NY LIFE, ACCIDENT, AND HEALTH
INSURANCE AGENT/BROKER EXAM
SERIES 17-55 CORRECT 100%
Process 2103 (d-i) - ANSWER1. 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)) - ANSWERAn 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)) - ANSWER1. 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)) - ANSWERHome 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)) - ANSWERNegotiate 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)) - ANSWERSell 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)) - - ANSWERSolicit 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) - ANSWERIn 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) - ANSWERinsurance 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) - ANSWERa 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) - ANSWERany licensed attorney at law of this state.
Consultants (2107) - ANSWERThe 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) - ANSWERThe 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.
Adjuster 2108 - ANSWERAdjusters will be licensed as either independent adjusters, or
as public adjusters. The Superintendent may prescribe the types of independent
adjusters' licenses according to the kind or kinds of insurance claims which the licensee
is to be authorized to investigate and adjust. No adjuster may act on behalf of an insurer
unless licensed as an independent adjuster, and no adjuster may act on behalf of an
insured unless licensed as a public adjuster. A public adjuster works on behalf of the
insured for a fee.
Nonresident 2101(d) - ANSWERIn this section, non-resident insurance agent means an
individual who is a non-resident of this state and who is licensed or authorized to act as
an insurance agent in the state in which he resides, or in which he or the firm or
association of which he is a member or employee, or the corporation, of which he is an
officer, director, or employee maintains an office as an insurance agent.
Nonresident 2101(e) - ANSWERIn this section, "non-resident insurance broker", means
an individual who is a non-resident of this state and who is licensed or authorized to act
as an insurance broker in the state in which he resides, or in which he, or the firm or
association of which he is a member or employee, or the corporation, of which he is an
officer, director or employee maintains an office as an insurance broker.
Nonresident 2103(g)(5) - ANSWERIn the discretion of the Superintendent, no written
insurance examination will be required of any individual seeking to be named as a
licensee or sub-licensee who is a non-resident insurance agent.
Nonresident 2103(g)(11) - ANSWERNo written insurance examination will be required
of any individual who applies for an insurance agent license in this state who was
previously licensed for the same line or lines of authority in another state, provided,
however, that the applicant's home state grants non-resident licenses to residents of
this state on the same basis. Such individual shall also not be required to complete any
prelicensing education. This exemption is only available if the person is currently
licensed in that state or if the application is received within 90 days of the date of
cancellation of the applicant's previous license and if the prior state issues a certification
that, at the time of cancellation, the applicant was in good standing in that state or the
state's producer database records, maintained by the National Association of Insurance
Commissioners, its affiliates or subsidiaries indicate that the producer is or was licensed
in good standing for the line of authority requested. An individual or entity licensed in
another state that moves to this state must make an application within 90 days of
establishing legal residence to become a resident licensee. No prelicensing education
or examination will be required of that person to obtain any line of authority previously
, held in the prior state except where the Superintendent determines otherwise by
regulation.
Nonresident 2136 - Reciprocity - ANSWERThe Superintendent shall waive any
requirements for a nonresident license applicant otherwise applicable under this chapter
if:
(a) the applicant has a current and valid license in his or her home state and is in good
standing in his or her home state;
(b) the applicant has submitted a completed application in the form prescribed by the
Superintendent or submitted the application for licensure submitted to his or her home
state;
(c) the applicant has paid the fees required by this chapter; and
(d) the applicant's home state awards nonresident insurance producer licenses to
residents of this state on the same basis as provided in this subsection.
Business Entities 2101(p) - ANSWERA business entity means a corporation,
association, partnership, limited liability company, limited liability partnership or other
legal entity.
Resident Licensees - ANSWERAll licensed agents, brokers, consultants and public
adjusters must complete continuing education (CE) requirements as a condition of
renewing these licenses. Licensees must complete 15 credits of approved continuing
education during each biennial licensing period.
After your license has been renewed the first time, continuing education (CE) will
always be required upon subsequent renewal or relicensing applications. Credits must
be accumulated during the renewal period, which begins with the effective date of the
license and ends with the expiration date. CE must be completed before processing the
renewal or relicensing application.
Assumed Names (2102(f)) - ANSWERLicensees must notify the Superintendent upon
changing his, her or its legal name. Except for an individual licensee's own legal name,
no licensee may use any name, in conducting a business regulated by this article that
has not been previously approved by the Superintendent.
Change of Address (All Addresses, including Email) - (2134; Reg. 5, Part 21.4; Reg. 6,
Part 22.3; Reg. 7, Part 23.4) - ANSWERLicensees must inform the Superintendent by a
means acceptable to the Superintendent of a change of business or residence address
within 30 days of the change. This also includes e-mail addresses.
Reporting of Actions (2110(i) - ANSWERLicensees must report to the Superintendent
any administrative action taken against the licensee in another jurisdiction or by another
governmental agency in this state within 30 days of the final disposition of the matter.
This report must include a copy of the order, consent to order or other relevant legal
documents.
INSURANCE AGENT/BROKER EXAM
SERIES 17-55 CORRECT 100%
Process 2103 (d-i) - ANSWER1. 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)) - ANSWERAn 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)) - ANSWER1. 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)) - ANSWERHome 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)) - ANSWERNegotiate 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)) - ANSWERSell 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)) - - ANSWERSolicit 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) - ANSWERIn 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) - ANSWERinsurance 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) - ANSWERa 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) - ANSWERany licensed attorney at law of this state.
Consultants (2107) - ANSWERThe 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) - ANSWERThe 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.
Adjuster 2108 - ANSWERAdjusters will be licensed as either independent adjusters, or
as public adjusters. The Superintendent may prescribe the types of independent
adjusters' licenses according to the kind or kinds of insurance claims which the licensee
is to be authorized to investigate and adjust. No adjuster may act on behalf of an insurer
unless licensed as an independent adjuster, and no adjuster may act on behalf of an
insured unless licensed as a public adjuster. A public adjuster works on behalf of the
insured for a fee.
Nonresident 2101(d) - ANSWERIn this section, non-resident insurance agent means an
individual who is a non-resident of this state and who is licensed or authorized to act as
an insurance agent in the state in which he resides, or in which he or the firm or
association of which he is a member or employee, or the corporation, of which he is an
officer, director, or employee maintains an office as an insurance agent.
Nonresident 2101(e) - ANSWERIn this section, "non-resident insurance broker", means
an individual who is a non-resident of this state and who is licensed or authorized to act
as an insurance broker in the state in which he resides, or in which he, or the firm or
association of which he is a member or employee, or the corporation, of which he is an
officer, director or employee maintains an office as an insurance broker.
Nonresident 2103(g)(5) - ANSWERIn the discretion of the Superintendent, no written
insurance examination will be required of any individual seeking to be named as a
licensee or sub-licensee who is a non-resident insurance agent.
Nonresident 2103(g)(11) - ANSWERNo written insurance examination will be required
of any individual who applies for an insurance agent license in this state who was
previously licensed for the same line or lines of authority in another state, provided,
however, that the applicant's home state grants non-resident licenses to residents of
this state on the same basis. Such individual shall also not be required to complete any
prelicensing education. This exemption is only available if the person is currently
licensed in that state or if the application is received within 90 days of the date of
cancellation of the applicant's previous license and if the prior state issues a certification
that, at the time of cancellation, the applicant was in good standing in that state or the
state's producer database records, maintained by the National Association of Insurance
Commissioners, its affiliates or subsidiaries indicate that the producer is or was licensed
in good standing for the line of authority requested. An individual or entity licensed in
another state that moves to this state must make an application within 90 days of
establishing legal residence to become a resident licensee. No prelicensing education
or examination will be required of that person to obtain any line of authority previously
, held in the prior state except where the Superintendent determines otherwise by
regulation.
Nonresident 2136 - Reciprocity - ANSWERThe Superintendent shall waive any
requirements for a nonresident license applicant otherwise applicable under this chapter
if:
(a) the applicant has a current and valid license in his or her home state and is in good
standing in his or her home state;
(b) the applicant has submitted a completed application in the form prescribed by the
Superintendent or submitted the application for licensure submitted to his or her home
state;
(c) the applicant has paid the fees required by this chapter; and
(d) the applicant's home state awards nonresident insurance producer licenses to
residents of this state on the same basis as provided in this subsection.
Business Entities 2101(p) - ANSWERA business entity means a corporation,
association, partnership, limited liability company, limited liability partnership or other
legal entity.
Resident Licensees - ANSWERAll licensed agents, brokers, consultants and public
adjusters must complete continuing education (CE) requirements as a condition of
renewing these licenses. Licensees must complete 15 credits of approved continuing
education during each biennial licensing period.
After your license has been renewed the first time, continuing education (CE) will
always be required upon subsequent renewal or relicensing applications. Credits must
be accumulated during the renewal period, which begins with the effective date of the
license and ends with the expiration date. CE must be completed before processing the
renewal or relicensing application.
Assumed Names (2102(f)) - ANSWERLicensees must notify the Superintendent upon
changing his, her or its legal name. Except for an individual licensee's own legal name,
no licensee may use any name, in conducting a business regulated by this article that
has not been previously approved by the Superintendent.
Change of Address (All Addresses, including Email) - (2134; Reg. 5, Part 21.4; Reg. 6,
Part 22.3; Reg. 7, Part 23.4) - ANSWERLicensees must inform the Superintendent by a
means acceptable to the Superintendent of a change of business or residence address
within 30 days of the change. This also includes e-mail addresses.
Reporting of Actions (2110(i) - ANSWERLicensees must report to the Superintendent
any administrative action taken against the licensee in another jurisdiction or by another
governmental agency in this state within 30 days of the final disposition of the matter.
This report must include a copy of the order, consent to order or other relevant legal
documents.
