NY Life, Accident, and Health Insurance Agent, Broker Exam Series17-55. 200 Verified Quest, Exams of International Business

Download NY Life, Accident, and Health Insurance Agent, Broker Exam Series17-55. 200 Verified Quest and more Exams International Business in PDF only on Docsity!

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

64 pag.

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

Process2103(d-i)-answers>1.TheSuperintendentmayissuealicensetoany 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.

ProducerDefinition(2101(k))-answers>Aninsuranceproducermeansaninsuranceagent,

insurancebroker,reinsuranceintermediary,excesslinesbroker,oranyotherpersonrequired to be licensed under the insurance laws of this state to sell, solicit or negotiate insurance.

Who Should beLicensed(2101(k)(1)) - answers>1. Theterm"insuranceproducer"doesnot

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, clericaloracombinationofthese,andareonlyindirectlyrelatedtothesale,solicitationor negotiation of insurance; (b) theofficer,directororemployee'sfunctionrelatestounderwriting,losscontrol,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 supervisorassistinglicensedinsuranceproducerswheretheperson'sactivitiesarelimitedto providingtechnicaladviceandassistancetolicensedinsuranceproducersanddonotinclude the sale, solicitation or negotiation of insurance.

Home State (2101(l)) - answers>Home state means the District of Columbia or any state or

territoryoftheUnitedStatesinwhichaninsuranceproducermaintainshis,herorits principal place of residence or principal place of business and is licensed to act as an insurance producer.

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

NYLife,Accident,andHealthInsuranceAgent,BrokerExam

Series17-55,200VerifiedQUESTIONS,DEFINITEA+PASS

Brokers2101(h)-answers>anylicensedattorneyatlawofthisstate.

Consultants (2107) - answers>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 thischapterwithrespect toeither: lifeinsurance, meaningall ofthosekinds 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 authorizeonlytheofficersanddirectorsthereofnamedinsuchlicenseassub-licenseestoact individually as consultants there under.

Adjuster2101(g)-answers>TheSuperintendentmay,inhisdiscretionrequireanapplicant 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 investigatingand adjustingclaims arisingunder insurance contractsissued bysuch insurer and who performs such duties required by such insurer as are incidental to such claims and also includes anypersonwhoforcompensationor anythingofvalueinvestigates and adjusts claims on behalf of any independent adjuster.

Adjuster2108-answers>Adjusterswillbelicensedaseitherindependentadjusters,oras 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 licensedasanindependentadjuster,andnoadjustermayactonbehalfofaninsuredunless licensed as a public adjuster. A public adjuster works on behalf of the insured for a fee.

Nonresident 2101(d) - answers>In this section, non-resident insurance agent means an

individualwhoisanon-residentofthisstateandwhoislicensedorauthorizedtoactasan

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

NYLife,Accident,andHealthInsuranceAgent,BrokerExam

Series17-55,200VerifiedQUESTIONS,DEFINITEA+PASS

insurance agent in thestateinwhichheresides,orinwhichheorthefirmor associationof whichheisamemberoremployee,orthecorporation,ofwhichheisanofficer,director,or employee maintains an office as an insurance agent.

Nonresident2101(e)-answers>Inthissection,"non-residentinsurancebroker",meansan

individual who is a non-resident of this state and who is licensed or authorized to act as an insurance broker in thestate in which heresides, 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) - answers>In the discretion of the Superintendent, no written

insuranceexaminationwillberequiredofanyindividualseekingtobenamedasalicenseeor sub- licensee who is a non-resident insurance agent.

Nonresident 2103(g)(11) - answers>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 exemptionis onlyavailableif thepersoniscurrentlylicensedinthatstateoriftheapplication is received within 90 days of the date of cancellation of the applicant's previous license and if thepriorstateissuesacertificationthat,atthetimeofcancellation,theapplicantwasingood 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.

Nonresident 2136 - Reciprocity - answers>The Superintendent shall waive any

requirementsforanonresidentlicenseapplicantotherwiseapplicableunderthischapterif:

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

(d) toanofficerordirectorofacorporationuponthedeathoftheonlyofficerordirectorwho was qualified as a sub-licensee or to the executor or administrator of the estate of such deceased officer or director; (2) toanypersonwhomaybedesignatedbyapersonlicensedpursuanttothischapterasan insuranceagent,oraninsurancebroker,orboth,andwhoisabsentbecauseofserviceinany branch of the armed forces of the United States. (3) to the next of kin of a person who has become totally disabled and prevented from pursuinganyoftheduties of hisorheroccupation, andwho atthecommencement of his or herdisabilitythelicenseorlicensesmaybeissuedforatermnotexceeding90daysfromthe death of such additional term or terms of 90 days each, not exceeding in the aggregate 15 months. The Superintendent may issue renewal licenses for an additional term or terms of 90 days eachexceedingtheaggregateperiodof15monthswheninhisjudgmentitwillbestservethe interests of any person serving in thearmed forces of the United States.No person holding a temporary license is permitted to solicit new business under the temporary license.

Renewal(2103(j);Reg.5,Part21.2)-answers>Allindividualinsuranceagentlicensesmust be

renewed every two years. Individual licenses are issued with an expiration date determined by the date of birth: Thelicenseofanagentborninanevennumberedyearwillexpireontheagent'sbirthdayin an even numbered year. Thelicenseofanagentborninanoddnumberedyearwillexpireontheagent'sbirthdayinan odd numbered year Adjusterlicensesarenotdeterminedonabirthdaterenewal.Adjusterlicensesexpireon December 31st of even-numbered years.

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

counsel.Anyoneviolatingaceaseanddesistordermaybesubjectedtoafineofupto$5,000 for each violation.

Hearings-NoticeandProcess(2405,FinancialServices305) - answers>Astatementofthe charges

and notice of a hearing to be held at a time not less than 10 days after the date of service of the notice and at the place fixed in the notice.

Suspension, Revocation, and Nonrenewal (2110) - answers>The Superintendent may

refusetorenew,revoke,ormaysuspend,foraperiodtheSuperintendentdetermines,the license of any insurance producer, insurance consultant or adjuster, if, after notice and hearing, the Superintendent determines that the licensee or any sub-licensee has:

1. violated any insurance laws, regulation, subpoena or order of the Superintendent of Insuranceorofanotherstate'sInsuranceCommissioner,orhasviolatedanylawinthecourse of his dealings in such capacity;
2. providedmateriallyincorrect,materiallymisleading,materiallyincompleteormaterially untrue information in the license application;
3. obtainedorattemptedtoobtainalicensethroughmisrepresentationorfraud;
4. has used fraudulent, coercive or dishonest practices, demonstrated incompetence, demonstrateduntrustworthiness,ordemonstratedfinancialirresponsibilityintheconductof business in this state or elsewhere;
5. improperlywithheld,misappropriatedorconvertedanymoniesorpropertiesreceivedin the course of business in this state or elsewhere;
6. intentionallymisrepresentedthetermsofanactualorproposedinsurancecontractor application for insurance;
7. hasbeenconvictedofafelony;
8. admittedorbeenfoundtohavecommittedanyinsuranceunfairtradepracticeorfraud;
9. hadaninsuranceproducerlicense,oritsequivalent,denied,suspendedorrevokedinany other state, province, district or territory;
10. forgedanother'snametoanapplicationforinsuranceortoanydocumentrelatedtoan insurance transaction;

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

11. improperlyusednotesoranyotherreferencematerialtocompleteanexaminationforan insurance license;
12. knowinglyacceptedinsurancebusinessfromanindividualwhoisnotlicensed;
13. failedtocomplywithanadministrativeorcourtorderimposingachildsupportobligation; or
14. failingtopaystateincometaxorcomplywithanyadministrativeorcourtorderdirecting payment of state income tax. Before revoking or suspending the license of any insurance producer or other licensee pursuanttotheprovisionsofthisarticle,theSuperintendentwillgivenoticetothelicensee and to every sublicensee and will hold, or cause to be held, a hearing not less than 10 days after givingnotice.If aninsuranceproducer'slicenseor otherlicensee'slicensepursuantto the provisions of this article is revoked or suspended by the Superintendent, the Superintendent will give notice to the licensee. No individual, corporation, firm or association whose license as an insurance producer or other licensee has been revoked, and no firm or association of which such individual is a member, will be entitled to obtain any license under the provisions of this chapter for a periodofoneyearaftersuchrevocation,or,ifsuchrevocationbejudiciallyreviewed,forone yearafterthefinaldeterminationaffirmingtheactionoftheSuperintendentinrevokingsuch license. Beforerevokingthelicenseofanynon-residentinsuranceproducertheSuperintendentwill give 10 days' notice in writing to the licensee of the action proposed to be taken. TheSuperintendentretainstheauthoritytoenforcetheprovisionsofandimposeanypenalty or remedy. AlllicenseesmustreporttotheSuperintendentanyadministrativeactiontakenagainstthe licensee in another jurisdiction or by another governmental agency in this state within 30 days of the final disposition of the matter.

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

Solvency(307)-answers>Itisrequiredthateachinsurerfileannualfinancialstatements for

review by the Superintendent to determine the continued solvency of the insurer.

UnfairClaimSettlementPractices(2601;Reg.64,Part216.3-216.6)-answers>Unfair settlement

practices include: Knowinglymisrepresentingtoaclaimantpertinentfactsorpolicyprovisionsrelatedtothe coverages at issue. Failing to acknowledge within reasonable time, communications with respect to claims arising out of its policies. Failingtoadoptandimplementreasonablestandardsofpromptinvestigationofclaimsarising out of an insurer's policies. Claims must be promptly investigated to determine liability. Notattemptingingoodfaithtoeffectuateprompt,fairandequitablesettlementsofclaims submitted in which liability has become reasonable clear. Compellingpolicyholderstoinstitutesuittorecoveramountsdueunderitspoliciesby offering less than the amounts ultimately recovered in suit brought by them

AppointmentofAgent-answers>Theappointmentmustbemade15daysfromthedate an

agency contract is executed, or the first application is submitted

Termination of Agent Appointment (2112(d); Regs. 9, 18, 29, Part 20.2) - answers>Every

insurer,fraternalbenefitsocietyorhealthmaintenanceorganizationorinsuranceproduceror the authorized representative of the insurer, fraternal benefit society, health maintenance organization or insurance producer doing business in this state must, upon termination of a certificate of appointment, file with the Superintendent within 30 days a statement, in such form as the Superintendent may prescribe, the facts relative to such termination for cause.

Misrepresentation(2123;Reg.64,Part216.3)-answers>Itisaviolationforanagentto make false

or misleading statements or unfair coverage comparisons.

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

FalseAdvertising(2603)-answers>Itisaviolationtomakefalseormisleadingstatements

regarding the advertising of insurance products. A producing agent may not issue any illustrationor statement usedto advertisehis/her businessunlesstheagent is authorizedto transact those lines of authority.

DefamationofInsurer(2604)-answers>Itisanyfalseormaliciouscommunication,written or

oral, that injures another's reputation, fame or character. Individuals and companies both can be defamed. Unethical agents practice defamation by spreading rumors or falsehoods about the character of a competing agent or the financial condition of another insurance company. Both of these actions are considered illegal.

Unfair Discrimination (2606-2608, 2612) - answers>Neither agents nor insurance

companies are permitted to discriminate against perspective insureds. This means that a person cannot be given a different rate for coverage than another person in identical circumstances.Theymaynotdiscriminateagainstapersonsolelybecauseofanapplicants' race, religion, occupation, where they live or their financial status.

Rebating (2324, 4224) - answers>Rebating occurs if the buyer of an insurance policy

receivesanypartoftheagent'scommissionoranythingofsignificantvalueasaninducement to purchase a policy. State regulations are very strict in this respect and are designed to prohibit discrimination in favor of, or against, policyowners. In this state, the practice of rebating is illegal and the following are defined as illegal inducements: Offering,payingorallowinganyrebateorotherinducementnotspecifiedinthepolicyorany special favor or advantage concerning the dividends or other benefits that will accrue, in order to place, negotiate or renew the policy. Offering,sellingorpurchasinganythingofvaluenotspecifiedinthepolicy. Offering,payingorallowinganyrebateofanypremiumonanyinsurancepolicyorannuity contract.

ControlledBusiness(2103(i))-answers>TheSuperintendentmayrefusetoissue,suspend, or

revoke a license if an applicant receives morethan 10% of the aggregate net commissions during a 12- month period from insurance sold to a licensee's spouse or other family members or business associates or their immediate family.

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

maintenance organization, or shall in this state in any way or manner aid any such insurer or healthmaintenanceorganizationineffectinganyinsurance,healthmaintenanceorganization or annuity contract.

ProducerCompensationTransparency - answers>"ProducerCompensationTransparency,"

requires all New York-licensed producers to offer unrequested information about their compensationtotheirclients.Ifaclientasksformoreinformation,theproducermustmakea second highly detailed disclosure.

Cyber Security Requirements for Financial Services Companies (Reg 23 ) - answers>Is

designed to promote the protection of customer information as well as the information technology systems of regulated entities. This regulation requires each company to assess its specific risk profile and design a program that addresses its risks in a robust fashion. Senior management must take this issue seriously and be responsible for the organization's cybersecurity program and file an annual certification confirming compliance with these regulations.Aregulatedentity'scybersecurityprogrammustensurethesafetyandsoundness of the institution and protect its customers.

Fair Credit Reporting Act (FCRA) - answers>federal law that regulates the collection of

consumers' credit information and access to their credit reports. It was passed in 1970 to addressthefairness,accuracy,andprivacyofthepersonalinformationcontainedinthefiles of the credit reporting agencies.

WorkersCompensation-answers>Eligibility-Allworkinjuriesthatoccurduringthecourse of

work arecovered under NewYorkworkers'compensation law.New York, likemoststates, also covers occupational diseases, which are illnesses that arise during the course of employment. Typical occupational diseases include asbestosis and hearing loss. Industrial (work-related) injuries can include bone fractures, sprains, burns, cuts, amputations,andotherinjuriesthatcauseimmediateharm.Ifyourinjuryrequiresmorethan simple first aid, and it occurred in the course of your employment, you likely have a workers' compensation claim. Activitiesthathappenoutsidethescopeofyouremployment,suchascommutingtoandfrom work, are not covered. In other words, injuries or diseases arises from these activities do not give rise to a workers' compensation claim.

Agent, Broker Exam Series17-55.

200 Verified Questions and Answers

Latest Updated Exam Guide 2025/

NYLife,Accident,andHealthInsuranceAgent,BrokerExam

Series17-55,200VerifiedQUESTIONS,DEFINITEA+PASS

Benefits-Ifyouhaveanallowedworkers'compensationclaim,youwillbeginreceiving workers' compensation benefits immediately. Your employer's workers compensation insurance carrier will pay medical bills for treatment related to your industrial injury. If you are unable to work due to your work-related injury or occupational disease for more than seven days, your employer's workers' compensation insurance carrier will begin payment of cash benefits to compensate for your lost wages. These temporary disability benefitsequaltwo-thirdsofyouraverageweeklywage,multipliedbythepercentageofyour disability.Cashbenefitsaresubjecttoaweeklymaximumestablishedbythestateeachyear. As of July 1, 2017, the maximum benefit is $870.61 per week. These payments are usually paid every other week. The insurance carrier will continue to makethesepaymentstoyouuntilyourworkers'compensationclaimisclosedoryouareable to return to work, whichever occurs first. If your doctor finds that your injury has caused a permanent impairment, you may also be entitled to a permanent disability award. When a work injury results in death, the worker's familymemberscanreceiveweeklydeathbenefitsandreimbursementforfuneralexpenses.

DeathBenefit(faceamount/facevalue/coverage)-answers>Theamountpaidto beneficiaries

when a policyholder dies.

Beneficiary-answers>Theperson(s)whoreceivethedeathbenefit.Theyareselectedby the

policyholder.

Premium-answers>Theregularpaymentmadetowardtheinsurancepolicy.Theseare typically

monthly.

Cashvalue-answers>Atax-deferredsavingsaccountthatareincludedinpermanentlife

insurance policies. Thecashvalueisbasicallyaninvestmentaccountinsideofyourstraightlifeinsurancepolicy. This account will grow according to a guaranteed rate over the course of the policy length. Therateofreturnwilltypicallybelargeenoughthatwhenyouturn100thecash value