NY License Exam - New York General
Insurance Laws Final Exam Questions
Fully Solved 2025\2026 Edition.
The Superintendent is the head of the Department of Insurance in New York. The _______
appoints the Superintendent to a four-year term. - Answer governor
If the Superintendent requests information during an examination or investigation and a person
does not respond within ____ days, he or she may impose a penalty of up to $500 per day (not
more than $10,000 total) for each day the person fails to respond. - Answer 15
If the Superintendent imposes five separate penalties against a person within five years for
failing to respond to his or her inquiries, the Superintendent may levy an additional penalty of
up to _________. - Answer $50,000
To qualify for a certificate of authority, a mutual insurer must show that it: - Answer (1)
maintains the required surplus to fulfill its obligations to policyholders;
(2) has the required number of applications for insurance;
(3) has a genuine membership list; and
(4) has received premiums from members and will issue policies within 60 days after receiving a
certificate of authority.
A producer's appointment of an agent remains in effect until - Answer (1) terminated by the
insurer;
(2) the producer's license is suspended or revoked; or
(3) the producer's license expires and is not renewed.
Controlled business - Answer insurance that is written primarily on the lives, property, or risks
of the licensee or of the licensee's family members, employer, or business associates.
, (2) the name of the insured and insurer
(3) the policy binder number
(4) the type of risk involved
Insurers must keep records of: - Answer (1) insurance policies, for six years after the date a
policy is no longer is in force or until the next examination report, whichever period is longer
(2) applications when a policy is not issued, for six years or until the next examination report,
whichever period is longer
(3) claim files, for six years after a claim is resolved or until the next examination report,
whichever period is longer
An insurer's records retention plan must describe: - Answer (1) the types of records retained
(2) the retention method used
(3) the safeguards established to prevent the alteration of records
New York has enacted the Insurance Frauds Prevention Act to address the problem of insurance
fraud in the state. The act does so by - Answer (1) giving the Superintendent broad authority
to investigate insurance fraud;
(2) encouraging reports of suspected insurance fraud;
(3) granting immunity for persons who report suspected insurance fraud; and
(4) setting penalties for insurance fraud.
The Consumer Information Privacy Regulation - Answer governs how insurers and their
Insurance Laws Final Exam Questions
Fully Solved 2025\2026 Edition.
The Superintendent is the head of the Department of Insurance in New York. The _______
appoints the Superintendent to a four-year term. - Answer governor
If the Superintendent requests information during an examination or investigation and a person
does not respond within ____ days, he or she may impose a penalty of up to $500 per day (not
more than $10,000 total) for each day the person fails to respond. - Answer 15
If the Superintendent imposes five separate penalties against a person within five years for
failing to respond to his or her inquiries, the Superintendent may levy an additional penalty of
up to _________. - Answer $50,000
To qualify for a certificate of authority, a mutual insurer must show that it: - Answer (1)
maintains the required surplus to fulfill its obligations to policyholders;
(2) has the required number of applications for insurance;
(3) has a genuine membership list; and
(4) has received premiums from members and will issue policies within 60 days after receiving a
certificate of authority.
A producer's appointment of an agent remains in effect until - Answer (1) terminated by the
insurer;
(2) the producer's license is suspended or revoked; or
(3) the producer's license expires and is not renewed.
Controlled business - Answer insurance that is written primarily on the lives, property, or risks
of the licensee or of the licensee's family members, employer, or business associates.
, (2) the name of the insured and insurer
(3) the policy binder number
(4) the type of risk involved
Insurers must keep records of: - Answer (1) insurance policies, for six years after the date a
policy is no longer is in force or until the next examination report, whichever period is longer
(2) applications when a policy is not issued, for six years or until the next examination report,
whichever period is longer
(3) claim files, for six years after a claim is resolved or until the next examination report,
whichever period is longer
An insurer's records retention plan must describe: - Answer (1) the types of records retained
(2) the retention method used
(3) the safeguards established to prevent the alteration of records
New York has enacted the Insurance Frauds Prevention Act to address the problem of insurance
fraud in the state. The act does so by - Answer (1) giving the Superintendent broad authority
to investigate insurance fraud;
(2) encouraging reports of suspected insurance fraud;
(3) granting immunity for persons who report suspected insurance fraud; and
(4) setting penalties for insurance fraud.
The Consumer Information Privacy Regulation - Answer governs how insurers and their
