Risk Management and Insurance > QUESTIONS & ANSWERS > NY License Exam - New York General Insurance Laws Questions and Answers Rated A (All)
NY License Exam - New York General Insurance Laws Questions and Answers Rated A The Superintendent is the head of the Department of Insurance in New York. The _______ appoints the Superintendent t... o 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 for failing to respond to his or her inquiries, the Superintendent may levy an additional penalty of up to _________. ✔✔$50,000 To qualify for a certificate of authority, a mutual insurer must show that it: ✔✔(1) maintains the required surplus to fulfill its obligations to policyholders; (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 until ✔✔(1) terminated by the insurer; (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 receipts and disbursements for each premium account. These records must identify: ✔✔(1) the date and amount of each transaction (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 Act to address the problem of insurance fraud in the state. The act does so by ✔✔(1) giving the Superintendent broad authority to investigate insurance fraud; (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 or health information, an insurer or producer is required to ✔✔(1) notify individuals about the insurer's or producer's privacy policies and practices; (2) describe conditions under which an insurer or [Show More]
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NY State Insurance License Bundled Exams Questions and Answers Already Passed
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