NY SERIES 17-55 LIFE, ACCIDENT, AND HEALTH INSURANCE
AGENT/BROKER EXAM NEWEST 2026/2027 ACTUAL
EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) WITH RATIONALES|NEW YORK STATE
DEPARTMENT OF FINANCIAL SERVICES EXAM ALREADY GRADED A+|
|BRAND NEW VERSION!!
SECTION 1: INSURANCE REGULATION & LICENSING (Questions 1-50)
1. In New York, the Department of Financial Services (DFS) has regulatory
authority over insurance. What is the primary function of the DFS regarding
insurance producers?
A. To set federal insurance standards.
B. To issue producer licenses and regulate the insurance industry.
C. To manage the Social Security system.
D. To oversee the Federal Reserve.
Correct Answer: B
Rationale: The New York Department of Financial Services is the state-level
regulatory body responsible for issuing insurance producer licenses and enforcing
state insurance laws. This is a state function, not a federal one.
2. Which of the following best describes the legal distinction between an
insurance agent and an insurance broker in New York?
A. An agent represents the insurer, while a broker represents the insured.
B. An agent represents the insured, while a broker represents the insurer.
C. Both agents and brokers represent the insurer.
D. Both agents and brokers represent the insured.
Correct Answer: A
1
,Rationale: By law, an agent is legally considered a representative of the insurance
company. A broker, on the other hand, is hired by the client and legally represents
the insured's interests.
3. An "insurance producer" under New York Insurance Law is defined as a person
required to be licensed to perform which activity?
A. Only adjust claims.
B. Sell, solicit, or negotiate insurance.
C. Only underwrite risks.
D. Only collect premiums.
Correct Answer: B
Rationale: The legal definition of a producer includes anyone who sells, solicits, or
negotiates insurance policies. Adjusting claims and underwriting are separate
functions that do not require a producer license.
4. Which of the following individuals is specifically EXCLUDED from the definition
of an "insurance producer" under NY law?
A. An insurance agent.
B. An insurance broker.
C. An officer of an insurer whose duties are purely administrative and who
receives no commission.
D. A reinsurance intermediary.
Correct Answer: C
Rationale: Officers and employees who perform only administrative, executive, or
clerical duties and do not receive commissions on New York risks are specifically
excluded from the producer definition.
2
,5. What is the minimum age requirement for an individual to be issued an
insurance agent license in New York?
A. 16 years old
B. 18 years old
C. 21 years old
D. 25 years old
Correct Answer: B
Rationale: Applicants and sub-licensees must be at least 18 years of age at the
time the license is issued. This is a minimum standard for all producer licenses.
6. A non-resident agent or broker seeking a New York license without
examination may qualify under what principle?
A. Reciprocity if their home state grants the same privilege to NY residents.
B. Automatic approval after one year of licensure.
C. Only if they physically move to New York.
D. Only with a minimum of five years' experience.
Correct Answer: A
Rationale: New York allows non-residents to obtain a license without taking the
state exam if their home state offers the same reciprocity privilege to New York
residents. This promotes interstate commerce and uniformity.
7. A New York-licensed producer moves to another state. Within how many days
must they apply for a resident license in their new home state?
A. 30 days
B. 60 days
C. 90 days
D. 180 days
Correct Answer: C
3
, Rationale: When a producer changes their principal residence to another state,
they must apply for a resident license in that new state within 90 days. During this
time, they may continue to operate in New York as a non-resident.
8. A temporary insurance license can be issued to the next of kin or spouse of a
deceased or disabled licensee. For what initial period is this temporary license
issued?
A. 60 days
B. 90 days
C. 15 months
D. 30 days
Correct Answer: B
Rationale: A temporary license is initially issued for a 90-day period. It may be
renewed, but the total duration is capped to allow the family or estate to
transition the business.
9. If a licensee has legally changed their name, they must notify the
Superintendent's office of the change within:
A. 45 days
B. 30 days
C. 60 days
D. The office does not need to be notified.
Correct Answer: B
Rationale: A licensee must notify the Superintendent of a legal name change
within 30 days. This ensures that all records and licenses remain accurate and
valid.
4
AGENT/BROKER EXAM NEWEST 2026/2027 ACTUAL
EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) WITH RATIONALES|NEW YORK STATE
DEPARTMENT OF FINANCIAL SERVICES EXAM ALREADY GRADED A+|
|BRAND NEW VERSION!!
SECTION 1: INSURANCE REGULATION & LICENSING (Questions 1-50)
1. In New York, the Department of Financial Services (DFS) has regulatory
authority over insurance. What is the primary function of the DFS regarding
insurance producers?
A. To set federal insurance standards.
B. To issue producer licenses and regulate the insurance industry.
C. To manage the Social Security system.
D. To oversee the Federal Reserve.
Correct Answer: B
Rationale: The New York Department of Financial Services is the state-level
regulatory body responsible for issuing insurance producer licenses and enforcing
state insurance laws. This is a state function, not a federal one.
2. Which of the following best describes the legal distinction between an
insurance agent and an insurance broker in New York?
A. An agent represents the insurer, while a broker represents the insured.
B. An agent represents the insured, while a broker represents the insurer.
C. Both agents and brokers represent the insurer.
D. Both agents and brokers represent the insured.
Correct Answer: A
1
,Rationale: By law, an agent is legally considered a representative of the insurance
company. A broker, on the other hand, is hired by the client and legally represents
the insured's interests.
3. An "insurance producer" under New York Insurance Law is defined as a person
required to be licensed to perform which activity?
A. Only adjust claims.
B. Sell, solicit, or negotiate insurance.
C. Only underwrite risks.
D. Only collect premiums.
Correct Answer: B
Rationale: The legal definition of a producer includes anyone who sells, solicits, or
negotiates insurance policies. Adjusting claims and underwriting are separate
functions that do not require a producer license.
4. Which of the following individuals is specifically EXCLUDED from the definition
of an "insurance producer" under NY law?
A. An insurance agent.
B. An insurance broker.
C. An officer of an insurer whose duties are purely administrative and who
receives no commission.
D. A reinsurance intermediary.
Correct Answer: C
Rationale: Officers and employees who perform only administrative, executive, or
clerical duties and do not receive commissions on New York risks are specifically
excluded from the producer definition.
2
,5. What is the minimum age requirement for an individual to be issued an
insurance agent license in New York?
A. 16 years old
B. 18 years old
C. 21 years old
D. 25 years old
Correct Answer: B
Rationale: Applicants and sub-licensees must be at least 18 years of age at the
time the license is issued. This is a minimum standard for all producer licenses.
6. A non-resident agent or broker seeking a New York license without
examination may qualify under what principle?
A. Reciprocity if their home state grants the same privilege to NY residents.
B. Automatic approval after one year of licensure.
C. Only if they physically move to New York.
D. Only with a minimum of five years' experience.
Correct Answer: A
Rationale: New York allows non-residents to obtain a license without taking the
state exam if their home state offers the same reciprocity privilege to New York
residents. This promotes interstate commerce and uniformity.
7. A New York-licensed producer moves to another state. Within how many days
must they apply for a resident license in their new home state?
A. 30 days
B. 60 days
C. 90 days
D. 180 days
Correct Answer: C
3
, Rationale: When a producer changes their principal residence to another state,
they must apply for a resident license in that new state within 90 days. During this
time, they may continue to operate in New York as a non-resident.
8. A temporary insurance license can be issued to the next of kin or spouse of a
deceased or disabled licensee. For what initial period is this temporary license
issued?
A. 60 days
B. 90 days
C. 15 months
D. 30 days
Correct Answer: B
Rationale: A temporary license is initially issued for a 90-day period. It may be
renewed, but the total duration is capped to allow the family or estate to
transition the business.
9. If a licensee has legally changed their name, they must notify the
Superintendent's office of the change within:
A. 45 days
B. 30 days
C. 60 days
D. The office does not need to be notified.
Correct Answer: B
Rationale: A licensee must notify the Superintendent of a legal name change
within 30 days. This ensures that all records and licenses remain accurate and
valid.
4
