NY License Exam - New York General Insurance Laws
UPDATED ACTUAL Questions and CORRECT Answers
The Superintendent is the head of the Department of governor
Insurance in New York. The ___ appoints the
Superintendent to a four-year term.
If the Superintendent requests information during an 15
examination or investigation and a person does not
respond within _ days, he or she may impose a
penalty of up to $500 per day (not more than $10,000
total) for each day the person fails to respond.
If the Superintendent imposes five separate penalties $50,000
against a person within five years for failing to respond
to his or her inquiries, the Superintendent may levy an
additional penalty of up to ___ _.
To qualify for a certificate of authority, a mutual insurer (1) maintains the required surplus to fulfill its obligations to policyholders;
must show that it:
(2) has the required number of applications for insurance;
(3) has a genuine membership list; and
(4) has received premiums from members and will issue policies within 60 days
after receiving a certificate of authority.
A producer's appointment of an agent remains in effect (1) terminated by the insurer;
until
(2) the producer's license is suspended or revoked; or
(3) the producer's license expires and is not renewed.
Controlled business insurance that is written primarily on the lives, property, or risks of the licensee
or of the licensee's family members, employer, or business associates.
Agents and brokers must maintain records showing (1) the date and amount of each transaction
receipts and disbursements for each premium account.
These records must identify: (2) the name of the insured and insurer
(3) the policy binder number
(4) the type of risk involved
, Insurers must keep records of: (1) insurance policies, for six years after the date a policy is no longer is in force
or until the next examination report, whichever period is longer
(2) applications when a policy is not issued, for six years or until the next
examination report, whichever period is longer
(3) claim files, for six years after a claim is resolved or until the next examination
report, whichever period is longer
An insurer's records retention plan must describe: (1) the types of records retained
(2) the retention method used
(3) the safeguards established to prevent the alteration of records
New York has enacted the Insurance Frauds Prevention (1) giving the Superintendent broad authority to investigate insurance fraud;
Act to address the problem of insurance fraud in the
state. The act does so by (2) encouraging reports of suspected insurance fraud;
(3) granting immunity for persons who report suspected insurance fraud; and
(4) setting penalties for insurance fraud.
The Consumer Information Privacy Regulation governs how insurers and their producers treat personal health information and
personal financial information from individuals.
When collecting or using nonpublic personal financial (1) notify individuals about the insurer's or producer's privacy policies and
or health information, an insurer or producer is required practices;
to
(2) describe conditions under which an insurer or producer may disclose this
information to affiliated companies and nonaffiliated third parties;
(3) provide methods for individuals to prevent an insurer or producer from
disclosing this information; and
(4) provide methods for individuals to prevent an insurer or producer from
disclosing this information by not affirmatively consenting to such disclosure.
An insurer or producer must notify its current once every year.
customers of its privacy policies or practices at least
UPDATED ACTUAL Questions and CORRECT Answers
The Superintendent is the head of the Department of governor
Insurance in New York. The ___ appoints the
Superintendent to a four-year term.
If the Superintendent requests information during an 15
examination or investigation and a person does not
respond within _ days, he or she may impose a
penalty of up to $500 per day (not more than $10,000
total) for each day the person fails to respond.
If the Superintendent imposes five separate penalties $50,000
against a person within five years for failing to respond
to his or her inquiries, the Superintendent may levy an
additional penalty of up to ___ _.
To qualify for a certificate of authority, a mutual insurer (1) maintains the required surplus to fulfill its obligations to policyholders;
must show that it:
(2) has the required number of applications for insurance;
(3) has a genuine membership list; and
(4) has received premiums from members and will issue policies within 60 days
after receiving a certificate of authority.
A producer's appointment of an agent remains in effect (1) terminated by the insurer;
until
(2) the producer's license is suspended or revoked; or
(3) the producer's license expires and is not renewed.
Controlled business insurance that is written primarily on the lives, property, or risks of the licensee
or of the licensee's family members, employer, or business associates.
Agents and brokers must maintain records showing (1) the date and amount of each transaction
receipts and disbursements for each premium account.
These records must identify: (2) the name of the insured and insurer
(3) the policy binder number
(4) the type of risk involved
, Insurers must keep records of: (1) insurance policies, for six years after the date a policy is no longer is in force
or until the next examination report, whichever period is longer
(2) applications when a policy is not issued, for six years or until the next
examination report, whichever period is longer
(3) claim files, for six years after a claim is resolved or until the next examination
report, whichever period is longer
An insurer's records retention plan must describe: (1) the types of records retained
(2) the retention method used
(3) the safeguards established to prevent the alteration of records
New York has enacted the Insurance Frauds Prevention (1) giving the Superintendent broad authority to investigate insurance fraud;
Act to address the problem of insurance fraud in the
state. The act does so by (2) encouraging reports of suspected insurance fraud;
(3) granting immunity for persons who report suspected insurance fraud; and
(4) setting penalties for insurance fraud.
The Consumer Information Privacy Regulation governs how insurers and their producers treat personal health information and
personal financial information from individuals.
When collecting or using nonpublic personal financial (1) notify individuals about the insurer's or producer's privacy policies and
or health information, an insurer or producer is required practices;
to
(2) describe conditions under which an insurer or producer may disclose this
information to affiliated companies and nonaffiliated third parties;
(3) provide methods for individuals to prevent an insurer or producer from
disclosing this information; and
(4) provide methods for individuals to prevent an insurer or producer from
disclosing this information by not affirmatively consenting to such disclosure.
An insurer or producer must notify its current once every year.
customers of its privacy policies or practices at least
