NY state health and wellness insurance exam insurance
regulation UPDATED ACTUAL Questions and CORRECT
Answers
WHO NEEDS AN INSURANCE LICENSE Insurance agents (producers)
Insurance brokers
Anyone giving advice about specific policies
Anyone receiving commission tied to a sale
1. Sell
Exchanging an insurance policy for money
Example: Signing someone up for a health insurance plan
2. Solicit
Trying to persuade someone to buy insurance
Example: Explaining benefits and recommending a plan
3. Negotiate
Discussing or changing policy terms
INSURANCE AGENT (PRODUCER) What they do:
Sell policies on behalf of the insurer
Explain and recommend the company's products
Bind coverage (in some cases)
Key characteristics:
Appointed by one or more insurance companies
Acts as a legal representative of the insurer
The insurer is responsible for the agent's actions
💰 How they're paid:
Commission from the insurance company
🧠 Exam tip:
If the question says:
"Represents the insurer" → Agent
INSURANCE BROKER What they do:
Shop around multiple insurers
Find the best policy for the client
Submit applications to insurers
Key characteristics:
Not appointed by insurers
Cannot bind coverage on behalf of insurers
Acts in the best interest of the client
💰 How they're paid:
Commission (usually from insurer after sale)
Sometimes fees (if allowed)
🧠 Exam tip:
If the question says:
"Represents the insured/client" → Broker
, NEW YORK INSURANCE LICENSE APPLICATION 1. complete 40+ hour course for accident and health
PROCESS 2. Take the Life, Accident & Health or Accident & Health-only exam
Passing score: 70%
3. SUBMIT LICENSE APPLICATION
Apply online via the National Insurance Producer Registry (NIPR)
Pay the application fee
4. BACKGROUND CHECK & REVIEW
5. RECEIVE YOUR LICENSE
renewal policy 15 hours of CE every 2 years
At least 3 hours must be ethics-related
CONSEQUENCES OF NOT COMPLETING CE
License cannot be renewed
Possible:
Late fees
License suspension or lapse
New York State Department of Financial Services (DFS) Regulates insurance companies and producers
Issues and renews licenses
Enforces insurance laws
Investigates complaints and fraud
Approves policy forms and rates
regulation UPDATED ACTUAL Questions and CORRECT
Answers
WHO NEEDS AN INSURANCE LICENSE Insurance agents (producers)
Insurance brokers
Anyone giving advice about specific policies
Anyone receiving commission tied to a sale
1. Sell
Exchanging an insurance policy for money
Example: Signing someone up for a health insurance plan
2. Solicit
Trying to persuade someone to buy insurance
Example: Explaining benefits and recommending a plan
3. Negotiate
Discussing or changing policy terms
INSURANCE AGENT (PRODUCER) What they do:
Sell policies on behalf of the insurer
Explain and recommend the company's products
Bind coverage (in some cases)
Key characteristics:
Appointed by one or more insurance companies
Acts as a legal representative of the insurer
The insurer is responsible for the agent's actions
💰 How they're paid:
Commission from the insurance company
🧠 Exam tip:
If the question says:
"Represents the insurer" → Agent
INSURANCE BROKER What they do:
Shop around multiple insurers
Find the best policy for the client
Submit applications to insurers
Key characteristics:
Not appointed by insurers
Cannot bind coverage on behalf of insurers
Acts in the best interest of the client
💰 How they're paid:
Commission (usually from insurer after sale)
Sometimes fees (if allowed)
🧠 Exam tip:
If the question says:
"Represents the insured/client" → Broker
, NEW YORK INSURANCE LICENSE APPLICATION 1. complete 40+ hour course for accident and health
PROCESS 2. Take the Life, Accident & Health or Accident & Health-only exam
Passing score: 70%
3. SUBMIT LICENSE APPLICATION
Apply online via the National Insurance Producer Registry (NIPR)
Pay the application fee
4. BACKGROUND CHECK & REVIEW
5. RECEIVE YOUR LICENSE
renewal policy 15 hours of CE every 2 years
At least 3 hours must be ethics-related
CONSEQUENCES OF NOT COMPLETING CE
License cannot be renewed
Possible:
Late fees
License suspension or lapse
New York State Department of Financial Services (DFS) Regulates insurance companies and producers
Issues and renews licenses
Enforces insurance laws
Investigates complaints and fraud
Approves policy forms and rates
