NY INDEPENDENT GENERAL ADJUSTER
SERIES 17 70 EXAM STUDY GUIDE 2026
UPDATED QUESTIONS AND ANSWERS
EXPERT VERIFIED GRADED A+
⩥ 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
⩥ 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
⩥ 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.
⩥ 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.
⩥ Declarations Page.
Answer: The basic information about a policy:
Who - names of insurer and insured
What - description of insured property
Where - address and legal description of insured property
When - effective and expiration dates.
SERIES 17 70 EXAM STUDY GUIDE 2026
UPDATED QUESTIONS AND ANSWERS
EXPERT VERIFIED GRADED A+
⩥ 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
⩥ 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
⩥ 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.
⩥ 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.
⩥ Declarations Page.
Answer: The basic information about a policy:
Who - names of insurer and insured
What - description of insured property
Where - address and legal description of insured property
When - effective and expiration dates.
