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| Section | Weight | Objectives |
|---|---|---|
| Other Property and Liability Coverages | - Aviation insurance - Surety and fidelity bonds - Inland marine - Workers compensation - Excess liability - Commercial automobile - Personal automobile - Ocean marine - Flood insurance - Crime insurance | |
| Commercial Property | - Commercial General Liability - Businessowners Policy - Commercial property forms and endorsements - Commercial property coverage - Commercial Package Policy | |
| Insurance Regulation | - Fingerprinting - Bond requirements - Licensing process - License maintenance and duration - Temporary adjuster permits - Qualifications - License renewal - Licensing requirements | |
| New York Unfair Claim Settlement and Prohibited Practices | - New York cybersecurity regulation - New York claim settlement laws and regulations - Terrorism Risk Insurance Act - Insurance fraud and false statements - Consumer privacy requirements - Unfair claim settlement practices | |
| Dwelling and Homeowners Insurance | - Personal umbrella policies - New York specific endorsements - Standard Fire Policy - Dwelling policies - Homeowners property coverage - Homeowners liability coverage - Personal liability supplement | |
| Insurance Principles and Concepts | - Hazards - Insurance principles and concepts - Morale hazards - Waiver and estoppel - Insurable interest - Insurance contracts - Warranties - Physical hazards - Moral hazards - Fraud - Representations and misrepresentations - Concealment | |
| Commercial Package Policy | 38% | - Common policy conditions - Components of a commercial policy - Monoline versus package policies - Common policy declarations - First named insured |
| Claims Adjustment Procedures | - Execution of releases - Draft authority - Advance payments - Settlement procedures - Alternative dispute resolution - Subrogation procedures - Non-waiver agreements - Releases - Arbitration - Competitive estimates - Negotiation - Reservation of rights letters - Claims adjustment procedures - Coverage problems - Appraisal - Mediation |
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NEW QUESTION # 74
When investigating a liability claim against your insured, the insured calls you and requests that you deny the claim because the insured believes the claim lacks merit. As the adjuster you CANNOT
Answer: B
Explanation:
The correct answer is B. An independent adjuster's claim decision must be based on the policy, facts, evidence, applicable law, and authority received from the insurer, not merely on the insured's preference that a third-party claim be rejected. An insured's assertion that a claim is meritless is relevant information, but it does not substitute for an objective investigation.
New York Regulation 64 establishes prompt and fair claims-handling standards. DFS states that insurers should assist in claim processing, obtain verification where reasonably necessary, clearly communicate positions on disputed matters, and respond promptly to interested parties. DFS also identifies unfair claims settlement practices as prohibited conduct.
Accordingly, the adjuster may inform the insurer of the insured's position, making A permissible. The adjuster can also decline to follow an unsupported instruction to deny the claim, so C is permissible. Contacting the claimant to investigate the circumstances is an appropriate fact-development step, making D permissible.
What the adjuster cannot properly do is deny liability simply because the insured wants a denial. Such action would bypass the required investigation and professional evaluation.
The Series 17-70 outline specifically tests the adjuster's role, duties and responsibilities, claim investigation, liability-loss investigation procedures, verification, and settlement procedures.
NEW QUESTION # 75
On a bail bond, a defendant is also known as
Answer: C
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 # 76
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: C
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 # 77
What is the MINIMUM dollar limit that applies to Workers' Compensation Coverage under Part One of the policy?
Answer: A
Explanation:
The correct answer is C. Part One - Workers Compensation Insurance does not operate with a conventional policy liability limit such as $100,000 or $500,000. Instead, the insurer agrees to pay the workers' compensation benefits that the employer is required to provide under the workers' compensation law applicable to a state listed in the policy.
The New York Compensation Insurance Rating Board states this directly: there is no limit of liability in the Standard Policy for Part One - Workers' Compensation; the contract provides all benefits required by the applicable workers' compensation law.
Options A and B are therefore incorrect because they resemble liability-limit amounts rather than statutory Workers Compensation Part One benefits. Option D is also incorrect. The Information Page identifies the relevant states and other policy data, but it does not transform Part One into a fixed-dollar-limit coverage.
This must also be distinguished from Part Two - Employers Liability Insurance, where limits of liability are relevant. New York has additional state-specific rules concerning employers liability, but those should not be confused with the statutory-benefit structure of Part One.
The Series 17-70 outline expressly tests the Workers Compensation and Employers Liability policy, including Part One-Workers Compensation Insurance and Part Two-Employers Liability Insurance.
Therefore, C is correct.
NEW QUESTION # 78
Accident-only policies commonly include benefits due to losses related to
Answer: B
Explanation:
The correct answer is C. Accident-only insurance is a limited form of accident and health coverage in which benefits are triggered by an accident or specified category of accidental event, rather than by sickness generally. The NAIC defines an accident as an unexpected event or circumstance without deliberate intent and describes accident-only insurance as coverage for death, dismemberment, disability, hospital treatment, or medical care caused or necessitated by an accident or specified kinds of accidents.
Option A is incorrect because illness is not converted into an accident simply because its onset is unexpected.
Coverage for sickness belongs to health or medical insurance provisions unless specifically included by another policy form. Option B, congenital diseases, similarly concerns medical conditions rather than accidental occurrences. Option D is too broad because the mere absence of intentional conduct does not automatically satisfy the policy's definition of an accidental injury or covered accident. There must be the required causal connection to an insured accidental event.
The Series 17-70 content outline expressly tests Accidental Injury, classes of accident and health coverage, limited policies, and specifically Accident-Only coverage.
Accordingly, a fortuitous, unexpected accidental event is the operative trigger, making C the correct answer.
NEW QUESTION # 79
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