New York Accident & Health Insurance with
complete solution
Agent Licesne - answerNoone 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
This study source was downloaded by 100000860579690 from CourseHero.com on 06-20-2023 09:15:13 GMT -05:00
https://www.coursehero.com/file/162634134/New-York-Accident-Health-Insurance-with-complete-solutionpdf/
, 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
This study source was downloaded by 100000860579690 from CourseHero.com on 06-20-2023 09:15:13 GMT -05:00
https://www.coursehero.com/file/162634134/New-York-Accident-Health-Insurance-with-complete-solutionpdf/
complete solution
Agent Licesne - answerNoone 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
This study source was downloaded by 100000860579690 from CourseHero.com on 06-20-2023 09:15:13 GMT -05:00
https://www.coursehero.com/file/162634134/New-York-Accident-Health-Insurance-with-complete-solutionpdf/
, 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
This study source was downloaded by 100000860579690 from CourseHero.com on 06-20-2023 09:15:13 GMT -05:00
https://www.coursehero.com/file/162634134/New-York-Accident-Health-Insurance-with-complete-solutionpdf/
