New York Insurance Laws Questions and Answers Rated A

New York Insurance Laws Questions and Answers Rated A The time limit on certain defenses under individual health policies in New York is: A 20 days B 3 years C 90 days D 2 years D 2 years The Superintendent may examine the books and records of any insurer based on the: A Permission of a producer B Authority granted by the state C Authority granted by the Secretary of State D Permission of the insurer B Authority granted by the state If a licensee uses an assumed name, the name must be approved by the Superintendent: A Before the licensee may use it to transact insurance in New York B Within 30 days of using the assumed name C Only if they change their legal name D Upon license renewal A Before the licensee may use it to transact insurance in New York In New York, basic hospital insurance must provide coverage for any continuous hospital confinement per insured for a period of at least: A 20 days B 30 days C 60 days D 10 days C 60 days If two individuals are licensed in the same line with two different companies join together to sell a policy, the commission can be: A Shared between the two agents and the insured B Paid only to the agent who initiated the sale C Withheld by the insuring company since this is an illegal practice D Shared between the two agents D Shared between the two agents The _________ gives the owner of a variable annuity the ability to withdraw a maximum percentage of the annuity value until the initial investment amount has been recouped. A Joint and survivor annuity benefit B Group annuity C Retirement income annuity D Guaranteed minimum withdrawal benefit D Guaranteed minimum withdrawal benefit The Superintendent has the authority to take all of the following actions, EXCEPT: A Create rules to implement and enforce insurance laws B Refer suspected criminal violations to law enforcement officials C Investigate consumer complaints D Create insurance laws D Create insurance laws Insurance producers are required to complete how many hours of approved continuing education during each 2-year license period? A 40 B 20 C 24 D 15 D 15 Small group major medical insurance policies in the state of New York: A May be written on a one-person firm, since they are defined as a small group B Must limit participation to employees that work at least 40 hours per week C Are often cancelled because of poor claims experience D Must be community-rated D Must be community-rated All of the following are unfair claim settlement practices, except: A Failing to adopt and implement unreasonable standards to investigate claims properly B Failing to attempt in good faith to settle claims promptly C Knowingly misrepresenting to a claimant the terms, benefits, or advantages of an insurance policy D Denying any element of a claim without explaining in writing the specific reason for the denial A Failing to adopt and implement unreasonable standards to investigate claims properly The Superintendent can implement all of the following disciplinary actions, except: A Sentence a licensee to jail time B Hold a hearing within 10 days after notice C Deny, revoke, nonrenew, or suspend a license D Issue a