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NY Independent General Adjuster Series 17-70
Exam Prep Bundle Latest 2026 Recently Tested
Questions and Correct Answers // New York
Independent General Adjuster License Exam 2026
Prep Test Bank
Agreement - ..ANSWER...✓✓ One of the four
requirements of a legally binding contract. All parties
agree to the terms of the contract.
Competence - ..ANSWER...✓✓ One of the four
qualifications of a legally binding contract. All parties
must be competent with the necessary legal and mental
capacity.
Consideration - ..ANSWER...✓✓ One of the four
qualifications of a legally binding contract. All parties
must bring something of value to the contract.
Four requirements of a legal a contract - ..ANSWER...✓✓
agreement, consideration, competent parties, legal
purpose
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Indemnification - ..ANSWER...✓✓ Reimbursement for a
loss, which leaves the claimant in the same financial
position that she was in before the loss
Indemnify - ..ANSWER...✓✓ To restore by payment,
repair, or replacement
Indemnity Insurance - ..ANSWER...✓✓ Insurance that
indemnifies loss as opposed to liability
Insurance - ..ANSWER...✓✓ A financial device that
transfers the risk of unexpected, catastrophic loss from
one party to another
Insurance Company - ..ANSWER...✓✓ Company which
sells insurance policies to individuals or to other
companies
Insurance policy - ..ANSWER...✓✓ A contract wherein an
insured pays premiums to an insurer in exchange for
financial protection in the event of a covered loss
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Insured - ..ANSWER...✓✓ A person covered by an
insurance policy
Insurer - ..ANSWER...✓✓ The person providing coverage
to one or more insureds
Loss - ..ANSWER...✓✓ Bodily injury, property damage, or
damage caused by the insured's negligent acts; loss is the
basis for an insurance claim. Loss can also mean the sum
the insured will have to pay
Policyholder - ..ANSWER...✓✓ Also called the "insured",
a policyholder is a person who has purchased an
insurance policy - or contract-from an insurer.
Premium - ..ANSWER...✓✓ A scheduled an affordable
fee, paid by the policyholder to the insurer, in return for
coverage.
Principle of Indemnity - ..ANSWER...✓✓ The principle
that insurance policies should provide a benefit no
greater than the loss suffered by an insured. Insured
cannot profit from the loss.
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Adhesion - ..ANSWER...✓✓ Characteristics of an
insurance contract. Means that one party (The insurer)
sets the terms, and the other (the policyholder) can "take
it or leave it"
Aleatory - ..ANSWER...✓✓ A contract in which
participating parties exchange unequal amounts.
Insurance contracts are aleatory in that the amount the
insured will pay in premiums is unequal to the amount
the insurer will pay in the event of a loss.
Certificate of Insurance - ..ANSWER...✓✓ A legal
document that indicates that an insurance policy has been
issued, and that states both the amounts and types of
insurance provided.
Conditions - ..ANSWER...✓✓ provisions in the policy that
qualify or place limitations on the insurer's promise to
perform
Coverages - ..ANSWER...✓✓ The amount and extent of
protection provided by an insurance policy.
NY Independent General Adjuster Series 17-70
Exam Prep Bundle Latest 2026 Recently Tested
Questions and Correct Answers // New York
Independent General Adjuster License Exam 2026
Prep Test Bank
Agreement - ..ANSWER...✓✓ One of the four
requirements of a legally binding contract. All parties
agree to the terms of the contract.
Competence - ..ANSWER...✓✓ One of the four
qualifications of a legally binding contract. All parties
must be competent with the necessary legal and mental
capacity.
Consideration - ..ANSWER...✓✓ One of the four
qualifications of a legally binding contract. All parties
must bring something of value to the contract.
Four requirements of a legal a contract - ..ANSWER...✓✓
agreement, consideration, competent parties, legal
purpose
,2|Page
Indemnification - ..ANSWER...✓✓ Reimbursement for a
loss, which leaves the claimant in the same financial
position that she was in before the loss
Indemnify - ..ANSWER...✓✓ To restore by payment,
repair, or replacement
Indemnity Insurance - ..ANSWER...✓✓ Insurance that
indemnifies loss as opposed to liability
Insurance - ..ANSWER...✓✓ A financial device that
transfers the risk of unexpected, catastrophic loss from
one party to another
Insurance Company - ..ANSWER...✓✓ Company which
sells insurance policies to individuals or to other
companies
Insurance policy - ..ANSWER...✓✓ A contract wherein an
insured pays premiums to an insurer in exchange for
financial protection in the event of a covered loss
,3|Page
Insured - ..ANSWER...✓✓ A person covered by an
insurance policy
Insurer - ..ANSWER...✓✓ The person providing coverage
to one or more insureds
Loss - ..ANSWER...✓✓ Bodily injury, property damage, or
damage caused by the insured's negligent acts; loss is the
basis for an insurance claim. Loss can also mean the sum
the insured will have to pay
Policyholder - ..ANSWER...✓✓ Also called the "insured",
a policyholder is a person who has purchased an
insurance policy - or contract-from an insurer.
Premium - ..ANSWER...✓✓ A scheduled an affordable
fee, paid by the policyholder to the insurer, in return for
coverage.
Principle of Indemnity - ..ANSWER...✓✓ The principle
that insurance policies should provide a benefit no
greater than the loss suffered by an insured. Insured
cannot profit from the loss.
, 4|Page
Adhesion - ..ANSWER...✓✓ Characteristics of an
insurance contract. Means that one party (The insurer)
sets the terms, and the other (the policyholder) can "take
it or leave it"
Aleatory - ..ANSWER...✓✓ A contract in which
participating parties exchange unequal amounts.
Insurance contracts are aleatory in that the amount the
insured will pay in premiums is unequal to the amount
the insurer will pay in the event of a loss.
Certificate of Insurance - ..ANSWER...✓✓ A legal
document that indicates that an insurance policy has been
issued, and that states both the amounts and types of
insurance provided.
Conditions - ..ANSWER...✓✓ provisions in the policy that
qualify or place limitations on the insurer's promise to
perform
Coverages - ..ANSWER...✓✓ The amount and extent of
protection provided by an insurance policy.
