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Licensing 101 > New York Laws and Regulations > Flashcards

New York Laws and Regulations Flashcards

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1
Q

Minimum age to obtain a producer’s license

A

Age 18

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2
Q

Pre-Licensing Requirements for Agents or Brokers
Life License Only

A

20 hours

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3
Q

Pre-Licensing Requirements for Agents or Brokers
Accident and Health License Only

A

20 hours

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4
Q

Pre-Licensing Requirements for Agents or Brokers
Life, Accident, and Health license

A

40 hours

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5
Q

Pre-Licensing Requirements for Agents or Brokers
Property and Casualty License

A

90 hours

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6
Q

Producer’s Licenses are issued for a term of how many years?

A

2 years

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7
Q

What is the fee for license each year?

A

$40

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8
Q

Temporary producer license may be issued (without an examination) for up to ____ days, renewable up to a total of ____ months

A

90 days, 15 months

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9
Q

Change in Business information
Report name, address, or email address within how many days?

A

30 days

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10
Q

Change in Business information
Report administrative action against producer within how many days?

A

30 days

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11
Q

How many total continuing education credits are required every 2 years?

A

15 credits

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12
Q

Disciplinary Actions
Superintendent must give___ days advanced notice of a hearing.

A

10 days

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13
Q

Disciplinary Actions/ Penalties
Civil penalties must be paid within how many days?

A

120 days

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14
Q

Disciplinary Actions/ Penalties
Violation of cease-and-desist order carries what fine?

A

$5,000

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15
Q

Disciplinary Actions/ Penalties
$_____ per violation fine for agent violations

A

$500

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16
Q

Disciplinary Actions/ Penalties
$_____ maximum fine for agent violations

A

$2,500

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17
Q

Disciplinary Actions/ Penalties
Per violation fine for willful violations

A

$1,000

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18
Q

Superintendent
Information must be provided within ___ days of the Superintendents request

A

15 days

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19
Q

Superintendent
$ __ per day for failure to provide information

A

$500

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20
Q

Superintendent
$___ max for failure to provide information

A

$10,000

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21
Q

Superintendent
$____ Fine for failing to respond 5 times in a 5-year-period

A

$50,000

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22
Q

Insurers must file an annual statement of solvency by

A

March 1

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23
Q

Maximum fine for failure to file annual statement of solvency

A

$25,000

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24
Q

Unfair Claims Settlement Practices (Number of days in which Insurer must respond to Claimant)

Acknowledge Claims within how many days?

A

15 days

25
Q

Unfair Claims Settlement Practices (Number of days in which Insurer must respond to Claimant)

Provide all forms within how many days?

A

15 days

26
Q

Unfair Claims Settlement Practices (Number of days in which Insurer must respond to Claimant)

Accept or Deny Claim within how many days?

A

15 days

27
Q

Agent Appointment
The insurer must file a notice of appointment within ___ days of the agency contract date or first insurance application.

A

15 days

28
Q

Agent Appointment
An insurer that terminates an appointment must notify the Superintendent within ___ days.

A

30 days

29
Q

Agent Appointment
Termination notice must be sent to producer within ___ days after notifying Superintendent.

A

15 days

30
Q

Producer compensation does not include tangible goods with the insurer’s logo or advertisement and valued at less than $_____

A

$100

31
Q

Examination of books and Records
Written disclosures must be maintained for ___ years

A

3 years

32
Q

Examination of books and Records
Policy Records must be maintained for ____ years

A

6 years

33
Q

Financial Frauds Prevention
Maximum civil penalty for insurance fraud is

A

$5,000

34
Q

Financial Frauds Prevention
Fraudulent acts must be reported with in ___ days

A

30 days

35
Q

LIFE insurance provisions
Grace period is how many days?

A

31 days

36
Q

LIFE insurance provisions
Contestability period is how many years?

A

2 years

37
Q

LIFE insurance provisions
Reinstatement period is how many years?

A

3 years

38
Q

LIFE insurance provisions
Right to examine (Free-look) period is___ days

A

10 days

39
Q

LIFE insurance provisions / Replacement
Right to examine (free-look) period is ___ days under NY Reg. 60

A

60 days

40
Q

LIFE insurance provisions / Replacement
Replacing insurers must notify existing insurer within ___ days of receiving application.

A

10 days

41
Q

LIFE insurance provisions / Replacement
Replacing insurer must keep copies of sales material, notices and disclosures for ____ years

A

6 years

42
Q

LIFE insurance provisions
Policy cannot be backdated more than ____ months

A

6 months

43
Q

HEALTH insurance Provisions
Grace Period
Weekly premium payments

A

7 days

44
Q

HEALTH insurance Provisions
Grace Period
Monthy premium payments

A

10 days

45
Q

HEALTH insurance Provisions
Grace Period
All other premium payment modes (quarterly, semi annual and annual)

A

31 days

46
Q

HEALTH insurance Provisions
Insurer may cancel a policy within the first 90 days with at least a ____ days notice

A

10 days

47
Q

HEALTH insurance Provisions
Free Look Period
Accident and Health?

A

10 days

48
Q

HEALTH insurance Provisions
Free Look Period
Medicare Advantage, Medicare Supplements, and LTC insurance?

A

30 days

49
Q

New York Required Benefits and Mandated Offers
Married or unmarried children may be considered a dependent until attaining age____

A

Age 26

50
Q

New York Required Benefits and Mandated Offers
Dependent coverage may be extended to unmarried children through age ___ if the child lives or works in NY and is not eligible for an employer health benefit plan as an employee

A

Age 29

51
Q

New York Required Benefits and Mandated Offers
To extend coverage for a newborn child, notification and premium payment must be received within ___ days of birth.

A

30 days

52
Q

New York Required Benefits and Mandated Offers
Coverage for a handicapped dependent child may be extending beyond the limiting age if proof of dependent’s incapacity is received within ___days of reaching limiting age.

A

31 days

53
Q

Long Term Care: NY Regulations and Required Provisions.

Provides coverage for not less than ___ consecutive months

A

24

54
Q

Long Term Care: NY Regulations and Required Provisions.

Minimum inflation protection percentage that must be offered in NY

A

5% compound

55
Q

COBRA

Conversion to individual policy allowed within ___ days of coverage termination

A

60 days

56
Q

NY state Disability Benefits Law

Maximum length of benefits?

A

26 weeks

57
Q

NY state Disability Benefits Law

Maximum benefit per week?

A

$170 per week

58
Q

Medicare Supplements

Maximum pre-existing conditions exclusion period?

A

6 months

59
Q

Medicare Supplements

Medicare supplements first year commission can be no more than _____% of the commission paid for selling or servicing the policy in the second year.

A

200%

Licensing 101 (27 decks)

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