State RegulationsNY specificDifficulty 3/5
Under N.Y. Ins. Law §2101(a), an insurance 'agent' is best described as one who:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §2101(a), an insurance agent is a person or entity authorized by and acting for an insurer or insurers to sell, solicit, or negotiate insurance. The agent is the insurer's representative - the defining feature that separates agents from brokers, adjusters, and consultants.
Why the other options are wrong
- B) Acting on behalf of the insured for compensation describes an insurance broker under N.Y. Ins. Law §2101(c), regulated under §2104.
- C) Investigating and adjusting claims for compensation describes an adjuster under N.Y. Ins. Law §2101(g) and §2108.
- D) Fee-based advice without a sale describes an insurance consultant under N.Y. Ins. Law §2107.
Memory hook
Agent = 'authorized by the company' - that phrase separates agents from brokers, adjusters, and consultants.