New Jersey State Insurance Laws Exam |
Questions with 100% Correct Answers |
Verified | Latest Update 2026
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Terms in this set (61)
Paul vs. Virginia 1869 landmark decision establishing right of each
state to regulate business of insurance
US vs South Easter Underwriters ruled insurance was interstate commerce,
Association 1944 when conducted across state lines, was subject
to federal regulations
McCarran-Ferguson Act 1945 ruled that states regulate and tax insurance
business and federal antitrust laws apply only
to extent that state law does not regulate
insurance
Commissioner of Dept of Banking appointed by Governor ; performs duties and
and Insurance for NJ posers of the office
, Broad powers of Commissioner of administering and organizing work, appointing
insurance removing employees and officers; performing
duties and powers, formulating, adopting
issuing rules and regulations, determining
policy, instituting legal proceedings, report to
Gov an annual operations report and apoints
advisory committees
Commissioner may order payment not to exceed $1000 for each and every act or
of penalty violation of a method of competition or
deceptive act or up to $5000 if the person
knew or should have known they were in
violation
Commissioner may impose a fine up to $5000 for 1st violation and up to $10000
in lieu of or in addition to other for subsequent violation for any NJ insurance
penalty law and may also order person to pay cost of
investigation and prosecution as well as
restitution.
A prospective resident licensee be at least 18 yrs old, completed an
must: application, 20 hr prelicensing course on each
line of business applied for, paid fees, pass
exam with 1 yr of application date, and not
committed any act that is ground for denial,
suspension or revocation
Commissioner may authorized a allowing applicant to begin work when he has
temporary work authority submitted proper form/ no info that may
disqualifying the applicant from being licensed
Questions with 100% Correct Answers |
Verified | Latest Update 2026
Save
Terms in this set (61)
Paul vs. Virginia 1869 landmark decision establishing right of each
state to regulate business of insurance
US vs South Easter Underwriters ruled insurance was interstate commerce,
Association 1944 when conducted across state lines, was subject
to federal regulations
McCarran-Ferguson Act 1945 ruled that states regulate and tax insurance
business and federal antitrust laws apply only
to extent that state law does not regulate
insurance
Commissioner of Dept of Banking appointed by Governor ; performs duties and
and Insurance for NJ posers of the office
, Broad powers of Commissioner of administering and organizing work, appointing
insurance removing employees and officers; performing
duties and powers, formulating, adopting
issuing rules and regulations, determining
policy, instituting legal proceedings, report to
Gov an annual operations report and apoints
advisory committees
Commissioner may order payment not to exceed $1000 for each and every act or
of penalty violation of a method of competition or
deceptive act or up to $5000 if the person
knew or should have known they were in
violation
Commissioner may impose a fine up to $5000 for 1st violation and up to $10000
in lieu of or in addition to other for subsequent violation for any NJ insurance
penalty law and may also order person to pay cost of
investigation and prosecution as well as
restitution.
A prospective resident licensee be at least 18 yrs old, completed an
must: application, 20 hr prelicensing course on each
line of business applied for, paid fees, pass
exam with 1 yr of application date, and not
committed any act that is ground for denial,
suspension or revocation
Commissioner may authorized a allowing applicant to begin work when he has
temporary work authority submitted proper form/ no info that may
disqualifying the applicant from being licensed
