NY INDEPENDENT GENERAL ADJUSTER EXAM
SERIES 17-70 2026 COMPLETE STUDY GUIDE
WITH SOLUTIONS
◉ policy max. Answer: amount an insurer will pay for a covered loss
of property. the limit should reflect the insurable value of the
covered property, whether based on its replacement cost, actual
cash value or other valuation basis
◉ coinsurance provision. Answer: in many property insurance
policies encourages insureds to purchase policy limits that
adequately reflect the insurable value of their property
◉ liability insurance. Answer: pays claims when an insured is found
to be legally responsible for paying damages due to the insureds
negligence
◉ property. Answer: real and personal
◉ real property. Answer: consists of land, structures and
attachments to land
,◉ personal property. Answer: generally consists of anything that is
not land, structures and attachments to land
◉ speculative- insured. Answer: a person must suffer financial harm
from a loss that the insurance covers
◉ risk of financial harm. Answer: arising from the loss gives the
person an insurable interest in the risk
◉ Insurable Interest. Answer: must exist at the time of a loss in
order for the insured to make a claim on the loss
◉ Contract of Indemnity. Answer: property and casualty policies
◉ property insurance policy. Answer: valuation provision that states
how the insurer and the insured will determine the value of the
insured property
◉ common valuation provision. Answer: will have the insurer pay a
claim for loss property on the basis of the property replacement
cost, ACV, functional replacement cost, market value, stated amount
or agreed value
,◉ HO policies. Answer: provide comprehensive insurance coverage
for property and liability, while dwelling policies cover only basic
property insurance with additional coverage available through
endorsement
◉ Dwelling policy. Answer: often used to cover residence that does
not qualify for HO insurance or to cover a residence at less cost than
HO
◉ Dwelling policy Basic DP1. Answer: provides limited property
coverage
- fire, lighting and internal explosion
◉ Dwelling policy broad DP 2. Answer: provides named peril named
coverage for DP1 peril as well as seven additional Peril
- fire, lighting, internal explosion
-
◉ Dwelling policy open DP 3. Answer: open perils coverage for the
dwelling and other structure. it covers person property coverage on
a named perils basis similar to the DP2
◉ Dwelling coverage. Answer: Coverage A: Dwelling
Coverage B: Other structure
, Coverage C: Personal Property
Coverage D: Fair Rental value
Coverage E: Additional living expense
◉ Dwelling endorsement. Answer: personal liability supplement
broad theft coverage
automatic insurance in insurance
dwelling under construction
◉ HO insurance. Answer: provided in a package policy, package
policy combines two or more separate coverage, such as property
and liability insurance, into a single policy
◉ HO policy consists. Answer: insuring agreement, definitions,
deductible, section 1 (includes coverage A,B,C,D) Exclusions and
conditions, section 2 liability coverage (includes E and F) exclusions,
additional coverages and conditions
◉ HO affects. Answer: property, liability or all coverage
◉ Ho endorsement. Answer: may modify coverage of property for
liability or both
SERIES 17-70 2026 COMPLETE STUDY GUIDE
WITH SOLUTIONS
◉ policy max. Answer: amount an insurer will pay for a covered loss
of property. the limit should reflect the insurable value of the
covered property, whether based on its replacement cost, actual
cash value or other valuation basis
◉ coinsurance provision. Answer: in many property insurance
policies encourages insureds to purchase policy limits that
adequately reflect the insurable value of their property
◉ liability insurance. Answer: pays claims when an insured is found
to be legally responsible for paying damages due to the insureds
negligence
◉ property. Answer: real and personal
◉ real property. Answer: consists of land, structures and
attachments to land
,◉ personal property. Answer: generally consists of anything that is
not land, structures and attachments to land
◉ speculative- insured. Answer: a person must suffer financial harm
from a loss that the insurance covers
◉ risk of financial harm. Answer: arising from the loss gives the
person an insurable interest in the risk
◉ Insurable Interest. Answer: must exist at the time of a loss in
order for the insured to make a claim on the loss
◉ Contract of Indemnity. Answer: property and casualty policies
◉ property insurance policy. Answer: valuation provision that states
how the insurer and the insured will determine the value of the
insured property
◉ common valuation provision. Answer: will have the insurer pay a
claim for loss property on the basis of the property replacement
cost, ACV, functional replacement cost, market value, stated amount
or agreed value
,◉ HO policies. Answer: provide comprehensive insurance coverage
for property and liability, while dwelling policies cover only basic
property insurance with additional coverage available through
endorsement
◉ Dwelling policy. Answer: often used to cover residence that does
not qualify for HO insurance or to cover a residence at less cost than
HO
◉ Dwelling policy Basic DP1. Answer: provides limited property
coverage
- fire, lighting and internal explosion
◉ Dwelling policy broad DP 2. Answer: provides named peril named
coverage for DP1 peril as well as seven additional Peril
- fire, lighting, internal explosion
-
◉ Dwelling policy open DP 3. Answer: open perils coverage for the
dwelling and other structure. it covers person property coverage on
a named perils basis similar to the DP2
◉ Dwelling coverage. Answer: Coverage A: Dwelling
Coverage B: Other structure
, Coverage C: Personal Property
Coverage D: Fair Rental value
Coverage E: Additional living expense
◉ Dwelling endorsement. Answer: personal liability supplement
broad theft coverage
automatic insurance in insurance
dwelling under construction
◉ HO insurance. Answer: provided in a package policy, package
policy combines two or more separate coverage, such as property
and liability insurance, into a single policy
◉ HO policy consists. Answer: insuring agreement, definitions,
deductible, section 1 (includes coverage A,B,C,D) Exclusions and
conditions, section 2 liability coverage (includes E and F) exclusions,
additional coverages and conditions
◉ HO affects. Answer: property, liability or all coverage
◉ Ho endorsement. Answer: may modify coverage of property for
liability or both
