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NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55 (Questions & Answers) CA$28.69   Add to cart

Exam (elaborations)

NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55 (Questions & Answers)

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NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55 (Questions & Answers)

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  • January 10, 2024
  • 61
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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NY Life, Accident, and Health Insurance Agent/Broker
Exam Series 17-55 (Questions & Answers)

Process 2103 (d-i) Correct Ans - 1. The Superintendent may issue a
license to any person, firm or corporation who has complied with the
requirements of the Insurance Code, authorizing the licensee to act as agent of
any authorized insurer. Every individual applicant for a license under this
section and every proposed sub-licensee must be 18 years of age or older at
the time of issuance of such license. The person must submit to and pass a
written examination required by the Superintendent.

Producer Definition (2101(k)) Correct Ans - An insurance producer
means an insurance agent, insurance broker, reinsurance intermediary, excess
lines broker, or any other person required to be licensed under the insurance
laws of this state to sell, solicit or negotiate insurance.

Who Should be Licensed (2101(k)(1)) Correct Ans - 1. The term
"insurance producer" does not include: An officer, director or employee of a
licensed insurer, fraternal benefit society or health maintenance organization
or of a licensed insurance producer, provided that the officer, director or
employee does not receive any commission on policies written or sold to
insure risks residing, located or to be performed in this state and:
(a) the officer, director or employee's activities are executive, administrative,
managerial, clerical or a combination of these, and are only indirectly related
to the sale, solicitation or negotiation of insurance;
(b) the officer, director or employee's function relates to underwriting, loss
control, Inspection or the processing, adjusting, investigating or settling of a
claim on a contract of Insurance; or (c) the officer, director or employee is
acting in the capacity of a special agent or agency supervisor assisting licensed
insurance producers where the person's activities are limited to providing
technical advice and assistance to licensed insurance producers and do not
include the sale, solicitation or negotiation of insurance.

Home State (2101(l)) Correct Ans - Home state means the District of
Columbia or any state or territory of the United States in which an insurance
producer maintains his, her or its principal place of residence or principal
place of business and is licensed to act as an insurance producer.

,Negotiate (2101(m)) Correct Ans - Negotiate or negotiation means the
act of conferring directly with or offering advice directly to a purchaser or
prospective purchaser of a particular contract of insurance concerning any of
the substantive benefits, terms or conditions of the contract, provided that the
person engaged in that act either sells insurance or obtains insurance from
licensed insurers, fraternal benefit societies or health maintenance
organizations for purchasers.

Sell (2101(n)) Correct Ans - Sell or sale means to exchange a contract
of insurance by any means, for money or its equivalent, on behalf of a licensed
insurer, fraternal benefit society or health maintenance organization.

Solicit (2101(o)) - Correct Ans - Solicit or solicitation means
attempting to sell insurance or asking or urging a person to apply for a
particular kind of insurance from a particular licensed insurer, fraternal
benefit society or health maintenance organization.

Agent 2101(a) Correct Ans - In this section, insurance agent means
any authorized or acknowledged agent of an insurer, fraternal benefit society
or health maintenance organization issued a certificate of authority pursuant
to the public health law, and any sub-agent or other representative of such an
agent, who acts as such in the solicitation of, negotiation for, or sale of, an
insurance, health maintenance organization or annuity contract, other than as
a licensed insurance broker.

Agent 2101(k) Correct Ans - insurance producer means an insurance
agent, insurance broker, reinsurance intermediary, excess lines broker, or any
other person required to be licensed under the insurance laws of this state to
sell, solicit or negotiate insurance.
The applicant must be at least 18 years of age at the time of license issuance.
An examination is required for each applicant, except where noted for
applicants with a change in residency moving to New York (see code 2103
below).

Brokers 2101(c) Correct Ans - a licensed insurance representative
who does not represent a specific insurance company, but places business
among various companies. Legally, the broker is usually regarded as a
representative of the insured rather than the insuring company.

,Brokers 2101(h) Correct Ans - any licensed attorney at law of this
state.

Consultants (2107) Correct Ans - The Superintendent may issue an
insurance consultant's license to any person, firm, association or corporation
who or which has complied with the requirements of this chapter with respect
to either: life insurance, meaning all of those kinds of insurance authorized.
Any such license issued to a firm or association shall authorize only the
members of such firm or association named in such license as sub-licensees to
act individually as consultants there under, and any such license issued to a
corporation shall authorize only the officers and directors thereof named in
such license as sub-licensees to act individually as consultants there under.

Adjuster 2101(g) Correct Ans - The Superintendent may, in his
discretion require an applicant for a license under this section to present
evidence, in such form as he prescribes, that such applicant has been
employed, for a period which he deems reasonable, by an insurer, an
independent adjuster or a public adjuster, in the performance of duties which
in his opinion would provide the applicant with a satisfactory preliminary
training for the duties and responsibilities which would evolve upon him as a
licensee under this section. The term independent adjuster means any person,
firm, association or corporation who for money, commission or any other
thing of value, acts in this state on behalf of an insurer in the work of
investigating and adjusting claims arising under insurance contracts issued by
such insurer and who performs such duties required by such insurer as are
incidental to such claims and also includes any person who for compensation
or anything of value investigates and adjusts claims on behalf of any
independent adjuster.

Adjuster 2108 Correct Ans - Adjusters will be licensed as either
independent adjusters, or as public adjusters. The Superintendent may
prescribe the types of independent adjusters' licenses according to the kind or
kinds of insurance claims which the licensee is to be authorized to investigate
and adjust. No adjuster may act on behalf of an insurer unless licensed as an
independent adjuster, and no adjuster may act on behalf of an insured unless
licensed as a public adjuster. A public adjuster works on behalf of the insured
for a fee.

, Nonresident 2101(d) Correct Ans - In this section, non-resident
insurance agent means an individual who is a non-resident of this state and
who is licensed or authorized to act as an insurance agent in the state in which
he resides, or in which he or the firm or association of which he is a member
or employee, or the corporation, of which he is an officer, director, or
employee maintains an office as an insurance agent.

Nonresident 2101(e) Correct Ans - In this section, "non-resident
insurance broker", means an individual who is a non-resident of this state and
who is licensed or authorized to act as an insurance broker in the state in
which he resides, or in which he, or the firm or association of which he is a
member or employee, or the corporation, of which he is an officer, director or
employee maintains an office as an insurance broker.

Nonresident 2103(g)(5) Correct Ans - In the discretion of the
Superintendent, no written insurance examination will be required of any
individual seeking to be named as a licensee or sub-licensee who is a non-
resident insurance agent.

Nonresident 2103(g)(11) Correct Ans - No written insurance
examination will be required of any individual who applies for an insurance
agent license in this state who was previously licensed for the same line or
lines of authority in another state, provided, however, that the applicant's
home state grants non-resident licenses to residents of this state on the same
basis. Such individual shall also not be required to complete any prelicensing
education. This exemption is only available if the person is currently licensed
in that state or if the application is received within 90 days of the date of
cancellation of the applicant's previous license and if the prior state issues a
certification that, at the time of cancellation, the applicant was in good
standing in that state or the state's producer database records, maintained by
the National Association of Insurance Commissioners, its affiliates or
subsidiaries indicate that the producer is or was licensed in good standing for
the line of authority requested. An individual or entity licensed in another
state that moves to this state must make an application within 90 days of
establishing legal residence to become a resident licensee. No prelicensing
education or examination will be required of that person to obtain any line of
authority previously held in the prior state except where the Superintendent
determines otherwise by regulation.

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