New York Accident & Health Insurance Updated and Summarized Correct Questions and Answers_100% A+ Excel

New York Accident & Health Insurance Updated and Summarized Correct Questions and Answers_100% A+ Excel Agent Licesne - CORRECT ANSWER-Noone can sell insurance without license but you dont need to pass test if you are employees of licesed insurance agent wh do nt solicit, licensed attorneys, actuaries or cpas who provid ino, regular salaried implyees who devote little tie, an agent oof a graternal benefit society - must be 18, pass 540 hr course - pass state exam - Application must be submiteed w in 2 years - renewal every 2 years on birthday Certificate of appointment - CORRECT ANSWER-if a license is granted to an corporation, , only the officers and directors named on the license can act as agents, but they can sub license agents. Every time a new agent comes on boad, they need a certificate of appointment from the state License Term for Agent - CORRECT ANSWER-2 years; can be suspended or revoked by superintendent, terminated by insurer, fails to file a renewal application, it can be terminated; Must be able to be furnished on request, the head agent must display in the office; if no certificate of appointment is filed, the license is inactive Consultant - CORRECT ANSWER-Allows a person with a license to charge a fee for providing advice - if given to an indivual, it experires every 2 yrs on the birthday - if issued to a business entity, it expires on March 31st for life insurance in an odd yyear and general insurance in an even year - can only recieve a fee if there's a written contract with the person they are providing advice Adjuster License - CORRECT ANSWER-acts on behalf of th insurer to investigata and sjust claims arising under insurance contracts issued by the insurer Non Resident - CORRECT ANSWER-an individual who is a non resident of NY and who is licensed or authorized to act as an insurance agent in the state in which he resides. If a licenced non residnent moves to NY, he has 90 days to apply for his license w/o taking exam Temporary License - CORRECT ANSWER-Can be issued to spouse of deceased or next of kim from a disability Tremination of License - CORRECT ANSWER-Can be done by superintendent for: -providing incorrect or misleading materially untreu info in licesne app -violating any insurance laws - stealing money - having been convicted of a felony - any dihonest practices - Have a producer or life settlement license denied or revoked in any other state - Forging - Failing to comply with child support payments To terminate a license, a superintendent must - CORRECT ANSWER-provide a written notice to the licensee of a hearing before the license an be suspended. For a broker, its not less than 10 days after notice is provided for the hearing. If there's an action against the producer, he must notify the super within 30 days. You cant go into another state and start practicing either