insurance exam (what I need to work on)

If agent is charged with unfair method or deceptive practice, they are entitled to

A hearing before the Superintendent

Agent mis be notified __ days in advance of the time and place of hearing

10 days

If superintendent has found that producer has committed the alleged acts, they can order a

Cease and desist

What report must be sent to superintendents stating findings

Written or oral report

How many days does a superintendent have to enforce civil penalty

120 days

Adjuster is

Any individual who, for a fee, investigates and settles on behalf of an insurer a claim arising from an insurance contract

Superintendent is

To protect the public from insurance companies. Ensures regulations.

Consultant

Provides (for a fee) advice, recommendations, and info regarding terms, conditions, benefits, coverage or premiums for insurance policies

Producer

Agent, broker, reinsurance intermediary, excess lines broker or other person required to be licensed in NY to sell, solicit, or negotiate insurance

Broker

Sells and negotiates insurance of behalf of the insured

Life settlement broker

Person who is paid to solicit and negotiate life settlement contracts

Life settlement agreement contract

Agreement where a life insurance policyowner sells their interest in a policy in exchange for an amount that is less than the expected death benefit

Soliciting insurance involves

Attempting to sell or urge a person to apply for a specific type of insurance from particular insurer

Resident producer must be __ year old to get license

18 years old

Nonresident producer must

Submit application, proof of resident license with good standing and fees within 90 days of cancellation of applicants previous license

How many days is a temporary license valid for if agent dies and next of kin takes it over

90 days

To maintain license you need to

Do continuing education every 2 years and 15 hours

A person who suspects insurance transaction or life settlement is fraudulent, they must report it to the superintendent within __days

30 days

producers must keep records for

6 years

Superintendent May impose a fine of up to $___ per day if producer fails to respond within 15 days

$500

Producers must provide applicants with approved NAIC

Buyers guide and policy summary

All statements on policy are

Representations, NOT warranties

1033 waiver

Only can engage in insurance after receiving written consent from state and 1033 waiver

Fraud and False statements federal law punishment for insurers

$50,000, imprisonment up to 15 years and license revoked

Cybersecurity requirements for financial service companies

Cybersecurity policy approved by senior officer. A written THIRD PARTY service provider

Insurance frauds prevention act bring civil penalties to those who commit frauds not exceeding

$5,000 plus amount of claim

Replacement regulations does not apply to:

Group life

Credit life

Policies on mass merchandise

Policies with pension, profit sharing, individual retirement and plan with tax deductibility of premiums

Free look period

10 days to go over report upon delivery for full refund (policy by mail must contain 30 day free look period)

Grace period for Life insurance

31 days (1 month)

If someone dies during grace period

Death proceeds will be paid, minus premium due

Reinstatement

lapsed policy may be reinstated within 3 years from the due date upon evidence of insurability and all back premiums are paid with interest

Incontestability period

Provision that policy is incontestable by insurer after it has been in force for 2 years from its date of issue