NY Life, Accident, and Health Insurance Agent/Broker
Exam Series 17-55 with verified answers.
Process 2103 (d-i) ~CORRECT ANSWER~1. The Superintendent may
issue a license to any person, firm or corporation who has complied with
the requirements of the Insurance Code, authorizing the licensee to act as
agent of any authorized insurer. Every individual applicant for a license
under this section and every proposed sub-licensee must be 18 years of age
or older at the time of issuance of such license. The person must submit to
and pass a written examination required by the Superintendent.
Producer Definition (2101(k)) ~CORRECT ANSWER~An insurance
producer means an insurance agent, insurance broker, reinsurance
intermediary, excess lines broker, or any other person required to be
licensed under the insurance laws of this state to sell, solicit or negotiate
insurance.
Who Should be Licensed (2101(k)(1)) ~CORRECT ANSWER~1. The term
"insurance producer" does not include: An officer, director or employee of
a licensed insurer, fraternal benefit society or health maintenance
organization or of a licensed insurance producer, provided that the officer,
director or employee does not receive any commission on policies written
or sold to insure risks residing, located or to be performed in this state and:
(a) the officer, director or employee's activities are executive,
administrative, managerial, clerical or a combination of these, and are only
indirectly related to the sale, solicitation or negotiation of insurance;
(b) the officer, director or employee's function relates to underwriting, loss
control, Inspection or the processing, adjusting, investigating or settling of
a claim on a contract of Insurance; or (c) the officer, director or employee is
,acting in the capacity of a special agent or agency supervisor assisting
licensed insurance producers where the person's activities are limited to
providing technical advice and assistance to licensed insurance producers
and do not include the sale, solicitation or negotiation of insurance.
Home State (2101(l)) ~CORRECT ANSWER~Home state means the
District of Columbia or any state or territory of the United States in which
an insurance producer maintains his, her or its principal place of residence
or principal place of business and is licensed to act as an insurance
producer.
Negotiate (2101(m)) ~CORRECT ANSWER~Negotiate or negotiation
means the act of conferring directly with or offering advice directly to a
purchaser or prospective purchaser of a particular contract of insurance
concerning any of the substantive benefits, terms or 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
health maintenance organizations for purchasers.
Sell (2101(n)) ~CORRECT ANSWER~Sell or sale means to exchange a
contract of insurance by any means, for money or its equivalent, on behalf
of a licensed insurer, fraternal benefit society or health maintenance
organization.
Solicit (2101(o)) - ~CORRECT ANSWER~Solicit or solicitation means
attempting to sell insurance or asking or urging a person to apply for a
particular kind of insurance from a particular licensed insurer, fraternal
benefit society or health maintenance organization.
,Agent 2101(a) ~CORRECT ANSWER~In this section, insurance agent
means any authorized or acknowledged agent of an insurer, fraternal
benefit society or health maintenance organization issued a certificate of
authority pursuant to the public health law, and any sub-agent or other
representative of such an agent, who acts as such in the solicitation of,
negotiation for, or sale of, an insurance, health maintenance organization or
annuity contract, other than as a licensed insurance broker.
Agent 2101(k) ~CORRECT ANSWER~insurance producer means an
insurance agent, insurance broker, reinsurance intermediary, excess lines
broker, or any other person required to be licensed under the insurance
laws of this state to sell, solicit or negotiate insurance.
The applicant must be at least 18 years of age at the time of license
issuance.
An examination is required for each applicant, except where noted for
applicants with a change in residency moving to New York (see code 2103
below).
Brokers 2101(c) ~CORRECT ANSWER~a licensed insurance
representative who does not represent a specific insurance company, but
places business among various companies. Legally, the broker is usually
regarded as a representative of the insured rather than the insuring
company.
Brokers 2101(h) ~CORRECT ANSWER~any licensed attorney at law of
this state.
, Consultants (2107) ~CORRECT ANSWER~The Superintendent may issue
an insurance consultant's license to any person, firm, association or
corporation who or which has complied with the requirements of this
chapter with respect to either: life insurance, meaning all of those kinds of
insurance authorized. Any such license issued to a firm or association shall
authorize only the members of such firm or association named in such
license as sub-licensees to act individually as consultants there under, and
any such license issued to a corporation shall authorize only the officers
and directors thereof named in such license as sub-licensees to act
individually as consultants there under.
Adjuster 2101(g) ~CORRECT ANSWER~The Superintendent may, in his
discretion require an applicant for a license under this section to present
evidence, in such form as he prescribes, that such applicant has been
employed, for a period which he deems reasonable, by an insurer, an
independent adjuster or a public adjuster, in the performance of duties
which in his opinion would provide the applicant with a satisfactory
preliminary training for the duties and responsibilities which would evolve
upon him as a licensee under this section. The term independent adjuster
means any person, firm, association or corporation who for money,
commission or any other thing of value, acts in this state on behalf of an
insurer in the work of investigating and adjusting claims arising under
insurance contracts issued by such insurer and who performs such duties
required by such insurer as are incidental to such claims and also includes
any person who for compensation or anything of value investigates and
adjusts claims on behalf of any independent adjuster.
Exam Series 17-55 with verified answers.
Process 2103 (d-i) ~CORRECT ANSWER~1. The Superintendent may
issue a license to any person, firm or corporation who has complied with
the requirements of the Insurance Code, authorizing the licensee to act as
agent of any authorized insurer. Every individual applicant for a license
under this section and every proposed sub-licensee must be 18 years of age
or older at the time of issuance of such license. The person must submit to
and pass a written examination required by the Superintendent.
Producer Definition (2101(k)) ~CORRECT ANSWER~An insurance
producer means an insurance agent, insurance broker, reinsurance
intermediary, excess lines broker, or any other person required to be
licensed under the insurance laws of this state to sell, solicit or negotiate
insurance.
Who Should be Licensed (2101(k)(1)) ~CORRECT ANSWER~1. The term
"insurance producer" does not include: An officer, director or employee of
a licensed insurer, fraternal benefit society or health maintenance
organization or of a licensed insurance producer, provided that the officer,
director or employee does not receive any commission on policies written
or sold to insure risks residing, located or to be performed in this state and:
(a) the officer, director or employee's activities are executive,
administrative, managerial, clerical or a combination of these, and are only
indirectly related to the sale, solicitation or negotiation of insurance;
(b) the officer, director or employee's function relates to underwriting, loss
control, Inspection or the processing, adjusting, investigating or settling of
a claim on a contract of Insurance; or (c) the officer, director or employee is
,acting in the capacity of a special agent or agency supervisor assisting
licensed insurance producers where the person's activities are limited to
providing technical advice and assistance to licensed insurance producers
and do not include the sale, solicitation or negotiation of insurance.
Home State (2101(l)) ~CORRECT ANSWER~Home state means the
District of Columbia or any state or territory of the United States in which
an insurance producer maintains his, her or its principal place of residence
or principal place of business and is licensed to act as an insurance
producer.
Negotiate (2101(m)) ~CORRECT ANSWER~Negotiate or negotiation
means the act of conferring directly with or offering advice directly to a
purchaser or prospective purchaser of a particular contract of insurance
concerning any of the substantive benefits, terms or 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
health maintenance organizations for purchasers.
Sell (2101(n)) ~CORRECT ANSWER~Sell or sale means to exchange a
contract of insurance by any means, for money or its equivalent, on behalf
of a licensed insurer, fraternal benefit society or health maintenance
organization.
Solicit (2101(o)) - ~CORRECT ANSWER~Solicit or solicitation means
attempting to sell insurance or asking or urging a person to apply for a
particular kind of insurance from a particular licensed insurer, fraternal
benefit society or health maintenance organization.
,Agent 2101(a) ~CORRECT ANSWER~In this section, insurance agent
means any authorized or acknowledged agent of an insurer, fraternal
benefit society or health maintenance organization issued a certificate of
authority pursuant to the public health law, and any sub-agent or other
representative of such an agent, who acts as such in the solicitation of,
negotiation for, or sale of, an insurance, health maintenance organization or
annuity contract, other than as a licensed insurance broker.
Agent 2101(k) ~CORRECT ANSWER~insurance producer means an
insurance agent, insurance broker, reinsurance intermediary, excess lines
broker, or any other person required to be licensed under the insurance
laws of this state to sell, solicit or negotiate insurance.
The applicant must be at least 18 years of age at the time of license
issuance.
An examination is required for each applicant, except where noted for
applicants with a change in residency moving to New York (see code 2103
below).
Brokers 2101(c) ~CORRECT ANSWER~a licensed insurance
representative who does not represent a specific insurance company, but
places business among various companies. Legally, the broker is usually
regarded as a representative of the insured rather than the insuring
company.
Brokers 2101(h) ~CORRECT ANSWER~any licensed attorney at law of
this state.
, Consultants (2107) ~CORRECT ANSWER~The Superintendent may issue
an insurance consultant's license to any person, firm, association or
corporation who or which has complied with the requirements of this
chapter with respect to either: life insurance, meaning all of those kinds of
insurance authorized. Any such license issued to a firm or association shall
authorize only the members of such firm or association named in such
license as sub-licensees to act individually as consultants there under, and
any such license issued to a corporation shall authorize only the officers
and directors thereof named in such license as sub-licensees to act
individually as consultants there under.
Adjuster 2101(g) ~CORRECT ANSWER~The Superintendent may, in his
discretion require an applicant for a license under this section to present
evidence, in such form as he prescribes, that such applicant has been
employed, for a period which he deems reasonable, by an insurer, an
independent adjuster or a public adjuster, in the performance of duties
which in his opinion would provide the applicant with a satisfactory
preliminary training for the duties and responsibilities which would evolve
upon him as a licensee under this section. The term independent adjuster
means any person, firm, association or corporation who for money,
commission or any other thing of value, acts in this state on behalf of an
insurer in the work of investigating and adjusting claims arising under
insurance contracts issued by such insurer and who performs such duties
required by such insurer as are incidental to such claims and also includes
any person who for compensation or anything of value investigates and
adjusts claims on behalf of any independent adjuster.
