New York Laws and Rules; Questions and Answers 100% Solved
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Nyle
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Nyle
New York Laws and Rules; Questions and
Answers 100% Solved
cease and desist order CORRECT ANSWER-a person who is charged with engaging in an
unfair method of competition or committing an unfair or deceptive act or practice is entitled to
a hearing before the Superintendent. The person must b...
New York Laws and Rules; Questions and
Answers 100% Solved
cease and desist order CORRECT ANSWER-a person who is charged with engaging in an
unfair method of competition or committing an unfair or deceptive act or practice is entitled to
a hearing before the Superintendent. The person must be notified of the time and place of the
hearing at least 10 days in advance.
adjuster (2101(g), 2108) CORRECT ANSWER-Any individual who, for a fee, investigates
and settles on behalf of an insurer a claim arising from
an insurance contract.
INDEPNDENT ADJUSTER: represents insurer
PUBLIC ADJUSTER: represents insured
consultant CORRECT ANSWER-An insurance consultant provides (For a fee) advice,
recommendations, and information regarding the terms, conditions, benefits, coverage, or
premiums for insurance policies
Producer CORRECT ANSWER-An insurance producer is an insurance agent, broker,
reinsurance intermediary, excess lines broker, or other person required to be licensed in New
York to sell, solicit, or negotiate insurance
Broker CORRECT ANSWER-sells and negotiates insurance on the behalf of the insured
, New York Laws and Rules; Questions and
Answers 100% Solved
Business entity CORRECT ANSWER-is a corporation, association, partnership, LLC, or
Limited Liability Partnership and may be licensed as an agent. Businesses may be granted
insurance licenses just as licenses are granted to individuals.
- At least 1 sub-licensee must be named in a business entity's license app that will be
responsible for the business entity's compliance with the insurance laws, rules, and regulations
of NY (referred to as the designated responsible producer)
Negotiating CORRECT ANSWER-Insurance involves discussing or offering advice to
prospective purchasers regarding the benefits, terms, or conditions of an insurance policy by a
person who sells insurance
Selling CORRECT ANSWER-insurance involves exchanging an insurance policy for money
on behalf of an insurer
soliciting (2101(n)) CORRECT ANSWER-insurance involves attempting to sell insurance or
urging a person to apply for a specific type of insurance from a particular insurer
Right to examine (Free-look) CORRECT ANSWER-Life insurance policies must provide a
min. free-look period of 10 days upon delivery. This allows the policyowner time to decide,
whether or not to keep it. If the policyowner decides not to keep the policy within the 10 days
allowed, a full refund shall be given.
, New York Laws and Rules; Questions and
Answers 100% Solved
Entire contract CORRECT ANSWER-a provision that the policy and the application shall
constitute the entire contract between the parties
Compensation CORRECT ANSWER-Anything of value including money, credit, loans,
interest on premium, forgiveness of principal or interest, vacations, prizes, gifts or the payment
of employee salaries
Financing entity CORRECT ANSWER-An accredited investor whose principal in connection
with the transaction is providing capital to fund a life settlement contract
Financing transaction CORRECT ANSWER-a transaction in which a licensed life settlement
provider obtains financing from a financing entity
owner CORRECT ANSWER-is the owner of a policy who enters or seeks to enter into a life
settlement contract
Life expectancy CORRECT ANSWER-the number of months an insured can be expected to
live by taking in consideration of medical records
two-year prohibition CORRECT ANSWER-It is unlawful for a person to enter into a life
settlement contract before applying for a life insurance policy or within two years after a policy
is issued.
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