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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Fundamentals & General Principles | 15% | - Indemnity, subrogation, utmost good faith - Risk management and insurable interest - Insurance contract elements and legal structure |
| Topic 2: Claims Investigation & Adjusting Procedures | 20% | - Claim intake, notice of loss, and initial investigation - Settlement negotiation, reservation of rights, and denial procedures - Loss valuation, damage assessment, and estimating - Evidence gathering, coverage analysis, and policy interpretation |
| Topic 3: Property & Casualty Coverages | 25% | - General Liability and Commercial General Liability - Automobile coverages — Personal and Commercial - Dwelling and Homeowners policies - Commercial Property and Businessowners policies - Specialty lines — Inland Marine, Flood, Workers' Compensation, Crime |
| Topic 4: New York Insurance Law & Regulations | 25% | - State-specific policy provisions and mandatory endorsements - NY Insurance Law Articles and DFS regulations - Unfair Claims Settlement Practices Act / Regulation 64 - Licensing requirements, eligibility, and examination rules |
| Topic 5: Ethics & Professional Responsibility | 15% | - Fraud detection and reporting obligations - Fiduciary duty, conflict of interest, and confidentiality - Fair claims handling standards and professional conduct |
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NEW QUESTION # 72
What percentage of loss of wages is covered under Personal Injury Protection (PIP)?
Answer: B
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 # 73
A travel accident policy and a dread-disease contract are examples of
Answer: A
Explanation:
The correct answer is D - limited health insurance policies. Limited health insurance is designed to provide benefits for a narrowly defined event, disease, service, or category of loss rather than the broad spectrum of expenses normally addressed by comprehensive medical coverage.
A travel accident policy provides narrowly focused accident protection associated with travel or specified transportation exposures. Similarly, a specified or dread-disease policy pays benefits only when the insured experiences a specifically designated condition, such as cancer or another condition listed in the contract.
Because their benefit triggers and covered losses are intentionally restricted, both fit the limited-policy classification.
The Series 17-70 examination outline makes this distinction directly. It includes Limited versus comprehensive coverage, "Limited policies," "limited benefits and amounts," and specifically identifies Accident-only and Specified (dread) disease policies among the tested forms.
Options A and B describe methods of organizing insured persons rather than the limited nature of the coverage. Option C, "personal health policies," is too broad and does not identify the essential characteristic being tested.
An adjuster must recognize that a limited policy does not provide general medical insurance merely because an insured experiences medical expenses. Benefits are payable only when the loss falls within the policy's narrowly stated coverage trigger.
Therefore, D is correct.
NEW QUESTION # 74
On a bail bond, a defendant is also known as
Answer: A
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 # 75
An insurance licensee must do all of the following in order to renew the insurance license EXCEPT
Answer: C
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 # 76
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: D
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 # 77
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