State RegulationsNY specificDifficulty 1/5
Under N.Y. Ins. Law §2101(k), the term 'insurance producer' means:
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under N.Y. Ins. Law §2101(k), an 'insurance producer' is any person required to be licensed under the laws of New York to sell, solicit, or negotiate insurance. It is the umbrella term covering both agents and brokers, and because §2101(p) defines 'person' to include business entities, it is not limited to natural persons.
Why the other options are wrong
- A) Insurers are licensed as insurers; a producer is a person who transacts insurance business with respect to an insurer, not the insurer itself.
- B) Because §2101(p) defines 'person' to include business entities, the producer term is not limited to natural persons.
- D) Method of compensation is irrelevant; the definition turns on being licensed to sell, solicit, or negotiate insurance.
Memory hook
Producer = umbrella term: anyone licensed to sell, solicit, or negotiate - agents and brokers both fit underneath.