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Licensing 101 > New York Laws and Regulations > Flashcards

New York Laws and Regulations Flashcards

(59 cards)

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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?

25
Unfair Claims Settlement Practices (Number of days in which Insurer must respond to Claimant) Provide all forms within how many days?
15 days
26
Unfair Claims Settlement Practices (Number of days in which Insurer must respond to Claimant) Accept or Deny Claim within how many days?
15 days
27
Agent Appointment The insurer must file a notice of appointment within ___ days of the agency contract date or first insurance application.
15 days
28
Agent Appointment An insurer that terminates an appointment must notify the Superintendent within ___ days.
30 days
29
Agent Appointment Termination notice must be sent to producer within ___ days after notifying Superintendent.
15 days
30
Producer compensation does not include tangible goods with the insurer's logo or advertisement and valued at less than $_____
$100
31
Examination of books and Records Written disclosures must be maintained for ___ years
3 years
32
Examination of books and Records Policy Records must be maintained for ____ years
6 years
33
Financial Frauds Prevention Maximum civil penalty for insurance fraud is
$5,000
34
Financial Frauds Prevention Fraudulent acts must be reported with in ___ days
30 days
35
LIFE insurance provisions Grace period is how many days?
31 days
36
LIFE insurance provisions Contestability period is how many years?
2 years
37
LIFE insurance provisions Reinstatement period is how many years?
3 years
38
LIFE insurance provisions Right to examine (Free-look) period is___ days
10 days
39
LIFE insurance provisions / Replacement Right to examine (free-look) period is ___ days under NY Reg. 60
60 days
40
LIFE insurance provisions / Replacement Replacing insurers must notify existing insurer within ___ days of receiving application.
10 days
41
LIFE insurance provisions / Replacement Replacing insurer must keep copies of sales material, notices and disclosures for ____ years
6 years
42
LIFE insurance provisions Policy cannot be backdated more than ____ months
6 months
43
HEALTH insurance Provisions Grace Period Weekly premium payments
7 days
44
HEALTH insurance Provisions Grace Period Monthy premium payments
10 days
45
HEALTH insurance Provisions Grace Period All other premium payment modes (quarterly, semi annual and annual)
31 days
46
HEALTH insurance Provisions Insurer may cancel a policy within the first 90 days with at least a ____ days notice
10 days
47
HEALTH insurance Provisions Free Look Period Accident and Health?
10 days
48
HEALTH insurance Provisions Free Look Period Medicare Advantage, Medicare Supplements, and LTC insurance?
30 days
49
New York Required Benefits and Mandated Offers Married or unmarried children may be considered a dependent until attaining age____
Age 26
50
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
51
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
52
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
53
Long Term Care: NY Regulations and Required Provisions. Provides coverage for not less than ___ consecutive months
24
54
Long Term Care: NY Regulations and Required Provisions. Minimum inflation protection percentage that must be offered in NY
5% compound
55
COBRA Conversion to individual policy allowed within ___ days of coverage termination
60 days
56
NY state Disability Benefits Law Maximum length of benefits?
26 weeks
57
NY state Disability Benefits Law Maximum benefit per week?
$170 per week
58
Medicare Supplements Maximum pre-existing conditions exclusion period?
6 months
59
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%

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