The Superintendent may examine the affairs, transactions, accounts, records, documents and assets of each authorized insurer. Or licensed producer as often as he/she deems necessary. Each insurer conducting business in New York must be examined in detail
at least once every 5 years
.
How often must insurers be examined, and who is responsible for conducting such examinations? The Commissioner must examine all authorized insurers
at least once every 5 years
.
How often must the commissioner examine each domestic insurance company?
The Commissioner must examine all authorized insurers at
least once every 5 years
.
How long is a temporary insurance license valid in New York quizlet?
If a temporary license is issued because the original licensee died or became disabled, it will be issued for a term of
90 days from the original licensee's death or disability
.
How many days after being licensed to place business transactions in Ohio must an insurer have an antifraud program in place?
60 days
. Although the Time Payment of claims provision requires the claim to be paid immediately, legal action against the insurer for failure to pay timely cannot commence until 60 days after proof of loss is furnished.
Which is an example of an unfair claims settlement practice?
The insurance company delays payment
, rendering the business owner unable to repair any of the damage. The insurance company continues using delay tactics to avoiding making a payment.
How frequently must the director examine insurers financial condition?
The director shall so examine each domestic insurer at least
once every five years
. Examination of an alien insurer shall be limited to its insurance transactions in the United States.
How often does the superintendent examine each admitted insurance company?
The Superintendent may examine the affairs, transactions, accounts, records, documents and assets of each authorized insurer. Or licensed producer as often as he/she deems necessary. Each insurer conducting business in New York must be examined in detail
at least once every 5 years
.
Why would the insurance commissioner issue a temporary license quizlet?
The Commissioner may issue
a temporary work authority that allows an applicant for a license to begin work when the person has submitted a licensing application and fee
. A temporary work authority expires 60 days after it has been issued. … ⦁ pays a late renewal fee.
How often must an insurance agent licensed in the State of New York renew the license quizlet?
How often must an insurance agent licensed in the state of New York renew the license? Insurance agent's license expires
every 2 years
.
Who is a person other than the Viator that enters into a viatical settlement contract?
(1) “
Viatical settlement provider
” means a person, other than a viator, that enters into or effectuates a viatical settlement contract with a viator resident in this state.
Which of the following is ineligible to participate in a Section 125 plan?
Truth: Only employees are eligible to participate in the Section 125 plan. Certain individuals, such as partners in a partnership and
over 2% shareholders in an S-corporation
, are ineligible to participate. … Meanwhile, nontax dependents, such as certain domestic partners, cannot.
What is the primary feature of a viatical settlement?
(The primary feature of a viatical settlement is
the prepayment of a reduced death benefit
.)
What are four classifications of unfair claims settlement practices?
These practices can be broken down into four basic categories:
(1) misrepresentation of insurance policy provisions
, (2) failing to adopt and implement reasonable standards for the prompt investigation of claims, (3) failing to acknowledge or to act reasonably promptly when claims are presented, and (4) refusing to pay …
What are examples of unfair trade practices?
Some examples of unfair trade methods are: the
false representation of a good or service
; false free gift or prize offers; non-compliance with manufacturing standards; false advertising; or deceptive pricing.
What is an unfair claim settlement?
Unfair claims settlement is
the improper handling of policyholder claims on the part of insurers that violates state laws on unfair claims settlement
. Such laws are typically a variation of the National Association of Insurance Commissioners' (NAIC) Unfair Claims Settlement Practices Act (UCSPA).
