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Exam (elaborations)

NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55

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NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55

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NY Life, Accident, and Health Insurance Agent/Broker Exam Series 17-55 Process ii2103 ii(d-i) ii- ii ii ii1. iiThe iiSuperintendent iimay iiissue iia iilicense iito iiany iiperson, iifirm iior iicorporation iiwho iihas iicomplied iiwith iithe iirequirements iiof iithe iiInsurance iiCode, iiauthorizing iithe iilicensee iito iiact iias iiagent iiof iiany iiauthorized iiinsurer. iiEvery iiindividual iiapplicant iifor iia iilicense iiunder iithis iisection iiand iievery iiproposed iisub-licensee iimust iibe ii18 iiyears iiof iiage iior iiolder iiat iithe iitime iiof iiissuance iiof iisuch iilicense. iiThe iiperson iimust iisubmit iito iiand iipass iia iiwritten iiexamination iirequired iiby iithe iiSuperintendent. ii iiProducer iiDefinition ii(2101(k)) ii- ii ii iiAn iiinsurance iiproducer iimeans iian iiinsurance iiagent, iiinsurance iibroker, iireinsurance iiintermediary, iiexcess iilines iibroker, iior iiany iiother iiperson iirequired iito iibe iilicensed iiunder iithe iiinsurance iilaws iiof iithis iistate iito iisell, iisolicit iior iinegotiate iiinsurance. ii iiWho iiShould iibe iiLicensed ii(2101(k)(1)) ii- ii ii ii1. iiThe iiterm ii"insurance iiproducer" iidoes iinot iiinclude: iiAn iiofficer, iidirector iior iiemployee iiof iia iilicensed iiinsurer, iifraternal iibenefit iisociety iior iihealth iimaintenance iiorganization iior iiof iia iilicensed iiinsurance iiproducer, iiprovided iithat iithe iiofficer, iidirector iior iiemployee iidoes iinot iireceive iiany iicommission iion iipolicies iiwritten iior iisold iito iiinsure iirisks iiresiding, iilocated iior iito iibe iiperformed iiin iithis iistate iiand: (a) iithe iiofficer, iidirector iior iiemployee's iiactivities iiare iiexecutive, iiadministrative, iimanagerial, iiclerical iior iia iicombination iiof iithese, iiand iiare iionly iiindirectly iirelated iito iithe iisale, iisolicitation iior iinegotiation iiof iiinsurance; (b) iithe iiofficer, iidirector iior iiemployee's iifunction iirelates iito iiunderwriting, iiloss iicontrol, iiInspection iior iithe iiprocessing, iiadjusting, iiinvestigating iior iisettling iiof iia iiclaim iion iia iicontract iiof iiInsurance; iior ii(c) iithe iiofficer, iidirector iior iiemployee iiis iiacting iiin iithe iicapacity iiof iia iispecial iiagent iior iiagency iisupervisor iiassisting iilicensed iiinsurance iiproducers iiwhere iithe iiperson's iiactivities iiare iilimited iito iiproviding iitechnical iiadvice iiand iiassistance iito iilicensed iiinsurance iiproducers iiand iido iinot iiinclude iithe iisale, iisolicitation iior iinegotiation iiof iiinsurance. ii iiHome iiState ii(2101(l)) ii- ii ii iiHome iistate iimeans iithe iiDistrict iiof iiColumbia iior iiany iistate iior iiterritory iiof iithe iiUnited iiStates iiin iiwhich iian iiinsurance iiproducer iimaintains iihis, iiher iior iiits iiprincipal iiplace iiof iiresidence iior iiprincipal iiplace iiof iibusiness iiand iiis iilicensed iito iiact iias iian iiinsurance iiproducer. ii iiNegotiate ii(2101(m)) ii- ii ii iiNegotiate iior iinegotiation iimeans iithe iiact iiof iiconferring iidirectly iiwith iior iioffering iiadvice iidirectly iito iia iipurchaser iior iiprospective iipurchaser iiof iia iiparticular iicontract iiof iiinsurance iiconcerning iiany iiof iithe iisubstantive iibenefits, iiterms iior iiconditions iiof iithe iicontract, iiprovided iithat iithe iiperson iiengaged iiin iithat iiact iieither iisells iiinsurance iior iiobtains iiinsurance iifrom iilicensed iiinsurers, iifraternal iibenefit iisocieties iior iihealth iimaintenance iiorganizations iifor iipurchasers. ii iiSell ii(2101(n)) ii- ii ii iiSell iior iisale iimeans iito iiexchange iia iicontract iiof iiinsurance iiby iiany iimeans, iifor iimoney iior iiits iiequivalent, iion iibehalf iiof iia iilicensed iiinsurer, iifraternal iibenefit iisociety iior iihealth iimaintenance iiorganization. ii iiSolicit ii(2101(o)) ii- ii- ii ii iiSolicit iior iisolicitation iimeans iiattempting iito iisell iiinsurance iior iiasking iior iiurging iia iiperson iito iiapply iifor iia iiparticular iikind iiof iiinsurance iifrom iia iiparticular iilicensed iiinsurer, iifraternal iibenefit iisociety iior iihealth iimaintenance iiorganization. ii iiAgent ii2101(a) ii- ii ii iiIn iithis iisection, iiinsurance iiagent iimeans iiany iiauthorized iior iiacknowledged iiagent iiof iian iiinsurer, iifraternal iibenefit iisociety iior iihealth iimaintenance iiorganization iiissued iia iicertificate iiof iiauthority iipursuant iito iithe iipublic iihealth iilaw, iiand iiany iisub-agent iior iiother iirepresentative iiof iisuch iian iiagent, iiwho iiacts iias iisuch iiin iithe iisolicitation iiof, iinegotiation iifor, iior iisale iiof, iian iiinsurance, iihealth iimaintenance iiorganization iior iiannuity iicontract, iiother iithan iias iia iilicensed iiinsurance iibroker. ii iiAgent ii2101(k) ii- ii ii iiinsurance iiproducer iimeans iian iiinsurance iiagent, iiinsurance iibroker, iireinsurance iiintermediary, iiexcess iilines iibroker, iior iiany iiother iiperson iirequired iito iibe iilicensed iiunder iithe iiinsurance iilaws iiof iithis iistate iito iisell, iisolicit iior iinegotiate iiinsurance. ii The iiapplicant iimust iibe iiat iileast ii18 iiyears iiof iiage iiat iithe iitime iiof iilicense iiissuance. ii An iiexamination iiis iirequired iifor iieach iiapplicant, iiexcept iiwhere iinoted iifor iiapplicants iiwith iia iichange iiin iiresidency iimoving iito iiNew iiYork ii(see iicode ii2103 iibelow). ii iiBrokers ii2101(c) ii- ii ii iia iilicensed iiinsurance iirepresentative iiwho iidoes iinot iirepresent iia iispecific iiinsurance iicompany, iibut iiplaces iibusiness iiamong iivarious iicompanies. iiLegally, iithe iibroker iiis iiusually iiregarded iias iia iirepresentative iiof iithe iiinsured iirather iithan iithe iiinsuring iicompany. ii iiBrokers ii2101(h) ii- ii ii iiany iilicensed iiattorney iiat iilaw iiof iithis iistate. ii iiConsultants ii(2107) ii- ii ii iiThe iiSuperintendent iimay iiissue iian iiinsurance iiconsultant's iilicense iito iiany iiperson, iifirm, iiassociation iior iicorporation iiwho iior iiwhich iihas iicomplied iiwith iithe iirequirements iiof iithis iichapter iiwith iirespect iito iieither: iilife iiinsurance, iimeaning iiall iiof iithose iikinds iiof iiinsurance iiauthorized. iiAny iisuch iilicense iiissued iito iia iifirm iior iiassociation iishall iiauthorize iionly iithe iimembers iiof iisuch iifirm iior iiassociation iinamed iiin iisuch iilicense iias iisub-
licensees iito iiact iiindividually iias iiconsultants iithere iiunder, iiand iiany iisuch iilicense iiissued iito iia iicorporation iishall iiauthorize iionly iithe iiofficers iiand iidirectors iithereof iinamed iiin iisuch iilicense iias iisub-licensees iito iiact iiindividually iias iiconsultants iithere iiunder. ii iiAdjuster ii2101(g) ii- ii ii iiThe iiSuperintendent iimay, iiin iihis iidiscretion iirequire iian iiapplicant iifor iia iilicense iiunder iithis iisection iito iipresent iievidence, iiin iisuch iiform iias iihe iiprescribes, iithat iisuch iiapplicant iihas iibeen iiemployed, iifor iia iiperiod iiwhich iihe iideems iireasonable, iiby iian iiinsurer, iian iiindependent iiadjuster iior iia iipublic iiadjuster, iiin iithe iiperformance iiof iiduties iiwhich iiin iihis iiopinion iiwould iiprovide iithe iiapplicant iiwith iia iisatisfactory iipreliminary iitraining iifor iithe iiduties iiand iiresponsibilities iiwhich iiwould iievolve iiupon iihim iias iia iilicensee iiunder iithis iisection. iiThe iiterm iiindependent iiadjuster iimeans iiany iiperson, iifirm, iiassociation iior iicorporation iiwho iifor iimoney, iicommission iior iiany iiother iithing iiof iivalue, iiacts iiin iithis iistate iion iibehalf iiof iian iiinsurer iiin iithe iiwork iiof iiinvestigating iiand iiadjusting iiclaims iiarising iiunder iiinsurance iicontracts iiissued iiby iisuch iiinsurer iiand iiwho iiperforms iisuch iiduties iirequired iiby iisuch iiinsurer iias iiare iiincidental iito iisuch iiclaims iiand iialso iiincludes iiany iiperson iiwho iifor iicompensation iior iianything iiof iivalue iiinvestigates iiand iiadjusts iiclaims iion iibehalf iiof iiany iiindependent iiadjuster. ii iiAdjuster ii2108 ii- ii ii iiAdjusters iiwill iibe iilicensed iias iieither iiindependent iiadjusters, iior iias iipublic iiadjusters. iiThe iiSuperintendent iimay iiprescribe iithe iitypes iiof iiindependent iiadjusters' iilicenses iiaccording iito iithe iikind iior iikinds iiof iiinsurance iiclaims iiwhich iithe iilicensee iiis iito iibe iiauthorized iito iiinvestigate iiand iiadjust. iiNo iiadjuster iimay iiact iion iibehalf iiof iian iiinsurer iiunless iilicensed iias iian iiindependent iiadjuster, iiand iino iiadjuster iimay iiact iion iibehalf iiof iian iiinsured iiunless iilicensed iias iia iipublic iiadjuster. iiA iipublic iiadjuster iiworks iion iibehalf iiof iithe iiinsured iifor iia iifee. ii iiNonresident ii2101(d) ii- ii ii iiIn iithis iisection, iinon-resident iiinsurance iiagent iimeans iian iiindividual iiwho iiis iia iinon-resident iiof iithis iistate iiand iiwho iiis iilicensed iior iiauthorized iito iiact iias iian iiinsurance iiagent iiin iithe iistate iiin iiwhich iihe iiresides, iior iiin iiwhich iihe iior iithe iifirm iior iiassociation iiof iiwhich iihe iiis iia iimember iior iiemployee, iior iithe iicorporation, iiof iiwhich iihe iiis iian iiofficer, iidirector, iior iiemployee iimaintains iian iioffice iias iian iiinsurance iiagent. ii iiNonresident ii2101(e) ii- ii ii iiIn iithis iisection, ii"non-resident iiinsurance iibroker", iimeans iian iiindividual iiwho iiis iia iinon-resident iiof iithis iistate iiand iiwho iiis iilicensed iior iiauthorized iito iiact iias iian iiinsurance iibroker iiin iithe iistate iiin iiwhich iihe iiresides, iior iiin iiwhich iihe, iior iithe iifirm iior iiassociation iiof iiwhich iihe iiis iia iimember iior iiemployee, iior iithe iicorporation, iiof iiwhich iihe iiis iian iiofficer, iidirector iior iiemployee iimaintains iian iioffice iias iian iiinsurance iibroker. ii iiNonresident ii2103(g)(5) ii- ii ii iiIn iithe iidiscretion iiof iithe iiSuperintendent, iino iiwritten iiinsurance iiexamination iiwill iibe iirequired iiof iiany iiindividual iiseeking iito iibe iinamed iias iia iilicensee iior iisub-
licensee iiwho iiis iia iinon-resident iiinsurance iiagent. ii iiNonresident ii2103(g)(11) ii- ii ii iiNo iiwritten iiinsurance iiexamination iiwill iibe iirequired iiof iiany iiindividual iiwho iiapplies iifor iian iiinsurance iiagent iilicense iiin iithis iistate iiwho iiwas iipreviously iilicensed iifor iithe iisame iiline iior iilines iiof iiauthority iiin iianother iistate, iiprovided, iihowever, iithat iithe iiapplicant's iihome iistate iigrants iinon-resident iilicenses iito iiresidents iiof iithis iistate iion iithe iisame iibasis. iiSuch iiindividual iishall iialso iinot iibe iirequired iito iicomplete iiany iiprelicensing iieducation. iiThis iiexemption iiis iionly iiavailable iiif iithe iiperson iiis iicurrently iilicensed iiin iithat iistate iior iiif iithe iiapplication iiis iireceived iiwithin ii90 iidays iiof iithe iidate iiof iicancellation iiof iithe iiapplicant's iiprevious iilicense iiand iiif iithe iiprior iistate iiissues iia iicertification iithat, iiat iithe iitime iiof iicancellation, iithe iiapplicant iiwas iiin iigood iistanding iiin iithat iistate iior iithe iistate's iiproducer iidatabase iirecords, iimaintained iiby iithe iiNational iiAssociation iiof iiInsurance iiCommissioners, iiits iiaffiliates iior iisubsidiaries iiindicate iithat iithe iiproducer iiis iior iiwas iilicensed iiin iigood iistanding iifor iithe iiline iiof iiauthority iirequested. iiAn iiindividual iior iientity iilicensed iiin iianother iistate iithat iimoves iito iithis iistate iimust iimake iian iiapplication iiwithin ii90 iidays iiof iiestablishing iilegal iiresidence iito iibecome iia iiresident iilicensee. iiNo iiprelicensing iieducation iior iiexamination iiwill iibe iirequired iiof iithat iiperson iito iiobtain iiany iiline iiof iiauthority iipreviously iiheld iiin iithe iiprior iistate iiexcept iiwhere iithe iiSuperintendent iidetermines iiotherwise iiby iiregulation. ii iiNonresident ii2136 ii- iiReciprocity ii- ii ii iiThe iiSuperintendent iishall iiwaive iiany iirequirements iifor iia iinonresident iilicense iiapplicant iiotherwise iiapplicable iiunder iithis iichapter iiif: ii (a) iithe iiapplicant iihas iia iicurrent iiand iivalid iilicense iiin iihis iior iiher iihome iistate iiand iiis iiin iigood iistanding iiin iihis iior iiher iihome iistate; ii (b) iithe iiapplicant iihas iisubmitted iia iicompleted iiapplication iiin iithe iiform iiprescribed iiby iithe iiSuperintendent iior iisubmitted iithe iiapplication iifor iilicensure iisubmitted iito iihis iior iiher iihome iistate; ii (c) iithe iiapplicant iihas iipaid iithe iifees iirequired iiby iithis iichapter; iiand ii (d) iithe iiapplicant's iihome iistate iiawards iinonresident iiinsurance iiproducer iilicenses iito iiresidents iiof iithis iistate iion iithe iisame iibasis iias iiprovided iiin iithis iisubsection. ii iiBusiness iiEntities ii2101(p) ii- ii ii iiA iibusiness iientity iimeans iia iicorporation, iiassociation, iipartnership, iilimited iiliability iicompany, iilimited iiliability iipartnership iior iiother iilegal iientity. ii iiBusiness iiEntities ii2103(e) ii- ii ii iiBefore iiany iioriginal iiinsurance iiagent's iilicense iiis iiissued iito iia iibusiness iientity, iithere iimust iibe iion iifile iiin iithe iioffice iiof iithe iiSuperintendent iian iiapplication iiby iithe iiprospective iilicensee iiin iisuch iiform iior iiforms iiand iisupplements, iiand iicontaining iiinformation iithe iiSuperintendent iiprescribes iiand iifor iieach iibusiness iientity, iithe iisub-
licensee iior iisub-licensees iinamed iiin iithe iiapplication iimust iibe iidesignated iiresponsible iifor iithe iibusiness iientity's iicompliance iiwith iithe iiinsurance iilaws, iirules iiand iiregulations iiof iithis iistate. ii iiTemporary iiLicense ii(2109; iiRegs. ii9, ii18, ii29, iiPart ii20.1) ii- ii ii iiA iitemporary iilicense iimay iibe iiissued iiin iithe iicase iiof iideath, iiservice iiin iiarmed iiforces iior iidisability. iiThe iiSuperintendent iimay iiissue iia iitemporary iiinsurance iiagent's iior iiinsurance iibroker's iilicense, iior iiboth, iiwithout iirequiring iithe iiapplicant iito iipass iia iiwritten iiinsurance iiexamination iior iito iisatisfy iicertain iirequirements iiexcept iias iito iiage iiin iithe iifollowing iicases: ii (1) iiIn iithe iievent iiof iithe iideath iiof iia iiperson iiwho iiat iithe iitime iiof iihis iideath iiwas iia iilicensed iiaccident iiand iihealth iiinsurance iiagent; ii (a) iito iithe iiexecutor iior iiadministrator iiof iithe iiestate iiof iisuch iideceased iiagent iior iibroker; ii (b) iito iia iisurviving iinext iiof iikin iiof iisuch iideceased iiagent iior iibroker, iiwhere iino iiadministrator iiof iihis iiestate iihas iibeen iiappointed iiand iino iiexecutor iihas iiqualified iiunder iihis iiduly iiprobated iiwill; ii (c) iito iithe iisurviving iimember iior iimembers iiof iia iifirm iior iiassociation, iiwhich iiat iithe iitime iiof iithe iideath iiof iia iimember iiwas iisuch iia iilicensed iiinsurance iiagent iior iilicensed iiinsurance iibroker; iior ii (d) iito iian iiofficer iior iidirector iiof iia iicorporation iiupon iithe iideath iiof iithe iionly iiofficer iior iidirector iiwho iiwas iiqualified iias iia iisub-licensee iior iito iithe iiexecutor iior iiadministrator iiof iithe iiestate iiof iisuch iideceased iiofficer iior iidirector; (2) iito iiany iiperson iiwho iimay iibe iidesignated iiby iia iiperson iilicensed iipursuant iito iithis iichapter iias iian iiinsurance iiagent, iior iian iiinsurance iibroker, iior iiboth, iiand iiwho iiis iiabsent iibecause iiof iiservice iiin iiany iibranch iiof iithe iiarmed iiforces iiof iithe iiUnited iiStates. ii (3) iito iithe iinext iiof iikin iiof iia iiperson iiwho iihas iibecome iitotally iidisabled iiand iiprevented iifrom iipursuing iiany iiof iithe iiduties iiof iihis iior iiher iioccupation, iiand iiwho iiat iithe iicommencement iiof iihis iior iiher iidisability iithe iilicense iior iilicenses iimay iibe iiissued iifor iia iiterm iinot iiexceeding ii90 iidays iifrom iithe iideath iiof iisuch iiadditional iiterm iior iiterms iiof ii90 iidays iieach, iinot iiexceeding iiin iithe iiaggregate ii15 iimonths. The iiSuperintendent iimay iiissue iirenewal iilicenses iifor iian iiadditional iiterm iior iiterms iiof ii90 iidays iieach iiexceeding iithe iia ii iiRenewal ii(2103(j); iiReg. ii5, iiPart ii21.2) ii- ii ii iiAll iiindividual iiinsurance iiagent iilicenses iimust iibe iirenewed iievery iitwo iiyears. iiIndividual iilicenses iiare iiissued iiwith iian iiexpiration iidate iidetermined iiby iithe iidate iiof iibirth: The iilicense iiof iian iiagent iiborn iiin iian iieven iinumbered iiyear iiwill iiexpire iion iithe iiagent's iibirthday iiin iian iieven iinumbered iiyear.
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