Chapter 10 Insurance Regulation
Exam Questions and Answers
100% PASS
Licensing—ANSWER--Insurance professionals must be properly licensed for a specific line of
authority in order to transact insurance. The purpose of licensing is to ensure that a
producer meets educational and ethical standards to fulfill producer's responsibilities to the
insurer and public.
Producer—ANSWER--Insurance producer means an insurance agent, insurance broker,
intermediary, excess lines broker, or any other person required to be licensed under the laws
of this state to sell, solicit, or negotiate insurance.
Home State—ANSWER--means any state, district, or territory of the US in which a producer
maintains his principal placer of residence or business and is licensed to act as an producer.
Negotiate—ANSWER--means the act of directly conferring with or offering advice to a
purchaser or potential purchaser of a particular insurance contract
concerning any of the substantive benefits, terms or the conditions of the contract, provided
that the person engaged in that act either sells insurance or obtains insurance from licensed
insurers, fraternal benefit societies, or HMO for purchasers.
, Sell—ANSWER--or sale means to exchange the contract of insurance by any means, for
money or its equivalent, on behalf of a licensed insurer, fraternal benefit society or HMO.
Solicit—ANSWER--means attempting to sell insurance or asking or urging people to apply for
a particular type of insurance from a particular licensed insurer, fraternal benefit society, or
HMO
Qualifications for an insurer license—ANSWER--1. be a resident of NY state
2. be at least 18
3. have no felony convictions
4. fulfill the prelicensing education requirement of classroom work or equivalent in
correspondence work of similar instruction (20 hours a single line of authority agent or
broker, such as Life only agent or broker, 40 hours for a Life, accident, and Health agent or
broker, Personal lines agent or broker and Public Adjuster, 90 hours for a Property/Casualty
agent or broker)
5. Pay the applicable fees
6.Pass the applicable exam for each line of authority
Licensing Exam Exemptions—ANSWER--DO NOT HAVE TO TAKE THE WRITTEN EXAM
ticket selling agents or representatives (bus, train, or sea) for a one time issuance of baggage
or accident insurance
Any individual whose license has been revoked or suspended (at the discretion of the
Superintendent)
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Brittie Donald
Exam Questions and Answers
100% PASS
Licensing—ANSWER--Insurance professionals must be properly licensed for a specific line of
authority in order to transact insurance. The purpose of licensing is to ensure that a
producer meets educational and ethical standards to fulfill producer's responsibilities to the
insurer and public.
Producer—ANSWER--Insurance producer means an insurance agent, insurance broker,
intermediary, excess lines broker, or any other person required to be licensed under the laws
of this state to sell, solicit, or negotiate insurance.
Home State—ANSWER--means any state, district, or territory of the US in which a producer
maintains his principal placer of residence or business and is licensed to act as an producer.
Negotiate—ANSWER--means the act of directly conferring with or offering advice to a
purchaser or potential purchaser of a particular insurance contract
concerning any of the substantive benefits, terms or the conditions of the contract, provided
that the person engaged in that act either sells insurance or obtains insurance from licensed
insurers, fraternal benefit societies, or HMO for purchasers.
, Sell—ANSWER--or sale means to exchange the contract of insurance by any means, for
money or its equivalent, on behalf of a licensed insurer, fraternal benefit society or HMO.
Solicit—ANSWER--means attempting to sell insurance or asking or urging people to apply for
a particular type of insurance from a particular licensed insurer, fraternal benefit society, or
HMO
Qualifications for an insurer license—ANSWER--1. be a resident of NY state
2. be at least 18
3. have no felony convictions
4. fulfill the prelicensing education requirement of classroom work or equivalent in
correspondence work of similar instruction (20 hours a single line of authority agent or
broker, such as Life only agent or broker, 40 hours for a Life, accident, and Health agent or
broker, Personal lines agent or broker and Public Adjuster, 90 hours for a Property/Casualty
agent or broker)
5. Pay the applicable fees
6.Pass the applicable exam for each line of authority
Licensing Exam Exemptions—ANSWER--DO NOT HAVE TO TAKE THE WRITTEN EXAM
ticket selling agents or representatives (bus, train, or sea) for a one time issuance of baggage
or accident insurance
Any individual whose license has been revoked or suspended (at the discretion of the
Superintendent)
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Brittie Donald
