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 - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -D