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| Section | Weight | Objectives |
|---|---|---|
| Insurance Regulation | - Qualifications - License renewal - Licensing process - Bond requirements - License maintenance and duration - Fingerprinting - Temporary adjuster permits - Licensing requirements | |
| Dwelling and Homeowners Insurance | - Standard Fire Policy - Homeowners property coverage - Personal umbrella policies - Personal liability supplement - Dwelling policies - Homeowners liability coverage - New York specific endorsements | |
| New York Unfair Claim Settlement and Prohibited Practices | - New York claim settlement laws and regulations - Unfair claim settlement practices - Insurance fraud and false statements - New York cybersecurity regulation - Terrorism Risk Insurance Act - Consumer privacy requirements | |
| Claims Adjustment Procedures | - Non-waiver agreements - Mediation - Appraisal - Arbitration - Negotiation - Reservation of rights letters - Advance payments - Settlement procedures - Draft authority - Coverage problems - Claims adjustment procedures - Execution of releases - Subrogation procedures - Alternative dispute resolution - Competitive estimates - Releases | |
| Commercial Property | - Commercial property coverage - Commercial Package Policy - Commercial property forms and endorsements - Commercial General Liability - Businessowners Policy | |
| Insurance Principles and Concepts | - Insurance principles and concepts - Waiver and estoppel - Moral hazards - Insurable interest - Morale hazards - Representations and misrepresentations - Concealment - Fraud - Hazards - Warranties - Physical hazards - Insurance contracts | |
| Commercial Package Policy | 38% | - Common policy declarations - First named insured - Common policy conditions - Components of a commercial policy - Monoline versus package policies |
| Other Property and Liability Coverages | - Inland marine - Ocean marine - Personal automobile - Crime insurance - Aviation insurance - Flood insurance - Excess liability - Workers compensation - Surety and fidelity bonds - Commercial automobile |
>> NY-Independent-General-Adjuster Interactive Questions <<
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NEW QUESTION # 89
What percentage of loss of wages is covered under Personal Injury Protection (PIP)?
Answer: C
Explanation:
The correct answer is C - 80%. New York's mandatory No-Fault system, formally established under the Comprehensive Motor Vehicle Insurance Reparations Act, provides Personal Injury Protection benefits for qualifying basic economic loss resulting from a motor vehicle accident.
New York Department of Financial Services guidance states specifically that Basic No-Fault coverage pays
80% of lost earnings from work, subject to a maximum payment of $2,000 per month for up to three years from the date of the accident. Applicable statutory offsets may reduce the amount payable, including qualifying Workers Compensation, New York disability, or federal Social Security disability benefits.
PIP also includes reasonable and necessary accident-related medical and rehabilitation expenses, specified other necessary expenses, and a death benefit, all subject to the statutory structure and the basic No-Fault limit.
The Series 17-70 official outline directly identifies the Comprehensive Motor Vehicle Insurance Reparations Act (PIP), medical expenses, rehabilitation, loss of earnings, funeral expenses, substitution services, OBEL, and additional PIP as examination content.
Option D is incorrect because No-Fault does not replace 100% of wages. Options A and B understate the statutory percentage.
Accordingly, the New York PIP wage-loss percentage tested by this question is 80%, making C correct.
NEW QUESTION # 90
Which of the following situations would REQUIRE a commercial umbrella policy?
Answer: B
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 # 91
Which liability policy is BEST suited to protect someone who manages private pensions and employee benefits plans?
Answer: C
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 # 92
Which of the following is the medical abbreviation for getting something done immediately?
Answer: A
Explanation:
The correct answer is B - Stat. The medical abbreviation "stat" derives from the Latin statim, meaning immediately. In medical documentation and treatment instructions, a stat order indicates that the specified procedure, medication, diagnostic test, or other clinical action should be performed without ordinary scheduling delay because prompt action is required.
Option A, A and P, does not mean immediately. Depending on context, similar abbreviations may refer to anatomy and physiology or another clinical designation. Option C, Rx, commonly refers to a prescription, prescribed treatment, or therapy and does not establish urgency. Option D, DNR, means Do Not Resuscitate and identifies an instruction concerning cardiopulmonary resuscitation rather than the timing of treatment.
Medical terminology is relevant to accident and health claim adjustment because adjusters must accurately interpret medical records, physician reports, treatment documentation, hospital bills, diagnostic information, and indications of emergency care. A misunderstanding of basic medical terminology can materially affect evaluation of causation, necessity of treatment, disability periods, and damages.
Accordingly, where a medical record directs that an action be performed immediately, "stat" is the recognized term.
Series 17-70 reference topics: Other Coverages - Accident and Health Claims, Medical Terminology, Medical Documentation, and Evaluation of Treatment Records.
NEW QUESTION # 93
Which of the following is NOT an expense that could be covered by the Comprehensive Motor Vehicle Insurance Reparations Act (PIP)?
Answer: C
Explanation:
The correct answer is D - Property damage. New York's Comprehensive Motor Vehicle Insurance Reparations Act establishes the state's No-Fault / Personal Injury Protection system. PIP is designed to reimburse qualifying injured persons for basic economic loss resulting from bodily injury arising out of the use or operation of a motor vehicle, without regard to fault.
New York DFS states that basic No-Fault protection includes medical and health expenses, lost earnings, and certain other reasonable and necessary expenses. Medical expenses expressly include dental services, so both options A and C may qualify. Lost earnings are also expressly included, subject to statutory limitations.
Property damage is fundamentally different. Damage to another person's vehicle or other property is handled under property damage liability coverage, not first-party PIP benefits. PIP follows the injured person and addresses economic losses caused by personal injury; it does not reimburse the insured for physical damage to automobiles or other tangible property.
The Series 17-70 examination outline specifically includes the Comprehensive Motor Vehicle Insurance Reparations Act, mandatory Personal Injury Protection, basic economic loss, and New York auto coverage requirements.
Therefore, D is correct.
NEW QUESTION # 94
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