NY Independent General Adjuster Supplement Questions and Answers |100% Pass

Document Content and Description Below

NY Independent General Adjuster Supplement Questions and Answers |100% Pass How often must NY insurers be examined? {{Correct Ans- Every 5 years How often may the Superintendent examine NY insurer... s? {{Correct Ans- As often as he/she deems necessary Time by which insurer must respond to Superintendent requests for information? {{Correct Ans- 15 business days How much is the Superintendent authorized, after notice and hearing, to levy a civil penalty for? {{Correct Ans- Up to $500/day, not to exceed 10K After 5 separate penalties levied within 5 years, what can the Superintendent levy in addition, after notice and hearing? {{Correct Ans- A penalty up to $50K, for every 5 subsequent violations within 5 years What may a licensed insurer do in lieu of payment of civil penalties? {{Correct Ans- Surrender their license How many days’ notice of a hearing must the Superintendent give, and how? {{Correct Ans- 10 days, in writing How long does an individual have to pay a civil penalty, before it is entered as a judgment, and enforced without court proceedings? {{Correct Ans- 120 days What is the maximum recovery fee a public adjuster can charge as compensation? {{Correct Ans- 12.5% of the recovery How long does the insured have to cancel their agreement with a public adjuster? {{Correct Ans- Until midnight of the 3rd business day after signing How long does a public adjuster have to retain their records? {{Correct Ans- 3 years from completion of the services rendered [Show More]

Last updated: 1 year ago

Preview 1 out of 11 pages