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Exam term

Civil penalty for fraud

The Superintendent may levy up to $5,000 plus the amount of the claim for each fraudulent insurance act, on top of criminal liability. It reaches anyone, including licensees and their employees.

Lessons that use this term

  • New York Insurance Frauds Prevention Act and aiding unauthorized insurers (Ins. Law 401-405, 2117) New York

Exam prep

  • Insurance
  • Real Estate
  • SAFE MLO
  • SIE

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