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NY Personal Lines > State Supplement > Flashcards

State Supplement Flashcards

1
Q

Insurance is an enterprise deemed to be

A

Vested in public interest

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2
Q

DFS stands for

A

Department of financial services.

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3
Q

The fair credit reporting act mandates

A

Confidential, fair and accurate reporting of info on consumers

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4
Q

What are the two types of credit reporting acts

A

Consumer report

Investigative report

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5
Q

conducting insurance business after previously being convicted of a felony without prior authorization from state commissioner

A

A fine

Minimum 5 years imprisonment

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6
Q

1033 form is?

A

Waiver form to apply for insurance licensure when having being convicted of a crime

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7
Q

TRIA

A

Terrorism risk insurance Act

-reinsurance govt sponsored to ensure property causality programs available for acts of terror

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8
Q

Gram Leach Bliley act or GLBA was enacted to

A 
Enact privacy legislation 
For clients 
Personal identity, 
financial status, 
health information
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9
Q

Compensation disclosures must be provided to the insured within five days by insurer and retained for a minimum of ?

A

3 years after

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10
Q

The superintendent of financial services has broad powers to regulate insurance law but cannot

A

Enact or create insurance or banking law

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11
Q

Examination of insurers records occur every ___ years with the state

A

3

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12
Q

Insurers found guilty of Freud fined ____ per offense up to _____ aggregate

A

$500

$2500

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13
Q

Agents represent _____

Brokers represent _____

A

Insurers

Insured

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14
Q

A binder is

A

A temporary contract of insurance until the insurer can evaluate the insureds risk

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15
Q

Express authority

A

Verbal agreements or “binding authority”

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16
Q

Implied authority

A

A licensed agent has the implied authority to purchase necessary materials to complete business without having to “ask” permission

17
Q

Apparent authority

A

From the view of consumer
- agent has the express and implied authority to bind a contract to provide immediate coverage. If a loss occurs a client needent wonder about coverage

18
Q

Insurance waiver

A

Voluntary relinquishment or abandonment of a known right

19
Q

Estoppel

A

Legal bar preventing an insurer to change an agreement after committed to a course of action

20
Q

Recession

A

Cancellation of a contract

21
Q

A representation is

A

A statement of present or past fact issued to the insurer to obtain insurance.

22
Q

Misrepresentation

A

A false representation of the facts

23
Q

Warranty

A

Any provision of an insurance contract that guarantees a condition before contract takes effect
Ex, fire suppression or Alarm systems

24
Q

Insurers should carry professional liability insurance know as

A

E&O

Errors and Liability insurance

25
Q

What is the maximum commission allowed prior to gaining a license in NYS?
What is this known as?

A

10% of aggregate

Writing controlled business

26
Q

Regarding “diligent effort” to seek authorized insurance

How many placement attempts must occur?

A

3

27
Q

What type of license must be held in order to sell “excess lines?”

A

NY brokers

28
Q

If excess lines need to be established what is critical for documentation within 45 days?

A

A certificate of non-availability filed with insurance department.

29
Q

An insurance consultant represents

A

The insured

30
Q

An independent adjuster is

A

Any person, firm, association, or corp that represents the insurer

Needn’t be licensed

31
Q

A public adjuster is

A

Association or corporation on the behalf of insured

32
Q

Authorized insurance agents receive a “ “

Indicating their authority to do business in NY

A

Certificate of authority

33
Q

The superintendent sat any time may revoke or suspend license for a specific cause for ?

A

The suspension will not exceed the unexpired term of the license

34
Q

Farm owners coverage E and F scheduled cover

A 
Grain 
Hay 
Farm machinery 
Vehicles and equipment 
Poultry and livestock
35
Q

Farm owners coverage F unscheduled provides blanket protection on covered farm personal property and property used in the business of Farming.
It doesn’t cover

A

Personal property usual to a dwelling (under C)

  • animals other than”livestock”
  • poultry, bees and fish
  • race or show horse

NY Personal Lines (10 decks)

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