Insurance Regulation
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?
10 days
If a certificate of appointment is terminated, a statement must be filed with the Superintendent within
30 days
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
Which of the following is NOT a justifiable reason for the Superintendent to revoke, suspend, or refuse to renew a license?
A licensee does not sell enough polices to reach his financial goals
If an individual's license has been revoked, how soon can he or she obtain a new license?
After 1 year of the revocation
Treatment of nonpublic personal financial information about individuals requires the insurer to do which of the following?
All of the above
All of the following are reasons to terminate an agent's certificate of appointment EXCEPT
An agent becomes disable and is unable to complete his duties for the duration of the disability
In this state a temporary license may be issues for all of the following reasons EXCEPT
An agent's retirement
If an insurance company wishes to order a consumer report on an applicant to assist in the underwriting process, and if a notice of insurance information practiced has been provided the report may contain all of the following information EXCEPT the applicant's
Ancestry
The New York Superintendent has the responsibility to make sure each entity transacting insurance in this state remains solvent. Insurers are required to file a statement with the Superintendent
Annually on or before March 1st
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
Which of the following entities protects policyholder, insureds and beneficiaries under insurance contracts when insurers fail to preform contractual obligations due to financial impairment?
Insurance Guaranty Association
Which of the following is NOT considered a misrepresentation as it pertains for unfair trade practices?
Making comparisons between different policies
Who represents the insured in the investigating of a claim?
Public adjuster
In comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports?
The customer's associates, friends, and neighbors provide the report's data.
In order to qualify for a certificate of authority, every person, association, firm, corporation or joint-stock company must meet all of the following requirements EXCEPT
The entity must be part of the New York Labor Union
Offering tickets to a baseball game with the condition that the client will purchase an insurance policy is an example of
Rebating
Which of the following entities has the authority to revoke a producer's license
The Department of Financial Services
Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information?
The Fair Credit Reporting Act
A certificate of appointment is valid until any of the following except
The agent becomes a nonresident licensee in another state
The requirement that agents must account for all insurance funds collected and are not permitted to commingle those funds with their own funds without the express consent of the insurance company is known as
Fiduciary responsbility
In New York, the Superintendent is appointed by and stays in office for a term as long as the
Governor is in office
Which of the following is NOT a qualification for licensing as an insurance producer in this state?
Have a letter of recommendation
If the Superintendent finds a licensee in violation of an unfair method or unfair practice he or she will issue a
Cease and desist order
Which of the following includes information regarding a person'd credit, character, reputation, and habits?
Consumer Report
An insurer published intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?
Illegal under any circumstances
Before an order by the Superintendent can be considered effective, it must be
In writing and signed by the Superintendent
When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of
Defamation
Which of the following would NOT be considered an improper claims practice?
Denying a claim after proof of loss statements are competed and submitted by insureds
When twin brother applied for life insurance from Company A, the company found that while neither of them smoked and both had a very similar lifestyle, one of the twins was in a much stronger financial position than the other. Because of this, the company charged him a higher rate for his insurance. This practice is considered
Discrimination
All of the following are true about the Insurance Frauds Prevention ace EXCEPT
Every insurer must file a fraud prevention plan within 150 days
Which of the following is NOT correct regarding false statements by a person engaged in the business of insurance?
Oral statements cannot be considered fraud
Which of the following persons is required to hold a producer license?
A person who negotiates insurance contracts
Which of the following individuals must pass the written examination to be licensed as an insurance agent?
A producer previous licensed in New Jersey who is applying for a New York license 120 days after becoming a resident of this state
Who is included in the definition of an agent?
A producer who owns his own field office
Which of the following would be required to be licensed as an insurance producer?
A salaried employee who advertises and solicits insurance
Under the Fair Credit Reporting Ace, individuals rejected for insurance due to information contained in a consumer report
Must be informed of the source of the report
