ADBanker NY

If a renewal application is filed before July 1st of the year of expiration, the expiring license will continue in full force until the renewal license is issued, or: A 10 days after the Superintendent refuses to issue the renewal license and has given notice of the refusal to the applicant B 15 days after the Superintendent refuses to issue the renewal license and has given notice of the refusal to the applicant C 5 days after the Superintendent refuses to issue the renewal license and has given notice of the refusal to the applicant D Upon the date the Superintendent refuses to issue the renewal license and has given notice of the refusal to the applicant

5 days after the Superintendent refuses to issue the renewal license and has given notice of the refusal to the applicant

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 the preceding 12 months?

A 10%

In New York, applicants for insurance producer and adjuster licenses must be which of the following? A At least 18 years old B College graduates C High school graduates D At least 21 years old

A At least 18 years old Good Job! Applicants for insurance producer and adjuster licenses must be at least 18 years old.

If an insurer chooses to nonrenew a homeowners policy, how many days advance written notice must it provide? A 90 B 45 C 20 D 15

B 45

Which of the following statements is NOT true of excess line insurance in New York? A Excess line insurance policies are issued by unauthorized insurers B Excess line insurance policies are issued by authorized insurers C Excess line insurance policies are placed and procured by excess line brokers D Excess line policies are not protected by the New York Liquidation Bureau

B Excess line insurance policies are issued by authorized insurers

How often do individual producer licenses expire? A Every 5 years on the licensee's birthday B Every 2 years on December 31st C Every 2 years on the licensee's birthday D Every 2 years on June 30th Oops! Individual producer licenses expire every 2 years on the licensee's birthday - in even years for producers born in even years and in odd years for producers born in odd years.

C

Which of the following licensees helps with the investigation and settlement of insurance claims? A Agent B Consultant C Adjuster D Broker

C Adjuster

A temporary insurance license authorizes the licensee to do which of the following? A Negotiate new insurance on behalf of the original licensee B Renew existing insurance on behalf of the original licensee C Sell new insurance on behalf of the original licensee D Solicit new insurance on behalf of the original licensee Nice try! Temporary licensees are not permitted to sell, solicit, or negotiate new insurance.

B

The insured's auto policy has bodily injury limits of $500,000 per person and $1 million per accident. What are the highest limits the insured may purchase for both uninsured/underinsured motorist coverage? A $100,000/$300,000 B $250,000/$500,000 C $500,000/$1 million D $1 million/$2 million Sorry! Maximum limits are the lesser of the insured's bodily injury liability limits or $250,000/$500,000 (or a combined single limit of $500,000).

B $250,000/$500,000

What endorsement provides coverage if the named insured is sued for slander? A Workers' Compensation B Home Business C Identity Fraud Expense D Personal Injury

D

In New York, what are the minimum required limits of auto liability insurance for bodily injury? A $10,000 per person/$25,000 per accident B $50,000 per person/$100,000 per accident C $100,000 per accident/$300,000 per accident D $25,000 per person/$50,000 per accident

D $25,000 per person/$50,000 per accident

What is the maximum penalty that can be imposed under the Insurance Frauds Prevention Act for a single violation? A 1 year in prison B $50,000 C $500 D $5,000

D $5,000

Insurance producers are required to complete how many hours of approved continuing education during each 2-year license period? A 20 B 24 C 40 D 15

D 15 Oops! Producers must complete 15 hours of approved continuing education during each 2-year license period.

How many days' written notice must the Superintendent provide to the licensee before holding a hearing? A 30 days B 15 days C 20 days D 10 days

D 10 days

Which of the following defines "basic economic loss" under the Comprehensive Motor Vehicle Insurance Reparations Act, otherwise known as PIP coverage? A A pain and suffering benefit up to $10,000 B A medical benefit up to $5,000 C A bodily injury and death benefit up to $75,000 D A medical and loss of earnings benefit up to $50,000

D Basic economic loss is defined as a $50,000 benefit that provides coverage for medical expenses and loss of earnings from work.

What unfair and prohibited practice involves the offer of a special premium or favor as an incentive to purchase insurance? A Replacement B False advertising C Misrepresentation D Rebating Excellent!

Rebating includes the offering of a rebate, special favor, or advantage not contained in the policy, or a valuable consideration, as an incentive or inducement to buy insurance.

In New York, what endorsement amends how the personal auto policy provides coverage on a newly acquired vehicle? A Named Non-Owner Coverage - New York (PP 03 30) B Joint Ownership Coverage - New York (PP 03 78) C Amendment of Policy Provisions - New York (PP 01 79) D Miscellaneous Type Vehicle - New York (PP 03 29)

The Amendment of Policy Provisions - New York endorsement amends the definition of "newly acquired auto" and how coverage applies to such autos.

Which of the following statements about the personal umbrella policy is correct? A The insurer must provide all surety bonds required during the course of the defense B The insurer must defend all lawsuits against the insured C The policy covers personal injury liability as well as bodily injury liability D Payment under the Additional Coverages reduces the limit of liability

The personal umbrella policy pays for damages arising from bodily injury, property damage, and personal injury.