State RegulationsNY specificDifficulty 1/5
Under the New York Insurance Law, which description matches the meaning of 'sell' as that term is used in §2101(n)?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under N.Y. Ins. Law §2101(n), 'sell' means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company. The completed exchange - money for policy - is what separates 'sell' from solicitation and negotiation.
Why the other options are wrong
- A) Claim settlement is adjusting work under N.Y. Ins. Law §2101(g), not the exchange of a contract for consideration.
- B) Underwriting and rating are insurer functions performed on the company's side of the transaction.
- C) Advertising and rate publication involve no exchange of a policy for money.
Memory hook
Sell = the exchange itself: policy for money, on behalf of the company.