NJ Title Insurance Midterm Exam Questions And All Actual Answers.
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NJ Title Producer
Institution
NJ Title Producer
In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - Answer Was not interstate Commerce.
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that insurance? - Answer Was interstate commerce and was subject to Federa...
NJ Title Insurance Midterm Exam
Questions And All Actual Answers.
In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - Answer Was not
interstate Commerce.
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that
insurance? - Answer Was interstate commerce and was subject to Federal regulation.
The McCarran-Ferguson Act of 1945 states that individual states are subject to the authority of the? -
Answer Federal Government
Activities performed to have a Producer's License - Answer Advising a prospect or insured to buy a
particular policy or use a particular insurer
First violation of the Insurance code - Answer $5,000
a domestic insurer is? - Answer a insurance company organized under the laws of the state
A domestic Mutual insurer is Incorporated in accordance with the laws of this state? - Answer Without
permanent Capital stock (shares)
an insurer which is formed under the laws of any other country - Answer alien
Insurer evidencing their authority to transact insurance in New Jersey - Answer certificate of authority
Insurer (ceding) procures insurance with another insurer (assuming) and takes all or part of risk - Answer
Renaissance
,An Insurance Consultant can act on behalf of (Advise ,Council, Serve)? - Answer Insured, Licensee, Any
other person
a branch office cannot be open or operated unless? - Answer one broker is present during business
hours except when engaged in Branch activities elsewhere
No individual may be licensed as a producer unless they are at least? - Answer 18 years of age
A producer is required to file written notification of any change of address within? - Answer 30 days
A Surplus lines can be obtained by a property, casualty producer after completion of - Answer The state
Surplus Lines exam with no course requirements
First and subsequent fines of the Insurance Code - Answer $5,000 for the first and $10,000 for each
subsequent
The Commissioner can revoke a Producer's License if he finds that the Producer aggregated commissions
- Answer 50%
A person who has held a producer's license from another state and is moving to Nj - Answer
Educational requirements may be waived
The penalty for each violation of a Cease & Desist shall be a fine up to - Answer $5,000
The standard term for a Nj insurance producer's license is - Answer 2 years
The Commissioner can - Answer Promulgate, alter, amend or repeal rules & regulations
The Commissioner is appointed by the - Answer The Governor, with advice & consent of the Senate
,A licensee shall notify the Department of Insurance how many days before a closing of a office - Answer
30 days
If a license request is denied a license, & a Licensee requests a hearing, The Department must - Answer
within 30 days undertake a thorough review
Any person failing to comply with a subpoena issued by the Commissioner? - Answer May be found
guilty of contempt by the Superior Court
Nj insurance Law prohibits trade practices that are? - Answer Unfair Acts, Unfair methods of
competition, Deceptive practices
A Broker can charge a fee to Insured ,contingent that this compensation? - Answer Bears reasonable
relationship to the services to be performed, & put in writing
Under Nj insurance Law rebating is? - Answer Prohibited
Statements that distorts the terms of any policy is prohibited & defined as - Answer Misrepresentation
Derogatory statements ect. towards a insurer is prohibited & is defined as? - Answer Defamation
Denying insurance or a contract because of age is? - Answer unfair discrimination
a broker or consultant can charge a fee therefore the agreement must? - Answer be signed by both the
producer and the insured/ Prospect
a producer Whose license has been revoked May? - Answer not receive any commissions on renewals.
Deceptive or misleading, untrue statements in advertisement are? - Answer prohibited under New
Jersey Law
, fines for intentional unfair act or practices - Answer $5,000
The insurer must give the department how many days notice of termination of agency? - Answer 15
days
surrender a insurance policy by misrepresentation or misleading compensations is called - Answer
twisting
a NJ producer who places business with a company he does not represent as an agent is acting as a -
Answer broker
a temporary producers license or work Authority is good for? - Answer 60 days
how long must a insuring maintain complete records of all complaints received by the insurer? - Answer
5 years
a producer acting as a broker is considered to be the representative of - Answer the insured
insurance-related conduct means? - Answer soliciting, negotiating, or effecting policies of insurance
license will not be issued to any organization if revoked in any state within - Answer 10 years
a foreign insurer in NJ is a company organized in? - Answer any other state in the United States
and insurance agency agreement can be terminated by? - Answer either the agent or the company
certificate of Authority or issue to? - Answer insurers
in contract law, failure to disclose a material fact is called? - Answer concealment
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