial policy |
| Topic 7: New York Unfair Claim Settlement and Prohibited Practices | - Insurance fraud and false statements - Consumer privacy requirements - New York cybersecurity regulation - New York claim settlement laws and regulations - Terrorism Risk Insurance Act - Unfair claim settlement practices | |
| Topic 8: Other Property and Liability Coverages | - Ocean marine - Flood insurance - Aviation insurance - Personal automobile - Excess liability - Surety and fidelity bonds - Crime insurance - Inland marine - Commercial automobile - Workers compensation |
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NEW QUESTION # 102
Which of the following situations would REQUIRE a commercial umbrella policy?
Answer: D
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 # 103
Which liability policy is BEST suited to protect someone who manages private pensions and employee benefits plans?
Answer: A
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 # 104
Charges for transporting a person injured in an aircraft accident by ambulance are covered under
Answer: C
Explanation:
The correct answer is A. Aircraft Medical Payments coverage pays specified medical expenses resulting from bodily injury sustained in connection with a covered aircraft accident, generally without requiring the injured person first to establish negligence against the aircraft owner or operator.
AOPA's aviation-insurance guidance specifically states that aircraft Medical Payments coverage includes expenses such as ambulance, surgical, dental, and professional nursing services. It can also apply to injuries occurring while a person is entering or leaving the aircraft, subject to the policy's limits and conditions.
This protection is distinct from bodily injury liability coverage. Liability insurance responds when an insured is legally responsible for another person's bodily injury, whereas Medical Payments is designed to fund qualifying medical expenses on a limited no-fault basis.
Option B is incorrect because a deductible is the portion of a covered loss retained by the insured rather than a benefit paying medical expenses. Option C refers to the consideration paid for insurance coverage. Option D, fiduciary liability, protects against specified breaches of fiduciary duty and has no relationship to ambulance transportation following an aircraft accident.
The Series 17-70 curriculum includes specialized aviation insurance concepts together with medical-payment and liability distinctions.
Therefore, ambulance charges are properly classified under Medical Payments, making A correct.
NEW QUESTION # 105
Which of the following is a type of adjuster report?
Answer: A
Explanation:
The correct answer is B - Interim Report. An interim report is a recognized claims-adjusting report used when an investigation or adjustment cannot yet be finalized. It updates the insurer concerning the current status of the claim, additional evidence obtained, developments since the preliminary report, revised reserves, outstanding documentation, coverage issues, recovery possibilities, or other material facts.
A strong example appears in FEMA's current NFIP Claims Manual. When an adjuster cannot complete the claim within the prescribed period following the preliminary report, an Interim Report is submitted and additional interim reports continue until the assignment can be concluded.
Option A is overly generic and is not the recognized report classification intended by the question. Option C, an appraisal report, may exist in valuation contexts but is not the standard adjuster-progress report being tested. Option D is incorrect because professional adjuster reporting should be factual and evidence-based rather than subjective.
The Series 17-70 examination framework places substantial emphasis on claims adjustment procedures, gathering evidence, loss valuation, coverage analysis, settlement procedures, and professional claim handling.
Accordingly, an Interim Report is the recognized adjuster report among the choices.
NEW QUESTION # 106
Which of the following is a disruption of a joint in which the bone ends are no longer in contact?
Answer: A
Explanation:
The correct answer is B - Dislocation. A dislocation is a joint injury in which the normal relationship between the bones forming the joint is disrupted and the bone ends are forced out of their normal position.
MedlinePlus describes a dislocation as disruption of the normal position of the ends of two or more bones where they meet at a joint.
A fracture, option A, is a break in a bone and does not necessarily involve displacement of a joint. A sprain, option C, involves stretching or tearing of ligaments that stabilize a joint, while the articulating bones may remain in their normal relationship. A strain, option D, principally involves injury to a muscle or tendon.
This terminology matters to an independent adjuster because accident, automobile, liability, disability, and workers compensation claims frequently require review of medical reports. The nature of an injury affects causation analysis, treatment requirements, expected recovery, disability duration, and valuation of damages.
The Series 17-70 curriculum includes interpretation of medical reports, basic anatomy, medical terminology, and common injuries as part of claims adjustment knowledge. A joint whose opposing bone surfaces are no longer normally positioned is therefore describing a dislocation, not merely a sprain or fracture.
NEW QUESTION # 107
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