New York Laws and Regulations Flashcards
Minimum age to obtain a producer’s license
Age 18
Pre-Licensing Requirements for Agents or Brokers
Life License Only
20 hours
Pre-Licensing Requirements for Agents or Brokers
Accident and Health License Only
20 hours
Pre-Licensing Requirements for Agents or Brokers
Life, Accident, and Health license
40 hours
Pre-Licensing Requirements for Agents or Brokers
Property and Casualty License
90 hours
Producer’s Licenses are issued for a term of how many years?
2 years
What is the fee for license each year?
$40
Temporary producer license may be issued (without an examination) for up to ____ days, renewable up to a total of ____ months
90 days, 15 months
Change in Business information
Report name, address, or email address within how many days?
30 days
Change in Business information
Report administrative action against producer within how many days?
30 days
How many total continuing education credits are required every 2 years?
15 credits
Disciplinary Actions
Superintendent must give___ days advanced notice of a hearing.
10 days
Disciplinary Actions/ Penalties
Civil penalties must be paid within how many days?
120 days
Disciplinary Actions/ Penalties
Violation of cease-and-desist order carries what fine?
$5,000
Disciplinary Actions/ Penalties
$_____ per violation fine for agent violations
$500
Disciplinary Actions/ Penalties
$_____ maximum fine for agent violations
$2,500
Disciplinary Actions/ Penalties
Per violation fine for willful violations
$1,000
Superintendent
Information must be provided within ___ days of the Superintendents request
15 days
Superintendent
$ __ per day for failure to provide information
$500
Superintendent
$___ max for failure to provide information
$10,000
Superintendent
$____ Fine for failing to respond 5 times in a 5-year-period
$50,000
Insurers must file an annual statement of solvency by
March 1
Maximum fine for failure to file annual statement of solvency
$25,000
Unfair Claims Settlement Practices (Number of days in which Insurer must respond to Claimant)
Acknowledge Claims within how many days?
15 days
Unfair Claims Settlement Practices (Number of days in which Insurer must respond to Claimant)
Provide all forms within how many days?
15 days
Unfair Claims Settlement Practices (Number of days in which Insurer must respond to Claimant)
Accept or Deny Claim within how many days?
15 days
Agent Appointment
The insurer must file a notice of appointment within ___ days of the agency contract date or first insurance application.
15 days
Agent Appointment
An insurer that terminates an appointment must notify the Superintendent within ___ days.
30 days
Agent Appointment
Termination notice must be sent to producer within ___ days after notifying Superintendent.
15 days
Producer compensation does not include tangible goods with the insurer’s logo or advertisement and valued at less than $_____
$100
Examination of books and Records
Written disclosures must be maintained for ___ years
3 years
Examination of books and Records
Policy Records must be maintained for ____ years
6 years
Financial Frauds Prevention
Maximum civil penalty for insurance fraud is
$5,000
Financial Frauds Prevention
Fraudulent acts must be reported with in ___ days
30 days
LIFE insurance provisions
Grace period is how many days?
31 days
LIFE insurance provisions
Contestability period is how many years?
2 years
LIFE insurance provisions
Reinstatement period is how many years?
3 years
LIFE insurance provisions
Right to examine (Free-look) period is___ days
10 days
LIFE insurance provisions / Replacement
Right to examine (free-look) period is ___ days under NY Reg. 60
60 days
LIFE insurance provisions / Replacement
Replacing insurers must notify existing insurer within ___ days of receiving application.
10 days
LIFE insurance provisions / Replacement
Replacing insurer must keep copies of sales material, notices and disclosures for ____ years
6 years
LIFE insurance provisions
Policy cannot be backdated more than ____ months
6 months
HEALTH insurance Provisions
Grace Period
Weekly premium payments
7 days
HEALTH insurance Provisions
Grace Period
Monthy premium payments
10 days
HEALTH insurance Provisions
Grace Period
All other premium payment modes (quarterly, semi annual and annual)
31 days
HEALTH insurance Provisions
Insurer may cancel a policy within the first 90 days with at least a ____ days notice
10 days
HEALTH insurance Provisions
Free Look Period
Accident and Health?
10 days
HEALTH insurance Provisions
Free Look Period
Medicare Advantage, Medicare Supplements, and LTC insurance?
30 days
New York Required Benefits and Mandated Offers
Married or unmarried children may be considered a dependent until attaining age____
Age 26
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
Age 29
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.
30 days
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.
31 days
Long Term Care: NY Regulations and Required Provisions.
Provides coverage for not less than ___ consecutive months
24
Long Term Care: NY Regulations and Required Provisions.
Minimum inflation protection percentage that must be offered in NY
5% compound
COBRA
Conversion to individual policy allowed within ___ days of coverage termination
60 days
NY state Disability Benefits Law
Maximum length of benefits?
26 weeks
NY state Disability Benefits Law
Maximum benefit per week?
$170 per week
Medicare Supplements
Maximum pre-existing conditions exclusion period?
6 months
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.
200%
