Insurance Regulation- Practice Questions
Which of the following reports includes information regarding a consumer's credit, character, reputation, and habits collected by a reporting agency from employment records, credit reports, and other public sources
Consumer report
When an individual obtains an insurance license for the primary purpose of writing insurance on him or herself, or for members of his or her immediate family, or business, this is called
Controlled business (can only be 10% of your business)
If an agent converts premium he collects for his personal use, he can be charged with
Embezzlement
An applicant is denied insurance because of information found on a computer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company?
Fair Credit Reporting Act
The minimum age requirement for a resident insurance producer in New York is
18
What is it called when an agent offers compensation to an applicant in exchange for business
Rebating
According to agency law, the agent always represents the
Insurer
If a hearing is scheduled for a producer who has violated regulations regarding unfair trade practices, the Superintendent must send prior notice within how many days of the hearing?
10 Days
If licensees have administrative action taken against them, they must report this to the Superintendent within
30 Days
How long must insurers keep records of claims?
6 years
Who may share in the commission from the sale of a property insurance policy?
A licensed property insurance agent of the same insurer involved in the transaction.
If a producer's insurance license has been revoked, how soon can the producer obtain a new license?
After 1 year of the revocation
Which of the following would NOT be considered an insurance producer? An insurance officer An insurance agent An insurance broker A reinsurance intermediary
An insurance officer
In New York, how is the Superintendent of Insurance selected for the office?
Appointed by the Governor
While reviewing a client's policies that were written by another company, a producer makes several maliciously critical statements about the other company. The producer could be found guilty of
Defamation