New York Laws And Rules Study Guide Graded A+

Financing transaction {Ans: a transaction in which a licensed life settlement provider obtains financing from a financing entity}Entire contract {Ans: a provision that the policy and the application shall constitute the entire contract between the parties}Dollar for Dollar or Time Element {Ans: Long-term care partnership plans allow policyholders to apply for Medicaid Extended coverage once they have used their policy benefits for the minimum amount of time required by partnership standards. The minimum time element applies to all policies. Once this standard has been met, policyholders may then qualify for Medicaid Extended Coverage when the cost of their care exceeds their ability to pay for it under Medicaid income and resource rules}Agents (2101(a,k) {Ans: insurance agent means any authorized or acknowledged agent of an insurer, fraternal benefit society or HMO who sells, solicits, or negotiates contracts of insurance}Authorized Insurer {Ans: An insurance company that has qualified and received a Certificate of Authority from the Department of Insurance to transact insurance in the state. (AKA: Admitted insurer)}Process (2103(d-i)) {Ans: An applicant for a resident producer license in New York must: - be at least 18 - submit an application for the license that contains all