New York State Life Insurance Exam Questions Practice Question
Licenses for a life settlement broker MUST be renewed
Correct Answer: B
Rationale: Life settlement broker licenses are typically required to be renewed every two years to ensure that brokers remain compliant with current laws and regulations, and to maintain their knowledge of industry practices.
Option A, renewing every year, is incorrect as it imposes an unnecessary burden on brokers and does not reflect standard practices. Option C suggests a four-year renewal period, which is longer than what is mandated, potentially allowing outdated practices to persist. Option D, with a seven-year renewal, is too infrequent, risking a gap in regulatory compliance and industry knowledge. Thus, a two-year renewal period strikes the right balance for maintaining professional standards.
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