New York State Law; Questions and Answers 100% Solved
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New York State Law; Questions and Answers
100% Solved
Cash received by a broker in payment of a premium: CORRECT ANSWER-Must be
deposited into the premium account
A broker gives a prospective insured a gas card valued at $35 in return for the purchase of an
insurance policy. The broker is g...
New York State Law; Questions and Answers
100% Solved
Cash received by a broker in payment of a premium: CORRECT ANSWER-Must be
deposited into the premium account
A broker gives a prospective insured a gas card valued at $35 in return for the purchase of an
insurance policy. The broker is guilty of: CORRECT ANSWER-Rebating
An agent's advertisement includes derogatory information about another insurance company.
This is an example of: CORRECT ANSWER-Defamation
A false claim contained an insurance claim is a: CORRECT ANSWER-Misdemeanor
If the Superintendent of Insurance determines that any provisions of the Insurance Law have
been violated, he/she may: CORRECT ANSWER-impose a fine of $500 per offense, after a
hearing has been held
It is permissible for an insurance broker to pay operating expenses from monies in the premium
account when:
A. He makes certain that all premiums due have been paid in a timely fashion
B. An insured's check to broker is dishonored
C. He deposited more than enough money into the premium account to pay all premiums due
D. None of the above CORRECT ANSWER-D. None of the above
, New York State Law; Questions and Answers
100% Solved
Which of the following would be a violation of insurance law?
A. A broker sharing commission fees with another broker who helped
B. A broker charging fees for their services
C. A broker paying finder fees to their telephone solicitors
D. A trip awarded to an agent by their company for meeting production requirements
CORRECT ANSWER-C. A broker paying finder fees to their telephone solicitors
A court would consider which of the following in determining a persons negligence
A. how a prudent person would have acted in the same situation
B. how much insurance the person has
C. how serious the injury
D. how many times they have been sued in the past CORRECT ANSWER-A. how a
prudent person would have acted in the same situation
With respect to the F.A.I.R plan, property must satisfy all of the following EXCEPT:
A. It must have insurable risk
B. It must have sustained a property loss
C. It must be located in NYS
D. the insurance applicant must have made an unsuccessful effort to find coverage in the
voluntary market CORRECT ANSWER-B. It must have sustained a property loss
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