1. Agent Licesne: Noone can sell insurance without license but you dont
need to pass test if you are employees of licesed insurance agent wh
do nt solicit, licensed attorneys, actuaries or cpas who provid ino,
regular salaried implyees who devote little tie, an agent oof a
graternal benefit society
- must be 18, pass 540 hr course
- pass state exam
- Application must be submiteed w in 2 years
- renewal every 2 years on birthday
2. Certificate of appointment: if a license is granted to an corporation, ,
only the officers and directors named on the license can act as agents,
but they can sub license agents. Every time a new agent comes on
boad, they need a certificate of appointment from the state
3. License Term for Agent: 2 years; can be suspended or revoked by
1/
,superinten- dent, terminated by insurer, fails to file a renewal
application, it can be terminated; Must be able to be furnished on
request, the head agent must display in the office; if no certificate of
appointment is filed, the license is inactive
4. Consultant: Allows a person with a license to charge a fee for
providing advice
- if given to an indivual, it experires every 2 yrs on the birthday
- if issued to a business entity, it expires on March 31st for life
insurance in an odd yyear and general insurance in an even year
- can only recieve a fee if there's a written contract with the
person they are providing advice
5. Adjuster License: acts on behalf of th insurer to investigata and
sjust claims arising under insurance contracts issued by the insurer
6. Non Resident: an individual who is a non resident of NY and who is
licensed or authorized to act as an insurance agent in the state in
2/
, which he resides. If a licenced non residnent moves to NY, he has 90
days to apply for his license w/o taking exam
7. Temporary License: Can be issued to spouse of deceased or next of
kim from a disability
8. Tremination of License: Can be done by superintendent for:
-providing incorrect or misleading materially untreu info in licesne app
-violating any insurance laws
- stealing money
- having been convicted of a felony
- any dihonest practices
- Have a producer or life settlement license denied or revoked in any
other state
3/
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