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
C
Authority granted by the Secretary of State
D
Permission of the insurer
B
Authority granted by the state
If a licensee uses an assumed name, the name must be approved by the Superintendent:
A
Before the licensee may use it to transact insurance in New York
B
Within 30 days of using the assumed name
C
Only if they change their legal name
D
Upon license renewa
A
Before the licensee may use it to transact insurance in New York
In New York, basic hospital insurance must provide coverage for any continuous hospital confinement per insured for a period of at least:
A
20 days
B
30 days
C
60 days
D
10 days
C
60 days
If two individuals are licensed in the same line with two different companies join together to sell a policy, the commission can be:
A
Shared between the two agents and the insured
B
Paid only to the agent who initiated the sale
C
Withheld by the insuring
D
Shared between the two agents
The _________ gives the owner of a variable annuity the ability to withdraw a maximum percentage of the annuity value until the initial investment amount has been recouped.
A
Joint and survivor annuity benefit
B
Group annuity
C
Retirement income annuity
D
D
Guaranteed minimum withdrawal benefit
The Superintendent has the authority to take all of the following actions, EXCEPT:
A
Create rules to implement and enforce insurance laws
B
Refer suspected criminal violations to law enforcement officials
C
Investigate consumer complaints
D
Create insuran
D
Create insurance laws
Insurance producers are required to complete how many hours of approved continuing education during each 2-year license period?
A
40
B
20
C
24
D
15
D
15
Small group major medical insurance policies in the state of New York:
A
May be written on a one-person firm, since they are defined as a small group
B
Must limit participation to employees that work at least 40 hours per week
C
Are often cancelled becaus
D
Must be community-rated
All of the following are unfair claim settlement practices, except:
A
Failing to adopt and implement unreasonable standards to investigate claims properly
B
Failing to attempt in good faith to settle claims promptly
C
Knowingly misrepresenting to a claima
A
Failing to adopt and implement unreasonable standards to investigate claims properly
The Superintendent can implement all of the following disciplinary actions, except:
A
Sentence a licensee to jail time
B
Hold a hearing within 10 days after notice
C
Deny, revoke, nonrenew, or suspend a license
D
Issue a cease and desist order
A
Sentence a licensee to jail time
In New York, an insurer may void a policy or deny a claim for misstatements under what conditions?
A
Within 5 years
B
Never
C
Within 1 year
D
Within 2 years
D
Within 2 years
The Superintendent can examine the books and records of any insurer or licensee:
A
Once every 6 years
B
When granted authority by the courts
C
Only in the case of fraud
D
Whenever it is deemed necessary
D
Whenever it is deemed necessary
Insurance producers are required to complete how many continuing education credits during each biennial licensing period?
A
15
B
20
C
24
D
40
A
15
The maximum first year commission for the sale of a Medicare Supplement policy is:
A
200% of the commission paid for policy renewals
B
50% of the first year premium
C
The amount regardless of whether the sale is replacement or not
D
The commission paid fo
A
200% of the commission paid for policy renewals
The purpose of the New York Long-Term Care Partnership is to:
A
Offer residents the chance to qualify for Medicaid regardless of source depletion
B
Extend Medicare benefits beyond 6 months
C
Create a public-private partnership for profitably underwriting
A
Offer residents the chance to qualify for Medicaid regardless of source depletion
A temporary license may be issued for:
A
90 days with additional terms of 90 days and a 15 month maximum limit
B
180 days total
C
90 days with additional terms of 90 days and no maximum limit
D
90 days without renewal
A
90 days with additional terms of 90 days and a 15 month maximum limit
Which of the following persons solicits, negotiates, or offers a life settlement contract in exchange for compensation?
A
Life settlement intermediary
B
Life settlement broker
C
Life insurance policy beneficiary
D
Life insurance policy owner
B
Life settlement broker
An insured covered under a group life policy will be allowed to convert to an individual policy, without evidence of insurability, within how many days of the termination or reduction of group coverage?
A
45 days
B
10 days
C
90 days
D
31 days
D
31 days
Which of the following deaths is NOT excluded under a life insurance policy issued in New York?
A
The insured was killed in action while serving in the military
B
The insured was killed on the job, in a hazardous occupation listed in the policy
C
The insu
C
The insured was a passenger in a commercial airplane that crashed
How often do individual producer licenses expire?
A
Every 2 years on the licensee's birthday
B
Every 2 years on December 31st
C
Every 2 years on June 30th
D
Every 5 years on the licensee's birthday
A
Every 2 years on the licensee's birthday
The minimum number of employees to be considered a small employer for community rating is:
A
2
B
5
C
50
D
25
A
2
An insurance producer may have his/her license suspended or revoked by earning commissions for business written on his/her own property and risks if the commissions received are more than what percentage of the licensee's net aggregate commissions during
D
10%
In New York, applicants for insurance producer and adjuster licenses must be which of the following?
A
At least 21 years old
B
High school graduates
C
At least 18 years old
D
College graduates
C
At least 18 years old
In New York, under individual and group Medical Expense Insurance, any child is considered a dependent until attaining the age of:
A
23
B
26
C
29
D
19
B
26
The Superintendent has the power to do all of the following, except:
A
Levy civil penalties after notice and a hearing
B
Examine and investigate any person to determine if they violated any state insurance laws
C
Make and enforce rules and regulations as
D
Pass insurance laws relating to insurance licensing
Before a carrier from another state can transact insurance business in New York, which of the following must be issued?
A
Certificate of Authority
B
Broker's license
C
Temporary license
D
Domiciled certificate
A
Certificate of Authority
Which of the following statements BEST describes the manner in which a licensee must provide a clear and conspicuous notice to its customers that accurately reflects its privacy policies and practices?
A
The notice must be provided every 12 months after i
C
The notice must be provided a the time the insurance application is taken, and annually thereafter
If an agent refers a potential applicant to another agent with in the same company and the policy is created, who will get the commission?
A
The agents can share commission with permission from the Superintendent
B
The agent who referred the applicant onl
D
The signing agent only
A temporary insurance license authorizes the licensee to do which of the following?
A
Sell new insurance on behalf of the original licensee
B
Solicit new insurance on behalf of the original licensee
C
Negotiate new insurance on behalf of the original lice
D
Renew existing insurance on behalf of the original licensee