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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Claims Adjustment Procedures | - Execution of releases - Non-waiver agreements - Arbitration - Subrogation procedures - Draft authority - Coverage problems - Mediation - Claims adjustment procedures - Advance payments - Releases - Negotiation - Reservation of rights letters - Alternative dispute resolution - Competitive estimates - Appraisal - Settlement procedures | |
| Topic 2: Commercial Package Policy | 38% | - First named insured - Common policy declarations - Components of a commercial policy - Common policy conditions - Monoline versus package policies |
| Topic 3: Dwelling and Homeowners Insurance | - Dwelling policies - Standard Fire Policy - Personal umbrella policies - Homeowners property coverage - Personal liability supplement - New York specific endorsements - Homeowners liability coverage | |
| Topic 4: Commercial Property | - Commercial property forms and endorsements - Commercial property coverage - Commercial General Liability - Businessowners Policy - Commercial Package Policy | |
| Topic 5: Other Property and Liability Coverages | - Excess liability - Flood insurance - Aviation insurance - Crime insurance - Commercial automobile - Personal automobile - Workers compensation - Inland marine - Surety and fidelity bonds - Ocean marine | |
| Topic 6: New York Unfair Claim Settlement and Prohibited Practices | - Terrorism Risk Insurance Act - Unfair claim settlement practices - Insurance fraud and false statements - New York cybersecurity regulation - Consumer privacy requirements - New York claim settlement laws and regulations | |
| Topic 7: Insurance Principles and Concepts | - Warranties - Insurable interest - Physical hazards - Morale hazards - Waiver and estoppel - Representations and misrepresentations - Hazards - Insurance principles and concepts - Insurance contracts - Fraud - Moral hazards - Concealment | |
| Topic 8: Insurance Regulation | - License renewal - Qualifications - Licensing process - Fingerprinting - Temporary adjuster permits - Licensing requirements - License maintenance and duration - Bond requirements |
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NEW QUESTION # 35
A broken bone is the same as a
Answer: D
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 # 36
On a bail bond, a defendant is also known as
Answer: D
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 # 37
Which of the following benefits are NOT paid under workers' compensation laws?
Answer: A
Explanation:
The correct answer is C - Pain and suffering. Workers compensation is a statutory no-fault system designed to provide defined benefits for employees who suffer qualifying occupational injuries or illnesses. New York Workers' Compensation Board guidance identifies benefits including medical care, lost-wage benefits, disability-related awards, survivor benefits, and vocational rehabilitation services.
Workers compensation does not function like a negligence tort action. An injured employee generally does not receive damages for noneconomic elements such as pain, suffering, emotional distress, inconvenience, or loss of enjoyment of life merely because those consequences accompany the occupational injury. Statutory benefits replace the ordinary tort remedy against the employer for covered injuries, subject to limited exceptions under New York law.
Option A is therefore incorrect because vocational rehabilitation services are available to assist qualifying injured workers in returning to employment. Option D is incorrect because cash benefits for disability or lost earning capacity are fundamental workers compensation benefits. Independent medical examinations can also be required within the administration of workers compensation claims; they are not equivalent to tort damages for pain and suffering.
The Series 17-70 outline specifically tests New York Workers Compensation Law, exclusive remedy, covered injuries, benefits provided, disability, medical benefits, and claim procedures.
NEW QUESTION # 38
What is the purpose of a businessowner policy?
Answer: B
Explanation:
The correct answer is C - To allow insureds to provide coverage for their small business. A Businessowners Policy, or BOP, packages several major insurance protections needed by eligible small and medium-sized businesses into a standardized policy. Typical BOP protection combines commercial property coverage, business income and extra expense protection, and business liability coverage. It is designed for businesses that fall within defined eligibility classifications and generally exhibit comparatively predictable exposures.
Option A is incorrect because a BOP is a commercial policy and is not intended to package an individual's personal liability with business liability. Option B describes an excess or surplus lines concept rather than the purpose of a BOP. BOPs are routinely written in the admitted market for eligible businesses. Option D is incorrect because standard workers' compensation insurance is not incorporated into the BOP; it normally requires a separate workers' compensation policy.
The BOP is particularly efficient because property and liability protection can be obtained within a single integrated contract instead of purchasing multiple standalone forms. However, specialized exposures may require separate policies or endorsements.
Series 17-70 reference topics: Businessowners Policy (BOP) - Eligibility, Property Coverage, Business Income, Liability Coverage, Additional Coverages, Exclusions, and Policy Conditions.
NEW QUESTION # 39
An insurance policy written on a replacement cost basis differs from a policy written on an actual cash value basis by the
Answer: A
Explanation:
The correct answer is D - method of determining a loss payment. Replacement Cost and Actual Cash Value are fundamentally loss-valuation methods. They determine how much an insurer owes after a covered physical loss, subject to policy limits, deductibles, insurance-to-value provisions, and other conditions.
New York DFS explains that where property is settled on a replacement cost basis, the insurer generally pays the amount required to repair or replace the damaged property without deducting depreciation, assuming applicable replacement-cost conditions are satisfied. By contrast, traditional actual cash value treatment takes depreciation or similar factors into account when determining the payable amount.
The distinction therefore directly affects the calculation of the claim payment. It is not determined by the original purchase price, which may bear little relationship to either current replacement cost or current value.
The deductible is a separate contractual amount applied according to policy terms and can exist under either valuation method. Premiums can certainly be influenced by the breadth and value of coverage purchased, but the defining distinction between ACV and replacement cost is not merely a premium-calculation method.
The Series 17-70 curriculum expressly tests Actual Cash Value, Replacement Cost, depreciation, valuation, and loss settlement.
Therefore, D is the precise answer.
NEW QUESTION # 40
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