Exam (elaborations)
NJ Casualty Exam Questions with correct Answers 2024
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Exam of 7 pages for the course Nj property and casualty at Nj property and casualty (NJ Casualty Exam)
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NJ Casualty ExamIf the Commissioner believes someone is violating the insurance code or regulations, he
or she may hold a hearing. How long of a notice must the individual receive notice for
this. - answer10 days
If the Commissioner believes someone is violating the insurance code or regulations, he
or she may hold a hearing. If this is appealed, when will this be held - answer Within 20
days
The 3 penalties the Commissioner can impose on a producer - answer- Cease and
desist
- Be fined up to 1,000
- Be fined up to 5,000
* Can be subject to a combo of these
* Anyone who violates a cease and desist order must pay a $5,000 fine
If the commissioner believes a method of competition not previously defined as unfair
may be unfair, he mad hold a hearing within _____ days notice - answer10
You must notify the Commissioner within _____ days if convicted of a crime - answer30
You must notify the Commissioner within _____ days after disciplinary proceeding
about a license in another state - answer30
You must notify the Commissioner within ____ days if FINRA has taken action against a
producer - answer30
If a producer's license is suspended or revoked, the Commissioner may impose a fine of
up ____, and _____ for each subsequent offense, and the Commissioner may also
force the producer to - answer5,000: 10,000. Make restitution to injured parties and
reimburse the Department for cost of investigating
Ceding insurer - answerInsurer looking to transfer risk to a reinsurance company
Nonresident licensees who move to NJ must notify the Department regarding their
change of address within? - answer30 days
You must notify the Department within __ days of requesting that their home state
regulators change their statue from resident to non-resident - answer90
, A nonresident producer who moves from one state to another must file a change of
address within _____ days. A resident producer who moves from NJ to another state
must also file a change of address within ___ days. - answer30: 30
If you are looking to obtain a resident license in NJ and you were already licensed in
your home state, you have to submit an application within ____ days after canceling the
previous license. - answer90
A person who holds a license is not required to complete the prelicensing education
courses to reinstate, if the person applies for reinstatement within ____ after terminating
public employment - answer1 year
A person may apply for an exemption for prelicensing requirements if: - answer- Holds a
producer license in another state that has been expired for less than 1 year
- Veteran of the US armed forces and has completed an approved veteran's education
course
- Has completed insurance courses at college equivalent
- Attorney in NJ (if applying for a title insurance license only)
- Has earned one of the following:
AAI: accredited adviser in insurance
CIC: Certified Insurance Counselor
Chartered P and C Underwriter (CPCU)
Associate In Risk Management
Temporary work authority lasts for how long? - answer60 days
Insurers must notify the Department within ___ days of making an appointment with a
producer - answer15
When an insurer terminates a Producer's appointment, the insurers must notify the
Commissioner within ____ days of the termination - answer15
Appointments with producers must be renewed annually on? - answerMay 1
How long does a license for a disabled/deceased producer last - answer180 days
The initial term for a producer's license lasts how long? - answer18 months then expires
on the last day of the producer's birth month
A producer's license term lasts for how long? - answerEvery two years on the last day of
the birth month
A business entity's initial license term lasts for how long? - answer18 months then
expires on May 31
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