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Chapter Nine The New Jersey Title Insurance Act questions and answers 2025 latest update
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Chapter Nine The New Jersey Title Insurance Act questions and answers 2025 latest update
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Chapter Nine: The NewJersey Title Insurance Act
questions and answers 2025
latest update
When a licensed rating organization changes its list of members and
subscribers, it must notify the Commissioner: - answer Promptly
If the rates and charges for "personal or controlled insurance" from any
one source is issued in any one calendar year received by a title insurance
company or by a title insurance agent exceeds _______, or from all such
sources exceeds ________ of the total rates and charges received by the
title insurance company or by such title insurance agent for title insurance
issued in the same year, the excess is deemed to be an unlawful rebate. -
answer 25%; 50%
The insured on the title policy the agent wrote is a person that owns 70%
of the voting stock of the title insurer. This policy is: - answer Personal or
controlled insurance of the agent
The Commissioner approves rates that are: - answer Not inadequate for
the safeness and soundness of the insurer
A title insurer is domiciled in Massachusetts, and does business in
Massachusetts, New Jersey and Virginia. How much must it have on
deposit for the security and protection of its policyholders or beneficiaries
under title policies according to the New Jersey Title Insurance Act? -
answer $200,000
If the Commissioner has reason to believe that any title insurance agent
has violated and is violating any of the provisions in the Title Insurance
Act pertaining to the payment of inducements, rebates or reduced fees,
the Commissioner will then: - answer Examine the title insurance agent's
, books of account and record and vouchers pertaining to the business of
title insurance.
Unless an applicable endorsement has been filed and approved by the
Commissioner, a title insurer _____________ delete or insure over an
exception to or exclusion from coverage that is contained in forms of title
insurance filed with the Commissioner. - answer may not
Funds over and above minimum capital, other than the statutory premium
reserve, may be retained as cash on hand or on deposit in banks, or may
be invested in any of the following classes of investments, except: -
answer Corporate stock or shares of any solvent corporation
incorporated under the laws of any country in the European Union
If a title insurance rating organization, title insurance company, or title
insurance agent fails to comply with an order of the Commissioner within
the time limited by the order, or any extension of the time limit, the
Commissioner may: - answer Suspend the organization or person's
license
If the capital of a domestic title insurance company becomes impaired and
the impairment is not eliminated within ______________________ from its
inception, the company must give written notice to the Commissioner. -
answer 30 days
The unearned portions of premiums due or received that are charged as a
reserve liability of the title insurance company in determining its financial
condition is: - answer Statutory premium reserve
A title insurance company may satisfy its obligations to make rate filings
by becoming a member of, or a subscriber to _______________________ which
makes the filings on behalf of its members, and by authorizing the
Commissioner to accept the filings on its behalf. - answer a licensed title
insurance rating organization
In meeting the minimum capital requirements, the aggregate amount
invested at any time in the classes of investments allowed under the New
Jersey Title Insurance Act may not, without written approval of the
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