NY Life, Accident, and Health Insurance Agent Broker Exam
Series 17-55 Verified and Correct Solutions
Process 2103 (d-i) - 1. The Superintendent may issue a license to any 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.
Producer Definition (2101(k)) - An insurance producer means an insurance agent, insurance
broker, reinsurance intermediary, excess lines broker, or any other person required to be licensed
under the insurance laws of this state to sell, solicit or negotiate insurance.
Who Should be Licensed (2101(k)(1)) - 1. The term "insurance producer" does not 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, clerical or
a combination of these, and are only indirectly related to the sale, solicitation or negotiation of
insurance;
(b) the officer, director or employee's function relates to underwriting, loss control, 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 supervisor
assisting licensed insurance producers where the person's activities are limited to providing
technical advice and assistance to licensed insurance producers and do not include the sale,
solicitation or negotiation of insurance.
Home State (2101(l)) - Home state means the District of Columbia or any state or territory of the
United States in which an insurance producer maintains his, her or its principal place of residence
or principal place of business and is licensed to act as an insurance producer.
Negotiate (2101(m)) - Negotiate or negotiation means the act of conferring directly with or offering
advice directly to a purchaser or prospective purchaser of a particular contract of insurance
,concerning any of the substantive benefits, terms or conditions of the contract, provided that the
person engaged in that act either sells insurance or obtains insurance from licensed insurers,
fraternal benefit societies or health maintenance organizations for purchasers.
Sell (2101(n)) - Sell or sale means to exchange a contract of insurance by any means, for money or
its equivalent, on behalf of a licensed insurer, fraternal benefit society or health maintenance
organization.
Solicit (2101(o)) - - Solicit or solicitation means attempting to sell insurance or asking or urging a
person to apply for a particular kind of insurance from a particular licensed insurer, fraternal
benefit society or health maintenance organization.
Agent 2101(a) - In this section, insurance agent means any authorized or acknowledged agent of an
insurer, fraternal benefit society or health maintenance organization issued a certificate of
authority pursuant to the public health law, and any sub-agent or other representative of such an
agent, who acts as such in the solicitation of, negotiation for, or sale of, an insurance, health
maintenance organization or annuity contract, other than as a licensed insurance broker.
Agent 2101(k) - insurance producer means an insurance agent, insurance broker, reinsurance
intermediary, excess lines broker, or any other person required to be licensed under the insurance
laws of this state to sell, solicit or negotiate insurance.
The applicant must be at least 18 years of age at the time of license issuance.
An examination is required for each applicant, except where noted for applicants with a change in
residency moving to New York (see code 2103 below).
Brokers 2101(c) - a licensed insurance representative who does not represent a specific insurance
company, but places business among various companies. Legally, the broker is usually regarded as
a representative of the insured rather than the insuring company.
Brokers 2101(h) - any licensed attorney at law of this state.
Consultants (2107) - 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 this chapter
,with respect to either: life insurance, meaning all of those kinds 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 authorize only the officers and directors thereof named in such
license as sub-licensees to act individually as consultants there under.
Adjuster 2101(g) - The Superintendent may, in his discretion require an applicant 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 investigating and adjusting claims arising under insurance contracts
issued by such insurer and who performs such duties required by such insurer as are incidental to
such claims and also includes any person who for compensation or anything of value investigates
and adjusts claims on behalf of any independent adjuster.
Adjuster 2108 - Adjusters will be licensed as either independent adjusters, or as 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 licensed as an independent adjuster, and no
adjuster may act on behalf of an insured unless licensed as a public adjuster. A public adjuster
works on behalf of the insured for a fee.
Nonresident 2101(d) - In this section, non-resident insurance agent means an individual who is a
non-resident of this state and who is licensed or authorized to act as an insurance agent in the state
in which he resides, 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 agent.
Nonresident 2101(e) - In this section, "non-resident insurance broker", means an individual who is
a non-resident of this state and who is licensed or authorized to act as an insurance broker in the
state in which he resides, 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) - In the discretion of the Superintendent, no written insurance examination
will be required of any individual seeking to be named as a licensee or sub-licensee who is a non-
resident insurance agent.
Nonresident 2103(g)(11) - 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 exemption is only available if the person is
currently licensed in that state or if the application is received within 90 days of the date of
cancellation of the applicant's previous license and if the prior state issues a certification that, at the
time of cancellation, the applicant was in good 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 - The Superintendent shall waive any requirements for a
nonresident license applicant otherwise applicable under this chapter if:
(a) the applicant has a current and valid license in his or her home state and is in good standing in
his or her home state;
(b) the applicant has submitted a completed application in the form prescribed by the
Superintendent or submitted the application for licensure submitted to his or her home state;
(c) the applicant has paid the fees required by this chapter; and
(d) the applicant's home state awards nonresident insurance producer licenses to residents of this
state on the same basis as provided in this subsection.
Business Entities 2101(p) - A business entity means a corporation, association, partnership, limited
liability company, limited liability partnership or other legal entity.
Business Entities 2103(e) - Before any original insurance agent's license is issued to a business
entity, there must be on file in the office of the Superintendent an application by the prospective
