Exam (elaborations)

Ch. 19 - NY State Law Chapter Questions and Answers(RATED A+)

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Ch. 19 - NY State Law

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Ch. 19 - NY State Law

The Superintendent has the authority to take all of the following actions, except: a. Foster growth in the financial industry b. Create insurance laws c. Mediate consumer complaints d. Create rules to implement and enforce insurance laws - ANSWER-b. Create insurance laws The New York Assem...

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ch 19 ny state law chapter questions stuvia
the superintendent has the authority to take all o
the superintendent has the authority to take all o

Institution Ch. 19 - NY State Law
Course Ch. 19 - NY State Law

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Ch. 19 - NY State Law Chapter Questions and
Answers(RATED A+)

The Superintendent has the authority to take all of the following actions, except:

a. Foster growth in the financial industry
b. Create insurance laws
c. Mediate consumer complaints
d. Create rules to implement and enforce insurance laws - ANSWER-b. Create
insurance laws

The New York Assembly creates laws in this state. The Superintendent may create
rules and regulations to carry out those laws.

How many years must insurers typically maintain books and records, producer licensing
records, complaints and claims, financial, or any other or licensee doing business in
New York?

a. 6 years
b. 3 years
c. 5 years
d. 2 years - ANSWER-a. 6 years

The Superintendent may examine the books and records, including policy, claim,
complaint, financial, and producer licensing records, of any insurer or licensee doing
business in New York. Typically, insurers must maintain records for 6 calendar years, or
until after the filing of an examination report or the conclusion of an investigation in
which the record was subject to review.

A New York certificate of authority contains the following information regarding an
authorized insurer, except:

a. Lines of insurance authorized to transact within New York
b. The state or country the insurer was organized
c. The certificate's term
d. A New York satellite office address - ANSWER-d. A New York satellite office address

A New York certificate of authority includes the home office address, the insurer's
name, the certificate's term, the state or country in which the insurer was organized, and
the lines of insurance for which the insurer is authorized to transact in this state.

In New York, applicants for insurance producer licenses must:

,a. Be at least 18 years old
b. Have earned a GED
c. Be at least 21 years old
d. Graduate high school - ANSWER-a. Be at least 18 years old

Applicants for insurance producer licenses must be at least 18 years old. There is not a
general education requirement for applicants.

Which of the following correctly describes the difference between a broker and an
agent?

a. An agent represents an insurer, whereas a broker acts on behalf of an HMO
b. An agent represents an insurer, whereas a broker is a representative of the agent
c. An agent represents an insurer, whereas a broker acts on behalf of an insured
d. A broker represents an insurer, whereas an agent acts on behalf of an insured -
ANSWER-c. An agent represents an insurer, whereas a broker acts on behalf of an
insured

An agent represents an insurer, whereas a broker acts on behalf of an insured. An
agent may also represent a fraternal benefit society, or an HMO.

In New York, a temporary insurance license authorizes the licensee to do which of the
following?

a. Renew existing insurance on behalf of the original licensee
b. Sell new insurance on behalf of the original licensee
c. Solicit new insurance on behalf of the original licensee
d. Negotiate new insurance on behalf of the original licensee - ANSWER-a. Renew
existing insurance on behalf of the original licensee

Temporary licensees are not permitted to sell, solicit, or negotiate new insurance.

Which of the following licensees helps with the investigation and settlement of insurance
claims?

a. Agent
b. Adjuster
c. Broker
d. Consultant - ANSWER-b. Adjuster

An adjuster acts on behalf of an insurer or an insured to investigate and adjust
insurance claims.

How often do individual producer licenses expire in New York?

a. Every year on the licensee's birthday
b. Every 2 years on June 30th

, c. Every 2 years on the licensee's birthday
d. Every year on December 31st - ANSWER-c. Every 2 years on the licensee's birthday

Individual producer licenses expire every 2 years on the licensee's birthday. Licenses
expire in even years for producers born in even years and in odd years for producers
born in odd years.

In New York, insurance producers are required to complete how many hours of
approved continuing education during each 2-year license period?

a. 12 hours
b. 40 hours
c. 15 hours
d. 20 hours - ANSWER-c. 15 hours

Producers must complete 15 hours of approved continuing education during each 2-
year license period.

All of the following are considered compensation in New York, except:

a. A trip to a beach destination
b. A travel mug with an insurer's logo
c. Interest on premiums
d. Principal forgiveness - ANSWER-b. A travel mug with an insurer's logo

Compensation is anything of value. This can include forgiveness of principal, interest on
premiums, and trips. Compensation does not include tangible goods bearing the
insurer's name, logo, or advertisement if the goods have an aggregate value of less
than $100 per year.

In New York, how many days' written notice must the Superintendent provide to the
licensee before holding a hearing?

a. 10 days
b. 15 days
c. 20 days
d. 30 days - ANSWER-a. 10 days

Before a resident license can be revoked or suspended, the Superintendent must give
the licensee and all sublicensees a hearing with 10 days' advance notice.

In New York, which of the following is not an unfair claim settlement practice?

a. Requiring an insured to sue by offering less than the amount due
b. Promptly acknowledging communications pertinent to a claim
c. Misrepresenting pertinent policy facts or provisions to claimants

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Exam (elaborations)

Ch. 19 - NY State Law Chapter Questions and Answers(RATED A+)

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