Important days, date, and numbers
Which of the following is the purpose of HIPAA?
- To guarantee the right to buy individual policies to eligible individuals - To prohibit discrimination against employees based on their health status. - To limit exclusions for pre-existing conditions
The businessowners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period?
1 -year
What is the maximum period that an insurer would pay benefits in accordance with an additional monthly benefit rider?
1 Year
The businessowners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period?
1 yEAR
How long is the policy period for NFIP flood insurance?
1- YEAR
A workers compensation policy cannot be cancelled prior to its expiration date unless a notice of policy cancellation has been sent to the insured at least how many days in advance?
10 DAYS
Under businessowners policy Section I, if an insurer wants to nonrenew a policy for nonpayment of premium, how many days before the expiration date must the insurer notify the mortgageholder?
10 Days
What is the requirement minimum notice to the producer for a hearing regarding a violation of the rules of unfair methods of competition?
10 days
The Superintendent may refuse to renew a license if a license is receiving more than 10% of the aggregate commissions from controlled business in how many months?
12
How long does a licensee have to deliver information requested by the Superintendent of Financial Services?
15 DAYS
Insurers are required to supply claims forms to the insured within how many days after notice of claim?
15 days
A person who knowingly obtains information on a consumer from a consumer reporting agency under false pretenses may be imprisoned for up to how many years?
2 years
Within how many years of a loss may an insured bring a lawsuit against an insurer, according to the dwelling policy?
2 years
When a health insurance policy is purchased in the state of New York, the insured may return the policy to the insurer and receive a premium refund within the maximum period of
20 days
The patient Protection and Affordable Care Act mandates that insurers provide coverage for adult children of the insured up to the age of
26
Coverage J under farm coverage agrees to pay reasonable medical expenses, regardless of fault, caused by an accident if the expenses are incurred and reported to the insurer within how many years of the accident date?
3 -Years
How many years from the cancellation or nonrenewal of a commercial property may an insurer audit the books or records of the insured?
3 YEARS
Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained
3 days
Coverage for medical payments under a personal Auto Policy applies to expenses following a covered accident that are incurred and services rendered within what time period?
3 years
All legal actions regarding the Federal Employer's Liability FELA must commerce within what time period from the day the cause of action began?
3 years from the day the cause of action began
For how long are producers required to keep records of producer compensation disclosures provided to the purchasers of insurance?
3- YEARS
The Superintendent can examine an authorized fraternal benefit society and property/casualty insurance company once every
3-years
In New York, vandalism and malicious mischief would be covered if the insured's premises have been vacant for no more than how many days?
30
How long does a licensee have to notify the Superintendent of a change of address?
30 DAYS
A dwelling policy has been in effect for 60 days when fraud was discovered by the insurer. Prior to the cancellation date, the insurer must provide a notice of
30 Days
If an insured is in the process of moving to a new location, his personal property coverage under the dwelling policy will apply on a pro rata basis at both locations for
30 days
The removal coverage included in the broad form dwelling policy will cover property temporarily removed from the premises to protect it from damage for how long?
30 days
In individual health insurance coverage, the insurer must cover a newborn from the moment of birth, and if additional premium is required, how many days should be allowed for payment?
30 days of birth
If a driver cancels his auto insurance and does not replace it, how long does the insurer have to report this to the Commissioner of the Department of Motor Vehicles?
30- Days
If an insured intends to nonrenew a dwelling policy, it must alert the insured of the nonrenewal at least how many days before the effective date?
45 days
In the event of theft of a covered vehicle, transportation expenses coverage in a personal auto policy will cover the expenses starting how many hours after theft?
48 hours
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
In addition to examinations that are specifically authorized by the Insurance Code, the Superintendent may examine each domestic life insurer as often as is deemed necessary for the protection of the consumers. The Code requires examinations of domestic life insurers every
5 years
How long is an open enrollment period for Medicare supplement policies?
6 months
Losses caused by vandalism and malicious mischief are excluded from coverage if a dwelling has been vacant for many days?
60 DAYS
According to the Insured Duties after a Loss provision in homeowners policies, if the insurer requires a signed, sworn proof of loss, the insured must provide within how many days?
60 Days
According to the loss payment condition in HO policies, losses must be paid within how many days of the insurer receiving proof of loss?
60 days
According to the Fair Credit Reporting Act, consumer reports are prohibited negative information about a customer after how many years?
7 years
How soon after a direct loss does the period of restoration for business income coverage under businessowners property insurance begin?
72 hours
Under the uniform required provisions for accident and sickness policies, proof of loss should be filed within how many days of a loss?
90 DAYS
The Employee Theft crime policy form includes a coverage extension that applies to employees temporarily outside the coverage territory for up to
90 days
How long is a temporary license valid in New York?
90- days
If an individual's license has been revoked, how soon can he or she obtain a new license?
After 1 year of the revocation
In order for a nonresident licensee to become a resident producer in New York, the licensee must
Apply within 90 days of becoming a resident
When must agents submit license renewal applications to the Superintendent?
At least 60 days before the license expires
The continuing education (CE) requirement in this state
Consists of completing 15 hours of continuing education each biennium
Under the examinations of books and records condition, the insurance company has the right to examine and audit the insured's books and record related to the policy
During the policy period and for up to 3 years after the termination of the policy.
An agent has recently changed his email address. What must the agent do to comply with the regulation of change of address?
Inform the Department within 30 days.
All of the following statements are true regarding employee dishonestly optional coverage under the businessowners policy (BOP) EXCEPT
It provides coverage for all employees, even those employees who were terminated in the past 90 days.
If payment of a premium is required to provide health insurance coverage for a child of the insured, the insured may be required to notify the company of the child's birth and pay the premium within
New York law specifies that the insurer be notified within 30 days of the birth of a newborn
Under the dwelling policy, if an insurer chooses to repair or replace damaged or lost property, it must inform the insured within how many days of receiving proof of loss?
The insurer has 30 days to tell the insured that it has chosen to repair or replace the covered.
A policy with a 31 -day grace period implies
The policy remains in force without penalty for 31 days even through the premium due has not been paid.
If a hearing is scheduled for a producer who has violated regulations regarding unfair trade practices, the Superintendent must send a prior notice within how many days of the hearing?
The required notice at least 10 days
The insured with a claims-made commercial general liability (CGL) policy may request in writing claim and occurrence information from the insurer at anytime up to 60 days after the policy period ends. The insurer must provide the information.
Within 45 days.
