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If a producer's insurance license has been revoked, how soon can the producer obtain a new license?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