Insurance Regulation

Front 1

The superintendent will make an examination of every authorized fraternal benefit society and property/causlaty insurance company at least once every _. Every domestic insurer must be examined at least once every _

Back 1

3 years; 5 years

Front 2

At a hearing, the person has the opportunity to do all of the following:

Back 2

Apper in person and by counsel.
Give evidence why an order should not be made.
Inspect all documentary evidence and witnesses.

Front 3

What type of report cannot be made unless the consumer is advised in writing about the report withing 3 days of the date the report was requested?

Back 3

Investigative consumer

Front 4

What best describes an unfair trade practice of defamation

Back 4

Making derogatory oral statements about another insurer.

Front 5

The superindent is

Back 5

Appointed by the Governor & approved by the senate.

Front 6

The following is NOT a cause for the Insurance Superintendent to suspend or impose conditions upon the continuance of an agents license

Back 6

The applicant has been shown to be a poor personal credit risk.

Front 7

Reasons why the Superintendent can refuse to issue a liscense

Back 7

1-For not complying with the preliscnesing education.
2-if the proposed licensee is not trustworthy
3-if the proposed licensee is not competent

Front 8

Tom has decided to enter the insurance business as his profession. What is NOT a prerequisite for an insurance liscense

Back 8

Be at least 21 years of age

Front 9

Insurance Fraud Prevention Act

Back 9

Is intended to permit the Superintendent and department to utilize their expertise to investigate and dicover insurance frauds.
2- The superintendent has the power to designate one or more units for the purpose of preventing fraud
3-the superindentent has the power to levy a civil penalty of up to $5,000 each violation

Front 10

Mike Armstrong is a agent and wants to operate under the name " The Insurance Palace". What kind of license would this require

Back 10

Agency

Front 11

Under the Insurance Fraud Prevention Act, what is the civil penalty that may be imposed for each fraudulent act?

Back 11

$5,000

Front 12

With Investigative consumer reports, the reports cant be made unless the consumer is advised is writing about the report within how many days of the date the report was requested.

Back 12

3

Front 13

Agent A offers a prospective client 2 tickets to a game with the condition that the client will purchase a family life insurance policy. This practice is known as

Back 13

Rebating

Front 14

Before an agent can transact business in NY every Insurer, fraternal benefit soceity or HMO must file with the Superintendent a

Back 14

Certificate of Appointment

Front 15

Regarding ownership of interest, if a liscensee wil be revieving any benefit or advantage that is in violation of isnurance law or more than _ of ne commissions in a _ month period of time. the superintendent may refuse to issue, suspend or revoke a license

Back 15

10% OF NET COMMISSIONS
12 MONTH PERIOD OF TIME

Front 16

Under the Fair Credit Reporting Act, a consumer may request the substance of the information contained in his report. If the consumer challenges the correctness of the info, the reporting agency must...

Back 16

Reinvestigate

Front 17

The NYSuperintendent has the respoinsiblity to make sure every insuer, fraternal, persion fund, retirement system or state fund remains solvent. Each entity must file a statement with the Superintendent

Back 17

Annually on or before March 1st of each year.

Front 18

If an agent converts premium he collects for his personal use he can be charged with

Back 18

Embezzlement

Front 19

What would NOT be a violation of State Insurance regulations?

Back 19

Agent C uses her license to write uncontrolled business only

Front 20

You Can NOT terminate an agents certificate of appointment if

Back 20

An agent becomes disabled and is unable to complete his duties for the duration of the disabitliy.

Front 21

The requirement that agents must account for all insurance funds collected and without the expressed consent of the insurance companyies are not permitted to co-mingle those funds with their own funds is known as

Back 21

Fiduciary Respoinsibility

Front 22

The Superintendent may suspend an agent's liscence if it is determined that a violation is committed for

Back 22

Up to 6 Months

Front 23

You can get a temporary liscense for

Back 23

An agents disability
An agents time in the military service
The death of an agent

Front 24

When Producer A was reviewing Bruces insurance that is written by another company, she made several oral statements that were maliciously critical of that other insuraer. Producer A could be found gulity of

Back 24

Defamation.