4: In addition to examinations that are specifically authorized by the Insurance Code, the Superintendent may examine each domestic life insurer as often as it is deemed necessary for the protection of the consumers. The Code requires examination of domestic life insurers every
A 3 years.
B 4 years.
C 5 years.
D 2 years.
Every authorized domestic life insurer and every rate service organization that makes or files rates will be examined at least once in every 5 years.
10: All of the following violations may result in an agent’s imprisonment EXCEPT
A Engaging in the business of insurance after being convicted of breach of trust.
B Failing to report to the department a criminal prosecution taken against the agent in another jurisdiction.
C Embezzling funds from the insurer.
D Knowingly obtaining information about a consumer under false pretenses.
While the agents are required to notify the department about any administrative action or criminal prosecution taken against them, that act alone will not result in imprisonment. All the others are violations that may be punished by imprisonment.
11: A spouse was granted a temporary license for her deceased husband’s agency on March 1. On May 1 she processed an application for life insurance on a new applicant. Which of the following is true?
A The application is not valid as submitted.
B The spouse's license had expired.
C The application is valid as submitted.
D The application was processed without a valid license.
A temporary license may only be used to service existing business, not to solicit, negotiate or procure new business.
14: What are the continuing education requirements for licensed insurance agents in the state of New York?
A 30 hours of any insurance-related courses every 4 years
B 20 hours for life and heath agents and 25 hours for property and casualty brokers every 2 years
C 15 hours of approved instruction every 2 years
D 25 hours of instruction annually
To renew a license, any resident or nonresident agent must complete 15 hours of instruction by an approved provider of continuing education biennially (every 2 years).