New York State Life Insurance Exam Questions Practice Question
Penalties that may be levied by the Department of Insurance for committing insurance fraud do NOT include
Correct Answer: D
Rationale: Penalties for insurance fraud typically include fines, license revocation, and license suspension, as these are direct consequences aimed at deterring fraudulent behavior and maintaining the integrity of the insurance system. Fines serve as a monetary penalty, while license revocation and suspension directly impact a person's ability to operate in the insurance industry. On the other hand, probation is generally a legal term used in criminal cases rather than a specific penalty imposed by the Department of Insurance for fraud, making it the least relevant option in this context.
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