exams and notes

The New York Superintendent of Insurance is Appointed by the governor of New York The primary responsibility of the Superintendent of Insurance is Enforcing the state insurance laws and regulations. An independent adjuster A person who acts on behalf of an insurer in investigating and adjusting claims and/ or performing any duties required by the insurer. A public adjuster A person who acts on behalf of an insured in negotiating the settlement of certain claims for loss or damage to ...

Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: Actual cash value When may an insured sue an insurance company? Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-resident agent? Someone licensed in their state and obtains a li...

Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: Actual cash value When may an insured sue an insurance company? Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-resident agent? Someone licensed in their state and obtains...

The time limit on certain defenses under individual health policies in New York is: A 20 days B 3 years C 90 days D 2 years D 2 years The Superintendent may examine the books and records of any insurer based on the: A Permission of a producer B Authority granted by the state

Accelerated Benefits Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance An insurance policy that provides payment if the insured's death is the result of an accident. Accumulation Period The time before an annui...

Pro Rata Liability Clause is included in an insurance policy to deal with the problem of Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability If a loss occurs that is covered by more than 1 insurance policy that was purchased by the insured, then each policy ...

Dram Shop Liability refers to: Liquor Law Liability. The insured has suffered a covered loss under his DP-3 dwelling form. He fails to protect the property from further loss. The additional loss that occurs as a result of his inactions may be denied because of what clause in the policy? Neglect. To be eligible for the New York assigned risk auto plan a person must: Hold a valid driver's license. Any insurance adjuster whose license has been revoked for cause will not be entitled to ...

The Superintendent is the head of the Department of Insurance in New York. The _______ appoints the Superintendent to a four-year term. governor If the Superintendent requests information during an 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. 15 If the Superintendent imposes five separate penalties against a person within five years...

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. Producer De...

How many eligible employees must be included in a contributory health insurance plan? 50% A man works for Company A and his wife works for Company B. The spouses are covered by health plans through their respective companies that also cover the other spouse. If the husband files a claim, The insurance through his company is primary. What is the period of coverage for events such as death or divorce under COBRA? 36 months Twenty-five days after a health insurance policy is delivered,...