NYS Life Accident and Health Insurance 171 CORRECTLY ANSWERED QUESTIONS LATEST UPDATE
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Course
NURSING 706
Institution
NURSING 706
NYS Life, Accident, and Health Insurance 171 CORRECTLY ANSWERED QUESTIONS LATEST UPDATE
Which of the following would not be a requirement to obtain an Agent or Broker's license in New York?
A. Be 18 years of age
B. Be a resident of NY State for at least 10 years
C. Complete a pre-approved ins...
NYS Life, Accident, and Health Insurance 171
CORRECTLY ANSWERED QUESTIONS LATEST
UPDATE
1). Which of the following would not be a requirement to obtain an agent or broker's license in
new york?
a. be 18 years of age
b. be a resident of ny state for at least 10 years
c. complete a pre-approved insurance licensing course
d. pay applicable fees and pass required examination
Ans: Answer: B. Be a resident of NY State for at least 10 years
There is no time requirement for residency. An applicant must be a resident of NYS, or
have a primary office of practice in NYS.
2). In the insurance transaction, the agent represents the interests of the:
a. the insurer
b. the insured
c. the client
d. none of the above
Ans: Answer: A. The insurer
The agent always represents the insurer and has the primary duty to their company.
3). A temporary insurance license can be issued to which of the following upon the death of
an agent?
a. next of kin
b. a spouse
c. a only
d. both a and b
Ans: Answer: D. Both A and B
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, A temporary license can be issued to either the next of kin or a spouse for a 90 day
period, after which is renewable for up to 15 months.
4). A temporary insurance license is initially issued for what period of time before renewal?
a. 60 days
b. 15 days
c. 90 days
d. 30 days
Ans: Answer: C. 90 days
A temporary license can be issued for a 90 day period, after which is renewable for up to
15 months.
5). If a licensee has legally changed their name, they should notify the superintendent's office
of the legal change in name within:
a. 45 days
b. 30 days
c. 60 days
d. the office does not need to be notified
Ans: Answer: B. 30 days
The Superintendent's office must be notified as soon as possible, but within 30 days, of
any change of name or address of a licensee.
6). Renewal of a producer's license should take place:
a. every two years on odd numbered years on one's birth date
b. every two years on even numbered years on one's birth date
c. every two years on odd or even numbered years on one's birth date, depending on the
year the licensee was born
d. when the superintendent's office notifies you of your renewal date
Ans: Answer: C. Every two years on odd of even numbered years on one's birth date,
depending on the year the licensee was born
License renewals occur on both odd and even numbered years, which is different for
each licensee. The Superintendent's office will not notify a licensee that is coming up on
their renewal.
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, 7). A successful renewal of one's insurance license in a 2 year renewal period requires
completing:
a. paying a renewal fee only
b. paying a renewal fee and completing 18 credit hours of continuing education (ce)
c. completing 15 credit hours of ce only
d. completing 15 credit hours of ce and paying a renewal fee
Ans: Answer: D. Completing 15 credit hours of CE and paying a renewal fee
CE must be approved by the DFS.
8). A domestic insurer will be examined/audited by the state insurance department at least
once:
a. in every 3 year period
b. in every 5 year period
c. a year
d. domestic companies are only examined if the superintendent's office deems it
necessary
Ans: Answer: B. In every 5 year period
Every insurer is required to submit their books at least once every 5 years to be
examined or audited, and must keep their books and records for at least 6 years.
9). A domestic insurer must keep certain records on file for at least:
a. 5 years
b. 6 years
c. 2 years
d. 3 years
Ans: Answer: B. 6 years
Certain books and records must be kept on file by every insurer for at least 6 years to be
examined when and if necessary
10). In order for an insurance company to conduct insurance business in nys, it must receive
from the superintendent:
a. a license of authority
b. an approval of certification
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, c. a certificate of authority
d. none of the above
Ans: Answer: C. A Certificate of Authority
The Superintendent has the right and duty to issue and approve or deny these
certificates.
11). Which would not be considered to be a "controlled business"?
a. insurance written on the life of the agent, where the commissions earned exceed 10% of
the total commissions earned in a calendar year
b. insurance written on the lives of family members, where the commissions earned
exceed 10% of the total commissions earned in a calendar year
c. insurance written on a spouse, where the commissions earned is less than 10% of the
total commissions earned in a calendar year
d. insurance written on employees of a company in which the agent's spouse has more
than a 50% controlling share in the business
Ans: Answer: C. Insurance written on a spouse, where the commissions earned is less
than 10% of the total commissions earned in a calendar year
Insurance written on the agent, agent's spouse, immediate family members, or business
partners cannot exceed 10% of the annual commissions.
Insurance written for a business or employees of a company where the agent or agent's
spouse holds a controlling share of the business greater than 50% cannot exceed 10% of
annual commissions.
12). Who can share commissions?
a. two agents of different companies
b. two agents of the same company who submit a life insurance application, but only one
agent is life licensed
c. the agent and the policy owner
d. two agents of the same company, licensed in the same line of industry
Ans: Answer: D. Two agents of the same company, licensed in the same line of
industry
Sharing commissions is prohibited to unlicensed individuals in each specific line, those
of another company, or any policy holder or prospective customers.
13). An agent should submit any information regarding potential fraudulent activity or
transaction(s) to the state insurance department within:
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