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| Section | Weight | Objectives |
|---|---|---|
| Commercial Package Policy | 38% | - Monoline versus package policies - Components of a commercial policy - Common policy conditions - First named insured - Common policy declarations |
| Insurance Regulation | - License renewal - Temporary adjuster permits - Qualifications - Fingerprinting - Bond requirements - Licensing process - Licensing requirements - License maintenance and duration | |
| Claims Adjustment Procedures | - Alternative dispute resolution - Competitive estimates - Reservation of rights letters - Coverage problems - Releases - Execution of releases - Negotiation - Advance payments - Arbitration - Non-waiver agreements - Settlement procedures - Claims adjustment procedures - Subrogation procedures - Mediation - Appraisal - Draft authority | |
| Dwelling and Homeowners Insurance | - Homeowners liability coverage - Standard Fire Policy - New York specific endorsements - Homeowners property coverage - Personal umbrella policies - Personal liability supplement - Dwelling policies | |
| Insurance Principles and Concepts | - Hazards - Morale hazards - Representations and misrepresentations - Fraud - Waiver and estoppel - Insurable interest - Physical hazards - Warranties - Insurance contracts - Moral hazards - Insurance principles and concepts - Concealment | |
| Commercial Property | - Commercial property forms and endorsements - Commercial property coverage - Commercial General Liability - Businessowners Policy - Commercial Package Policy | |
| New York Unfair Claim Settlement and Prohibited Practices | - Insurance fraud and false statements - Unfair claim settlement practices - New York cybersecurity regulation - Terrorism Risk Insurance Act - New York claim settlement laws and regulations - Consumer privacy requirements | |
| Other Property and Liability Coverages | - Commercial automobile - Personal automobile - Flood insurance - Aviation insurance - Excess liability - Surety and fidelity bonds - Ocean marine - Crime insurance - Inland marine - Workers compensation |
>> Certification NY-Independent-General-Adjuster Test Questions <<
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NEW QUESTION # 105
An insurance contract is a contract of utmost good faith because the insurer relies on the truthfulness of the applicant and the insured relies on the insurer's promise to
Answer: D
Explanation:
The correct answer is C - pay the claims. Insurance contracts traditionally incorporate the doctrine of utmost good faith, sometimes expressed by the Latin term uberrimae fidei. The insurance transaction depends heavily on truthful and complete disclosure because the applicant possesses material information concerning the risk, while the insured depends upon the insurer to perform its contractual obligations when an insured loss occurs.
The Series 17-70 official outline expressly identifies utmost good faith, representations, misrepresentations, warranties, concealment, fraud, waiver, and estoppel as legal concepts affecting insurance contracts.
The applicant's obligation is therefore to make truthful representations concerning matters material to underwriting and coverage. Correspondingly, after a covered loss and satisfaction of applicable policy conditions, the insurer must honor its contractual promise to indemnify or otherwise provide the benefits specified by the policy.
Option A is incomplete because simply issuing a policy does not capture the insurer's principal performance obligation after coverage attaches. Filing regulatory reports is a statutory or administrative responsibility and is not the reciprocal contractual promise on which the insured relies. Charging a fair premium is also not the defining reciprocal duty in the doctrine being tested.
Accordingly, the insured relies on the insurer's promise to pay valid covered claims according to the contract, making C correct.
NEW QUESTION # 106
What is NOT an element of verifying coverage?
Answer: C
Explanation:
The correct answer is D - The value of the claim. Coverage verification is performed to determine whether the insurance contract potentially responds to the reported occurrence. The adjuster first confirms that the policy was in force on the date of loss, because a loss occurring outside the effective policy period normally cannot trigger that contract. The adjuster must also establish that the claimant or affected party qualifies as the named insured or another insured person under the applicable provisions.
For a property claim, the adjuster must verify that the damaged property is property insured by the contract, at an insured location where applicable, and subject to the relevant coverage. These are fundamental coverage questions.
The value of the claim, however, concerns loss measurement rather than initial coverage verification. Once coverage has been established, the adjuster evaluates the extent of damage, repair or replacement costs, actual cash value or replacement cost provisions, depreciation, deductibles, limits, coinsurance, and other valuation considerations.
Coverage and valuation must therefore be distinguished. A loss may be covered even though its final monetary value has not yet been determined.
Series 17-70 reference topics: Insurance Basics - Policy Period, Named Insured, Covered Property, Coverage Analysis, Loss Adjustment, and Claim Valuation.
NEW QUESTION # 107
An insurance licensee must do all of the following in order to renew the insurance license EXCEPT
Answer: D
Explanation:
For the New York Independent General Adjuster Series 17-70, the correct answer is D - complete the continuing education requirements. This is an important New York-specific distinction.
The official New York PSI licensing bulletin expressly states that Independent Adjusters are not subject to the continuing-education requirements that apply to resident agents, brokers, consultants, and public adjusters.
The bulletin separately lists Independent Adjusters among license classes exempt from CE.
Renewal itself is governed by Insurance Law §2108. Every adjuster's license expires on December 31 of even- numbered years and may be renewed for the ensuing two calendar years by filing the prescribed renewal application. The law also requires the applicable license fee when applying for renewal.
The wording of option A is imprecise because New York law specifically provides that a renewal application filed by December 31 of the expiration year allows the existing license to continue while the application is processed; the statute does not establish a universal "within 30 days" formulation as written. Nevertheless, the decisive Series 17-70 rule tested here is the CE exemption.
The official Series 17-70 outline specifically includes renewal under §2108(i) and (j).
Therefore, D is the verified Series 17-70 answer.
NEW QUESTION # 108
According to the conditions of Commercial General Liability (CGL), what are the insured's duties in the event of an occurrence, claim, or suit?
Answer: D
Explanation:
The correct answer is B. Under the standard CGL condition titled Duties in the Event of Occurrence, Offense, Claim or Suit, the insured must see that the insurer is notified as soon as practicable of an occurrence or offense that may result in a claim. The notice should, to the extent possible, identify how, when, and where the occurrence happened, the names and addresses of injured persons and witnesses, and the nature and location of resulting injury or damage. New York Court of Appeals decisions reproduce this CGL condition substantially verbatim.
Option A is incorrect because the standard CGL does not establish a universal seven-day reporting deadline.
Option C is defective because cooperation is not discretionary; the insured must cooperate with investigation, settlement, and defense and provide assistance when requested. Option D is far too broad because the policy does not require reporting every business matter.
Once an actual claim or suit is received, additional duties apply, including promptly notifying the insurer and forwarding demands, notices, summonses, and legal papers.
The Series 17-70 outline specifically covers CGL conditions, occurrence versus claims-made coverage, investigation, and duties after loss or claim.
NEW QUESTION # 109
Hired and Non-owned Auto Liability Endorsement covers which of the following?
Answer: A
Explanation:
The correct answer is A. The BOP Hired Auto and Non-Owned Auto Liability Endorsement fills an important gap created by the standard auto exclusion. Non-owned auto liability applies to bodily injury or property damage arising from use of a non-owned automobile in the insured's business. A classic example is an employee using the employee's personally owned automobile while conducting business for the employer.
Standard endorsement wording provides that Non-Owned Auto Liability applies to bodily injury or property damage arising from use of any "non-owned auto" in the business. It specifically contemplates automobiles owned by employees when they are being used for business purposes.
Options B and C involve a company-owned van. An owned business automobile should ordinarily be insured under an appropriate commercial auto policy rather than the BOP's hired/non-owned endorsement. Option D likewise involves a company auto and therefore does not satisfy the non-owned or hired-auto concept.
The endorsement is principally liability coverage; it does not automatically pay physical damage to the employee's personal automobile.
The Series 17-70 BOP curriculum specifically tests the Hired Auto and Non-Owned Auto Liability endorsement, liability exclusions, and automobile-related business exposures.
Therefore, A is correct.
NEW QUESTION # 110
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