Exam (elaborations)
New York Accident & Health Insurance Questions and Answers
- Course
- Institution
New York Accident & Health Insurance
[Show more]
Content preview
New York Accident & Health InsuranceAgent Licesne - answer Noone can sell insurance without license but you dont need to
pass test if you are employees of licesed insurance agent wh do nt solicit, licensed
attorneys, actuaries or cpas who provid ino, regular salaried implyees who devote little
tie, an agent oof a graternal benefit society
- must be 18, pass 540 hr course
- pass state exam
- Application must be submiteed w in 2 years
- renewal every 2 years on birthday
Certificate of appointment - answerif a license is granted to an corporation, , only the
officers and directors named on the license can act as agents, but they can sub license
agents. Every time a new agent comes on boad, they need a certificate of appointment
from the state
License Term for Agent - answer2 years; can be suspended or revoked by
superintendent, terminated by insurer, fails to file a renewal application, it can be
terminated;
Must be able to be furnished on request, the head agent must display in the office; if no
certificate of appointment is filed, the license is inactive
Consultant - answerAllows a person with a license to charge a fee for providing advice
- if given to an indivual, it experires every 2 yrs on the birthday
- if issued to a business entity, it expires on March 31st for life insurance in an odd
yyear and general insurance in an even year
- can only recieve a fee if there's a written contract with the person they are providing
advice
Adjuster License - answeracts on behalf of th insurer to investigata and sjust claims
arising under insurance contracts issued by the insurer
Non Resident - answeran individual who is a non resident of NY and who is licensed or
authorized to act as an insurance agent in the state in which he resides. If a licenced
non residnent moves to NY, he has 90 days to apply for his license w/o taking exam
Temporary License - answerCan be issued to spouse of deceased or next of kim from a
disability
Tremination of License - answerCan be done by superintendent for:
-providing incorrect or misleading materially untreu info in licesne app
-violating any insurance laws
, - stealing money
- having been convicted of a felony
- any dihonest practices
- Have a producer or life settlement license denied or revoked in any other state
- Forging
- Failing to comply with child support payments
To terminate a license, a superintendent must - answerprovide a written notice to the
licensee of a hearing before the license an be suspended. For a broker, its not less than
10 days after notice is provided for the hearing. If there's an action against the producer,
he must notify the super within 30 days. You cant go into another state and start
practicing either
Appointment and Termination of Appointment - answerAll insureres myst file a
ciertificate of appointment in order to appoint insurance agents. Then you have 15 days
to appoint a producer from the date the agency contract is executed. If you've been
fired, you have 30 days to tell the super why you were fired and then the super has 15
days to send the info back to you confirming it,
Change of Address time frame - answera licensee has 30 days to inform dept of
insurance
Reporting of Action - answermust report to dept of insurance w in 30 days of any
administrative action
Continuing Ed - answermust to 15 hrs every 2 years
Powers of the Superintendent - answerhe has the power to promote the public welfare
and administer and enforce all laws
appointed by the governor
Not responsible for assessing punitive damages to thos who break insurance laws. (this
is the responsibility of the state legislative bodies
- Can suspend, revoke or non renew the liceses but only after a hearing
- Examine and regulate an inusrance co for solvency and examine the books
-issue insurance licenses
- regulate and approve life and health insurance rates
- direct insurance department hearings based on grievances from sonsumers or
consumer rights organizations
- if the super thinkgs that a hearing is necessary, he has to give 10 days written notice
of hearing to the licensee
- regulate all advertising
- determine reserve amounts
- issue a cease and desist order - if there's a violation of stat law, can also fine up to 5k
for every violation
- report illegalities to the attorney general who will prosecute
- conduct hearings; failure to appear is a misdemeanor
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76747 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now