NJ Title Insurance Exam 2022 Reloaded
Questions And Answers.
In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance?
Was not interstate Commerce.
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S.
Supreme Court ruled that insurance?
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?
Federal Government
Activities performed to have a Producer's License
Advising a prospect or insured to buy a particular policy or use a particular insurer
First violation of the Insurance code
$5,000
a domestic insurer is?
a insurance company organized under the laws of the state
A domestic Mutual insurer is Incorporated in accordance with the laws of this
state?
Without permanent Capital stock (shares)
an insurer which is formed under the laws of any other country
alien
Insurer evidencing their authority to transact insurance in New Jersey
certificate of authority
Insurer (ceding) procures insurance with another insurer (assuming) and takes all
or part of risk
Renaissance
An Insurance Consultant can act on behalf of (Advise ,Council, Serve)?
Insured, Licensee, Any other person
a branch office cannot be open or operated unless?
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?
18 years of age
A producer is required to file written notification of any change of address
within?
30 days
A Surplus lines can be obtained by a property, casualty producer after
completion of
The state Surplus Lines exam with no course requirements
First and subsequent fines of the Insurance Code
$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
,50%
A person who has held a producer's license from another state and is moving to
Nj
Educational requirements may be waived
The penalty for each violation of a Cease & Desist shall be a fine up to
$5,000
The standard term for a Nj insurance producer's license is
2 years
The Commissioner can
Promulgate, alter, amend or repeal rules & regulations
The Commissioner is appointed by the
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
30 days
If a license request is denied a license, & a Licensee requests a hearing, The
Department must
within 30 days undertake a thorough review
Any person failing to comply with a subpoena issued by the Commissioner?
May be found guilty of contempt by the Superior Court
Nj insurance Law prohibits trade practices that are?
Unfair Acts, Unfair methods of competition, Deceptive practices
A Broker can charge a fee to Insured ,contingent that this compensation?
Bears reasonable relationship to the services to be performed, & put in writing
Under Nj insurance Law rebating is?
Prohibited
Statements that distorts the terms of any policy is prohibited & defined as
Misrepresentation
Derogatory statements ect. towards a insurer is prohibited & is defined as?
Defamation
Denying insurance or a contract because of age is?
unfair discrimination
a broker or consultant can charge a fee therefore the agreement must?
be signed by both the producer and the insured/ Prospect
a producer Whose license has been revoked May?
not receive any commissions on renewals.
Deceptive or misleading, untrue statements in advertisement are?
prohibited under New Jersey Law
fines for intentional unfair act or practices
$5,000
The insurer must give the department how many days notice of termination of
agency?
15 days
surrender a insurance policy by misrepresentation or misleading compensations
is called
twisting
, a NJ producer who places business with a company he does not represent as an
agent is acting as a
broker
a temporary producers license or work Authority is good for?
60 days
how long must a insuring maintain complete records of all complaints received
by the insurer?
5 years
a producer acting as a broker is considered to be the representative of
the insured
insurance-related conduct means?
soliciting, negotiating, or effecting policies of insurance
license will not be issued to any organization if revoked in any state within
10 years
a foreign insurer in NJ is a company organized in?
any other state in the United States
and insurance agency agreement can be terminated by?
either the agent or the company
certificate of Authority or issue to?
insurers
in contract law, failure to disclose a material fact is called?
concealment
requirements for making a legal contract is?
they must be an offer by one party which is accepted by the other party
annual reports with the Department of Insurance must contain
a detailed statement of the company's operation during the past year.
educational requirements for a producers license can be waived if?
had license before military, approved by commissioner, license in another state.
insurance company authorized to do business in a particular state is called
__________in that state?
An admitted company
The commissioner, prior to any required hearing, shall give advance notice
of______days?
10
Inducements mean?
Money or favour, value over $25, advantage object
initial license shall be deemed effective as of?
the date of issue of the temporary license certificate
the following is not true about a producer
a producer can act as agent with any ensure they choose
a producer acting as a agent is considered to be the representative of?
insurer
prohibited Insurance practices
rebating ,commingling, deceptive advertising
rebating is defined as?
accepting or giving any gift in excess of amount Allowed by insurance law
Questions And Answers.
In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance?
Was not interstate Commerce.
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S.
Supreme Court ruled that insurance?
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?
Federal Government
Activities performed to have a Producer's License
Advising a prospect or insured to buy a particular policy or use a particular insurer
First violation of the Insurance code
$5,000
a domestic insurer is?
a insurance company organized under the laws of the state
A domestic Mutual insurer is Incorporated in accordance with the laws of this
state?
Without permanent Capital stock (shares)
an insurer which is formed under the laws of any other country
alien
Insurer evidencing their authority to transact insurance in New Jersey
certificate of authority
Insurer (ceding) procures insurance with another insurer (assuming) and takes all
or part of risk
Renaissance
An Insurance Consultant can act on behalf of (Advise ,Council, Serve)?
Insured, Licensee, Any other person
a branch office cannot be open or operated unless?
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?
18 years of age
A producer is required to file written notification of any change of address
within?
30 days
A Surplus lines can be obtained by a property, casualty producer after
completion of
The state Surplus Lines exam with no course requirements
First and subsequent fines of the Insurance Code
$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
,50%
A person who has held a producer's license from another state and is moving to
Nj
Educational requirements may be waived
The penalty for each violation of a Cease & Desist shall be a fine up to
$5,000
The standard term for a Nj insurance producer's license is
2 years
The Commissioner can
Promulgate, alter, amend or repeal rules & regulations
The Commissioner is appointed by the
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
30 days
If a license request is denied a license, & a Licensee requests a hearing, The
Department must
within 30 days undertake a thorough review
Any person failing to comply with a subpoena issued by the Commissioner?
May be found guilty of contempt by the Superior Court
Nj insurance Law prohibits trade practices that are?
Unfair Acts, Unfair methods of competition, Deceptive practices
A Broker can charge a fee to Insured ,contingent that this compensation?
Bears reasonable relationship to the services to be performed, & put in writing
Under Nj insurance Law rebating is?
Prohibited
Statements that distorts the terms of any policy is prohibited & defined as
Misrepresentation
Derogatory statements ect. towards a insurer is prohibited & is defined as?
Defamation
Denying insurance or a contract because of age is?
unfair discrimination
a broker or consultant can charge a fee therefore the agreement must?
be signed by both the producer and the insured/ Prospect
a producer Whose license has been revoked May?
not receive any commissions on renewals.
Deceptive or misleading, untrue statements in advertisement are?
prohibited under New Jersey Law
fines for intentional unfair act or practices
$5,000
The insurer must give the department how many days notice of termination of
agency?
15 days
surrender a insurance policy by misrepresentation or misleading compensations
is called
twisting
, a NJ producer who places business with a company he does not represent as an
agent is acting as a
broker
a temporary producers license or work Authority is good for?
60 days
how long must a insuring maintain complete records of all complaints received
by the insurer?
5 years
a producer acting as a broker is considered to be the representative of
the insured
insurance-related conduct means?
soliciting, negotiating, or effecting policies of insurance
license will not be issued to any organization if revoked in any state within
10 years
a foreign insurer in NJ is a company organized in?
any other state in the United States
and insurance agency agreement can be terminated by?
either the agent or the company
certificate of Authority or issue to?
insurers
in contract law, failure to disclose a material fact is called?
concealment
requirements for making a legal contract is?
they must be an offer by one party which is accepted by the other party
annual reports with the Department of Insurance must contain
a detailed statement of the company's operation during the past year.
educational requirements for a producers license can be waived if?
had license before military, approved by commissioner, license in another state.
insurance company authorized to do business in a particular state is called
__________in that state?
An admitted company
The commissioner, prior to any required hearing, shall give advance notice
of______days?
10
Inducements mean?
Money or favour, value over $25, advantage object
initial license shall be deemed effective as of?
the date of issue of the temporary license certificate
the following is not true about a producer
a producer can act as agent with any ensure they choose
a producer acting as a agent is considered to be the representative of?
insurer
prohibited Insurance practices
rebating ,commingling, deceptive advertising
rebating is defined as?
accepting or giving any gift in excess of amount Allowed by insurance law
