NJ LIFE INSURANCE TEST EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
3 views 0 purchase
Course
NJ LIFE PRODUCER LIFE INSURANCE
Institution
NJ LIFE PRODUCER LIFE INSURANCE
NJ LIFE INSURANCE TEST EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
The McCarran-Ferguson Act was passed by Congress to - Precise Answer Redefine the authority of the state and federal government to regulate the
insurance industry
The principle that insurance is not a transaction of comme...
NJ LIFE INSURANCE TEST EXAM
2024/2025 WITH 100% ACCURATE
SOLUTIONS
The McCarran-Ferguson Act was passed by Congress to - Precise
Answer ✔✔Redefine the authority of the state and federal government
to regulate the
insurance industry
The principle that insurance is not a transaction of commerce and so
should be
regulated by the state was established in: - Precise Answer ✔✔Paul v.
Virginia
In New Jersey, a producer who violates a New Jersey insurance law for
the first time
may be fined up to - Precise Answer ✔✔$5,000
The New Jersey Banking and Insurance Commissioner has the authority
to do all of
the following actions EXCEPT - Precise Answer ✔✔Establish insurance
rates and schedules
,Which of the following statements is correct about an employment
agreement
between two producers? - Precise Answer ✔✔It must be in writing
The New Jersey Banking and Insurance Commissioner may issue which
of the
following documents to an insurance producer as evidence of authority?
- Precise Answer ✔✔A license
A producer who employs another producer must take which of the
following actions? - Precise Answer ✔✔Enter into a written
employment agreement with the employee producer
For a New Jersey insurance producer to charge a prospective insured for
analyzing
coverages, there must be a reasonable relationship between the fee and -
Precise Answer ✔✔the nature of the services performed
A person failing to comply with a subpoena from the Commissioner,
may be charged
with - Precise Answer ✔✔Contempt
To be eligible for a resident producers license an individual must meet
which of the
following requirements? - Precise Answer ✔✔Complete a course of
education approved by the Banking and Insurance
, Commissioner unless a waiver is obtained from the department
What is issued to an insurer, by the Commissioner, demonstrating it's
authority to
transact insurance business in the state? - Precise Answer ✔✔Certificate
of authority
When an insurer procures insurance for itself from another insurer it is
called - Precise Answer ✔✔reinsurance
In order to receive fees other than commissions, a life insurance
producer acting as a
consultant must first - Precise Answer ✔✔obtain a written memorandum
from the prospect stating the amount of
compensation
A producer acting as an agent may take all of the following action
EXCEPT: - Precise Answer ✔✔Place insurance with a company the
producer does not represent
A producer wishing to appeal the final order of the Commissioner would
appeal to - Precise Answer ✔✔The Superior Court
Which of the following producers does not need to satisfy CE credits? -
Precise Answer ✔✔Nonresident
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YANCHY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
