NY Life, Accident, and Health Insurance Agent/Broker
Exam Series 17-55 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES (VERIFIED
ANSWERS) |ALREADY GRADED A+
Terms in this set (199) QUESTIONS VERIFIED ANSWERS
1) 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.
2) 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.
3) 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.
4) 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.
5) 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.
6) 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.
7) 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.
8) Agent 2101(a) In this section, insurance agent means
Exam Series 17-55 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES (VERIFIED
ANSWERS) |ALREADY GRADED A+
Terms in this set (199) QUESTIONS VERIFIED ANSWERS
1) 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.
2) 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.
3) 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.
4) 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.
5) 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.
6) 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.
7) 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.
8) Agent 2101(a) In this section, insurance agent means
