2023 NY Life, Accident, and Health Insurance Agent Exam with Answers (198 Solved Questions)

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NY Life, Accident and HealthInsurance Agent (Broker) ExamQuestions with Answers Verified2023

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NY Life, Accident, and Health Insurance Agent Exam 2023Process 2103 (d-i) - answer1. The Superintendent may issue a license to any person, firm orcorporation who has complied with the requirements of the Insurance Code, authorizing thelicensee to act as agent of any authorized insurer. Every individual applicant for a license underthis section and every proposed sub-licensee must be 18 years of age or older at the time ofissuance of such license. The person must submit to and pass a written examination required bythe Superintendent.Producer Definition (2101(k)) - answerAn insurance producer means an insurance agent, insurancebroker, reinsurance intermediary, excess lines broker, or any other person required to be licensedunder 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 healthmaintenance organization or of a licensed insurance producer, provided that the officer, directoror 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, clericalor a combination of these, and are only indirectly related to the sale, solicitation or negotiation ofinsurance;(b) the officer, director or employee's function relates to underwriting, loss control, Inspection orthe processing, adjusting, investigating or settling of a claim on a contract of Insurance; or (c) theofficer, director or employee is acting in the capacity of a special agent or agency supervisorassisting licensed insurance producers where the person's activities are limited to providingtechnical 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 territoryof the United States in which an insurance producer maintains his, her or its principal place ofresidence 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

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offering advice directly to a purchaser or prospective purchaser of a particular contract ofinsurance 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 fromlicensed 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, formoney or its equivalent, on behalf of a licensed insurer, fraternal benefit society or healthmaintenance organization.Solicit (2101(o)) - - answerSolicit or solicitation means attempting to sell insurance or asking orurging 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 acknowledgedagent of an insurer, fraternal benefit society or health maintenance organization issued acertificate of authority pursuant to the public health law, and any sub-agent or otherrepresentative 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 licensedinsurance 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 underthe 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 inresidency moving to New York (see code 2103 below).Brokers 2101(c) - answera licensed insurance representative who does not represent a specificinsurance company, but places business among various companies. Legally, the broker is usuallyregarded as a representative of the insured rather than the insuring company.Brokers 2101(h) - answerany licensed attorney at law of this state.

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Consultants (2107) - answerThe Superintendent may issue an insurance consultant's license to anyperson, firm, association or corporation who or which has complied with the requirements of thischapter 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 orassociation 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 thereofnamed 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 alicense under this section to present evidence, in such form as he prescribes, that such applicanthas been employed, for a period which he deems reasonable, by an insurer, an independentadjuster or a public adjuster, in the performance of duties which in his opinion would provide theapplicant with a satisfactory preliminary training for the duties and responsibilities which wouldevolve upon him as a licensee under this section. The term independent adjuster means anyperson, 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 arisingunder insurance contracts issued by such insurer and who performs such duties required by suchinsurer as are incidental to such claims and also includes any person who for compensation oranything of value investigates and adjusts claims on behalf of any independent adjuster.Adjuster 2108 - answerAdjusters will be licensed as either independent adjusters, or as publicadjusters. The Superintendent may prescribe the types of independent adjusters' licensesaccording to the kind or kinds of insurance claims which the licensee is to be authorized toinvestigate and adjust. No adjuster may act on behalf of an insurer unless licensed as anindependent adjuster, and no adjuster may act on behalf of an insured unless licensed as a publicadjuster. A public adjuster works on behalf of the insured for a fee.Nonresident 2101(d) - answerIn this section, non-resident insurance agent means an individualwho is a non-resident of this state and who is licensed or authorized to act as an insurance agentin the state in which he resides, or in which he or the firm or association of which he is a memberor employee, or the corporation, of which he is an officer, director, or employee maintains anoffice as an insurance agent.Nonresident 2101(e) - answerIn this section, "non-resident insurance broker", means an individualwho is a non-resident of this state and who is licensed or authorized to act as an insurance brokerin the state in which he resides, or in which he, or the firm or association of which he is a memberor employee, or the corporation, of which he is an officer, director or employee maintains an office

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as an insurance broker.Nonresident 2103(g)(5) - answerIn the discretion of the Superintendent, no written insuranceexamination will be required of any individual seeking to be named as a licensee or sub-licenseewho is a non-resident insurance agent.Nonresident 2103(g)(11) - answerNo written insurance examination will be required of anyindividual who applies for an insurance agent license in this state who was previously licensed forthe same line or lines of authority in another state, provided, however, that the applicant's homestate grants non-resident licenses to residents of this state on the same basis. Such individual shallalso not be required to complete any prelicensing education. This exemption is only available ifthe person is currently licensed in that state or if the application is received within 90 days of thedate of cancellation of the applicant's previous license and if the prior state issues a certificationthat, at the time of cancellation, the applicant was in good standing in that state or the state'sproducer 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 theline of authority requested. An individual or entity licensed in another state that moves to thisstate must make an application within 90 days of establishing legal residence to become a residentlicensee. No prelicensing education or examination will be required of that person to obtain anyline of authority previously held in the prior state except where the Superintendent determinesotherwise by regulation.Nonresident 2136 - Reciprocity - answerThe Superintendent shall waive any requirements for anonresident 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 inhis or her home state;(b) the applicant has submitted a completed application in the form prescribed by theSuperintendent 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 thisstate 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.

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Business Entities 2103(e) - answerBefore any original insurance agent's license is issued to abusiness entity, there must be on file in the office of the Superintendent an application by theprospective licensee in such form or forms and supplements, and containing information theSuperintendent prescribes and for each business entity, the sub-licensee or sub-licensees namedin the application must be designated responsible for the business entity's compliance with theinsurance laws, rules and regulations of this state.Temporary License (2109; Regs. 9, 18, 29, Part 20.1) - answerA temporary license may be issued inthe case of death, service in armed forces or disability. The Superintendent may issue a temporaryinsurance agent's or insurance broker's license, or both, without requiring the applicant to pass awritten insurance examination or to satisfy certain requirements except as to age in the followingcases:(1) In the event of the death of a person who at the time of his death was a licensed accident andhealth insurance agent;(a) to the executor or administrator of the estate of such deceased agent or broker;(b) to a surviving next of kin of such deceased agent or broker, where no administrator of hisestate has been appointed and no executor has qualified under his duly probated will;(c) to the surviving member or members of a firm or association, which at the time of the death ofa member was such a licensed insurance agent or licensed insurance broker; or(d) to an officer or director of a corporation upon the death of the only officer or director who wasqualified as a sub-licensee or to the executor or administrator of the estate of such deceased officeror director;(2) to any person who may be designated by a person licensed pursuant to this chapter as aninsurance agent, or an insurance broker, or both, and who is absent because of service in anybranch of the armed forces of the United States.(3) to the next of kin of a person who has become totally disabled and prevented from pursuingany of the duties of his or her occupation, and who at the commencement of his or her disabilitythe license or licenses may be issued for a term not exceeding 90 days from the death of suchadditional term or terms of 90 days each, not exceeding in the aggregate 15 months.

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The Superintendent may issue renewal licenses for an additional term or terms of 90 days eachexceeding the aggregate period of 15 months when in his judgment it will best serve the interestsof any person serving in the armed forces of the United States. No person holding a temporarylicense is permitted to solicit new business under the temporary license.Renewal (2103(j); Reg. 5, Part 21.2) - answerAll individual insurance agent licenses must berenewed every two years. Individual licenses are issued with an expiration date determined by thedate of birth:The license of an agent born in an even numbered year will expire on the agent's birthday in aneven numbered year.The license of an agent born in an odd numbered year will expire on the agent's birthday in anodd numbered yearAdjuster licenses are not determined on a birth date renewal. Adjuster licenses expire onDecember 31st of even-numbered years.Resident Licensees - answerAll licensed agents, brokers, consultants and public adjusters mustcomplete continuing education (CE) requirements as a condition of renewing these licenses.Licensees must complete 15 credits of approved continuing education during each bienniallicensing period.After your license has been renewed the first time, continuing education (CE) will always berequired upon subsequent renewal or relicensing applications. Credits must be accumulatedduring the renewal period, which begins with the effective date of the license and ends with theexpiration 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 anyname, in conducting a business regulated by this article that has not been previously approved bythe Superintendent.

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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 theSuperintendent of a change of business or residence address within 30 days of the change. Thisalso includes e-mail addresses.Reporting of Actions (2110(i) - answerLicensees must report to the Superintendent anyadministrative action taken against the licensee in another jurisdiction or by anothergovernmental agency in this state within 30 days of the final disposition of the matter. This reportmust include a copy of the order, consent to order or other relevant legal documents.Cease and Desist Order (2405) - answerWhenever the Superintendent has reason to believe that aperson has committed or is committing a defined violation or has been engaged in or is engagingin any method of competition, or any act or practice, which could become a determined violationand that a proceeding thereon would be in the interest of the public, he shall serve upon thatperson a statement of the charges and notice of a hearing to be held at a time not less than 10 daysafter the date of service of the notice and at the place fixed in the notice. The person will be givenan opportunity at the hearing to be heard personally or by counsel. Anyone violating a cease anddesist order may be subjected to a fine of up to $5,000 for each violation.Hearings - Notice and Process (2405, Financial Services 305) - answerA statement of the chargesand notice of a hearing to be held at a time not less than 10 days after the date of service of thenotice and at the place fixed in the notice.Suspension, Revocation, and Nonrenewal (2110) - answerThe Superintendent may refuse to renew,revoke, or may suspend, for a period the Superintendent determines, the license of any insuranceproducer, insurance consultant or adjuster, if, after notice and hearing, the Superintendentdetermines that the licensee or any sub-licensee has:1. violated any insurance laws, regulation, subpoena or order of the Superintendent of Insurance orof another state's Insurance Commissioner, or has violated any law in the course of his dealings insuch capacity;2. provided materially incorrect, materially misleading, materially incomplete or materially untrueinformation in the license application;3. obtained or attempted to obtain a license through misrepresentation or fraud;

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4. has used fraudulent, coercive or dishonest practices, demonstrated incompetence,demonstrated untrustworthiness, or demonstrated financial irresponsibility in the conduct ofbusiness in this state or elsewhere;5. improperly withheld, misappropriated or converted any monies or properties received in thecourse of business in this state or elsewhere;6. intentionally misrepresented the terms of an actual or proposed insurance contract orapplication for insurance;7. has been convicted of a felony;8. admitted or been found to have committed any insurance unfair trade practice or fraud;9. had an insurance producer license, or its equivalent, denied, suspended or revoked in any otherstate, province, district or territory;10. forged another's name to an application for insurance or to any document related to aninsurance transaction;11. improperly used notes or any other reference material to complete an examination for aninsurance license;12. knowingly accepted insurance business from an individual who is not licensed;13. failed to comply with an administrative or court order imposing a child support obligation; or14. failing to pay state income tax or comply with any administrative or court order directingpayment of state income tax.Before revoking or suspending the license of any insurance producer or other licensee pursuant tothe provisions of this article, the Superintendent will give notice to the licensee and to everysublicensee and will hold, or cause to be held, a hearing not less than 10 days after giving notice. Ifan insurance producer's license or other licensee's license pursuant to the provisions of this articleis revoked or suspended by the Superintendent, the Superintendent will give notice to thelicensee.No individual, corporation, firm or association whose license as an insurance producer or otherlicensee has been revoked, and no firm or association of which such individual is a member, willbe entitled to obtain any license under the provisions of this chapter for a period of one year aftersuch revocation, or, if such revocation be judicially reviewed, for one year after the finaldetermination affirming the action of the Superintendent in revoking such license.

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Before revoking the license of any non-resident insurance producer the Superintendent will give 10days' notice in writing to the licensee of the action proposed to be taken.The Superintendent retains the authority to enforce the provisions of and impose any penalty orremedy.All licensees must report to the Superintendent any administrative action taken against thelicensee in another jurisdiction or by another governmental agency in this state within 30 days ofthe final disposition of the matter.Within 30 days of the initial pretrial hearing date, a licensee must report to the Superintendentany criminal prosecution of the licensee taken in any jurisdiction.Penalties (2127): - answerThe Superintendent, in lieu of revoking or suspending the license of alicensee, may in any one proceeding by order, require the licensee to pay a penalty in a sum notexceeding $500 for each offense, and a penalty in a sum not exceeding $2,500 in the aggregate forall offenses.Upon the failure of such a licensee to pay such penalty ordered within 20 days after the mailing ofsuch order, postage prepaid, registered, and addressed to the last known place of business of suchlicensee, unless such order is stayed by an order of a court of competent jurisdiction, theSuperintendent may revoke the license of such licensee or suspend the same for such period as hedetermines.Superintendent's General Duties and Powers (2404, Financial Services 201, 202, 301) - answerTheSuperintendent is empowered to:Examine and investigate into the affairs of any person in order to determine whether the personhas violated or is violating the insurance and regulations of this state. Responses to requests forinformation by the Superintendent should be made not less than 15 business days.The Superintendent is authorized, after notice and hearing, to levy a civil penalty against suchperson in an amount not to exceed $500 per day for each day beyond the date specified by theSuperintendent for response, but in no event will such penalty exceed $10,000.In the event the Superintendent levies five separate civil penalties against any one person within

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five years for failure to comply with this section, the Superintendent is authorized, after notice andhearing, to levy an additional civil penalty against not to exceed $50,000.The Superintendent is also authorized to levy additional civil penalties not to exceed $50,000, afternotice and hearing, against such person for every five subsequent violations of this section withina five year period. Any licensee may surrender his or her license in lieu of payment of any civilpenalty imposed by the Superintendent.Certificate of Authority (1102) - answerThe certificate of authority is an insurer's license to transactinsurance in this state as an authorized insurer.Solvency (307) - answerIt is required that each insurer file annual financial statements for reviewby the Superintendent to determine the continued solvency of the insurer.Unfair Claim Settlement Practices (2601; Reg. 64, Part 216.3-216.6) - answerUnfair settlementpractices include:Knowingly misrepresenting to a claimant pertinent facts or policy provisions related to thecoverages at issue. Failing to acknowledge within reasonable time, communications with respectto claims arising out of its policies.Failing to adopt and implement reasonable standards of prompt investigation of claims arising outof an insurer's policies. Claims must be promptly investigated to determine liability.Not attempting in good faith to effectuate prompt, fair and equitable settlements of claimssubmitted in which liability has become reasonable clear.Compelling policyholders to institute suit to recover amounts due under its policies by offeringless than the amounts ultimately recovered in suit brought by themAppointment of Agent - answerThe appointment must be made 15 days from the date an agencycontract is executed, or the first application is submittedTermination of Agent Appointment (2112(d); Regs. 9, 18, 29, Part 20.2) - answerEvery insurer,fraternal benefit society or health maintenance organization or insurance producer or theauthorized representative of the insurer, fraternal benefit society, health maintenance

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organization or insurance producer doing business in this state must, upon termination of acertificate of appointment, file with the Superintendent within 30 days a statement, in such formas the Superintendent may prescribe, the facts relative to such termination for cause.Misrepresentation (2123; Reg. 64, Part 216.3) - answerIt is a violation for an agent to make false ormisleading statements or unfair coverage comparisons.False Advertising (2603) - answerIt is a violation to make false or misleading statements regardingthe advertising of insurance products. A producing agent may not issue any illustration orstatement used to advertise his/her business unless the agent is authorized to transact those linesof authority.Defamation of Insurer (2604) - answerIt is any false or malicious communication, written or oral,that injures another's reputation, fame or character. Individuals and companies both can bedefamed. Unethical agents practice defamation by spreading rumors or falsehoods about thecharacter of a competing agent or the financial condition of another insurance company. Both ofthese actions are considered illegal.Unfair Discrimination (2606-2608, 2612) - answerNeither agents nor insurance companies arepermitted to discriminate against perspective insureds. This means that a person cannot be givena different rate for coverage than another person in identical circumstances. They may notdiscriminate against a person solely because of an applicants' race, religion, occupation, wherethey live or their financial status.Rebating (2324, 4224) - answerRebating occurs if the buyer of an insurance policy receives any partof the agent's commission or anything of significant value as an inducement to purchase a policy.State regulations are very strict in this respect and are designed to prohibit discrimination in favorof, or against, policyowners. In this state, the practice of rebating is illegal and the following aredefined as illegal inducements:Offering, paying or allowing any rebate or other inducement not specified in the policy or anyspecial favor or advantage concerning the dividends or other benefits that will accrue, in order toplace, negotiate or renew the policy.Offering, selling or purchasing anything of value not specified in the policy.Offering, paying or allowing any rebate of any premium on any insurance policy or annuity

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contract.Controlled Business (2103(i)) - answerThe Superintendent may refuse to issue, suspend, or revokea license if an applicant receives more than 10% of the aggregate net commissions during a 12-month period from insurance sold to a licensee's spouse or other family members or businessassociates or their immediate family.Sharing Commissions (2121, 2128) - answerThe sharing of commissions with an unlicensed personor entity is prohibited.Fiduciary Responsibility - answerWhen someone has a fiduciary duty to someone else, the personwith the duty must act in a way that will benefit someone else, usually financially. The person whohas a fiduciary duty is called the fiduciary, and the person to whom the duty is owed is called theprincipal or the beneficiary.License display - answeran insurance agent or broker must prominently display the license orlicenses of the supervising person or persons responsible for that office. While the Insurance Lawand regulations promulgated thereunder do not require other insurance agents or brokers in anoffice to display their licenses, the Department is of the view that it is a good practice for eachlicensee to do so.Commissions and compensation - answerA sales commission is a sum of money paid to anemployee upon completion of a task, usually selling a certain amount of goods or services.Employers sometimes use sales commissions as incentives to increase worker productivity. Acommission may be paid in addition to a salary or instead of a salary.Termination responsibilities of producer -answerhttps://www.nysenate.gov/legislation/laws/ISC/2112Aiding Unauthorized Insurer (2117) - answerActing for or aiding unlicensed or unauthorizedinsurers or health maintenance organizations. (a) No person, firm, association or corporation shallin this state act as agent for any insurer or health maintenance organization which is not licensedor authorized to do an insurance or health maintenance organization business in this state, in thedoing of any insurance or health maintenance organization business in this state or in soliciting,

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negotiating or effectuating any insurance, health maintenance organization or annuity contract orshall in this state act as insurance broker in soliciting, negotiating or in any way effectuating anyinsurance, health maintenance organization or annuity contract of, or in placing risks with, anysuch insurer or health maintenance organization, or shall in this state in any way or manner aidany such insurer or health maintenance organization in effecting any insurance, healthmaintenance organization or annuity contract.Producer Compensation Transparency - answer"Producer Compensation Transparency," requiresall New York-licensed producers to offer unrequested information about their compensation totheir clients. If a client asks for more information, the producer must make a second highlydetailed disclosure.Cyber Security Requirements for Financial Services Companies (Reg 23 ) - answerIs designed topromote the protection of customer information as well as the information technology systems ofregulated entities. This regulation requires each company to assess its specific risk profile anddesign a program that addresses its risks in a robust fashion. Senior management must take thisissue seriously and be responsible for the organization's cybersecurity program and file an annualcertification confirming compliance with these regulations. A regulated entity's cybersecurityprogram must ensure the safety and soundness of the institution and protect its customers.Fair Credit Reporting Act (FCRA) - answerfederal law that regulates the collection of consumers'credit information and access to their credit reports. It was passed in 1970 to address the fairness,accuracy, and privacy of the personal information contained in the files of the credit reportingagencies.Workers Compensation - answerEligibility - All work injuries that occur during the course of workare covered under New York workers' compensation law. New York, like most states, also coversoccupational diseases, which are illnesses that arise during the course of employment. Typicaloccupational diseases include asbestosis and hearing loss.Industrial (work-related) injuries can include bone fractures, sprains, burns, cuts, amputations,and other injuries that cause immediate harm. If your injury requires more than simple first aid,and it occurred in the course of your employment, you likely have a workers' compensation claim.Activities that happen outside the scope of your employment, such as commuting to and fromwork, are not covered. In other words, injuries or diseases arises from these activities do not giverise to a workers' compensation claim.

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Benefits - If you have an allowed workers' compensation claim, you will begin receiving workers'compensation benefits immediately. Your employer's workers compensation insurance carrier willpay medical bills for treatment related to your industrial injury.If you are unable to work due to your work-related injury or occupational disease for more thanseven days, your employer's workers' compensation insurance carrier will begin payment of cashbenefits to compensate for your lost wages. These temporary disability benefits equal two-thirds ofyour average weekly wage, multiplied by the percentage of your disability. Cash benefits aresubject to a weekly maximum established by the state each year. As of July 1, 2017, the maximumbenefit is $870.61 per week.These payments are usually paid every other week. The insurance carrier will continue to makethese payments to you until your workers' compensation claim is closed or you are able to returnto work, whichever occurs first.If your doctor finds that your injury has caused a permanent impairment, you may also be entitledto a permanent disability award. When a work injury results in death, the worker's familymembers can receive weekly death benefits and reimbursement for funeral expenses.Death Benefit (face amount/face value/coverage) - answerThe amount paid to beneficiaries whena policyholder dies.Beneficiary - answerThe person(s) who receive the death benefit. They are selected by thepolicyholder.Premium - answerThe regular payment made toward the insurance policy. These are typicallymonthly.Cash value - answerA tax-deferred savings account that are included in permanent life insurancepolicies.The cash value is basically an investment account inside of your straight life insurance policy. Thisaccount will grow according to a guaranteed rate over the course of the policy length. The rate ofreturn will typically be large enough that when you turn 100 the cash value account will equal thevalue of the death benefit. At any point, you can use the cash value account for a variety ofreasons, including:

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