Ch. 19 - NY State Law Chapter Questions and Answers(RATED A+)
7 views 0 purchase
Course
Ch. 19 - NY State Law
Institution
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...
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
