NJ LAWS, RULES, AND REGULATIONS COMMON TO LIFE, ACCIDENT, AND HEALTH
PROPERTY AND CASUALTY EXAM QUESTIONS WITH COMPLETE SOLUTIONS
VERIFIED 2024
An insurer cancelled a contract with a producer on April 1st. By what date must
the insurer notify the Commissioner of this action?
A. April 30th
B. April 5th
C. April 11th
D. April 15th
D. April 15th
An insurer goes bankrupt and is unable to pay on any of its insureds' claims.
Which of the following will happen?
A. The insureds will not be paid.
B. The claims will be paid by a nationally-based program.
C. The claims will be paid by the state Life and Health Guaranty Association.
D. The claims will be paid by the state Department of Insurance.
C. The claims will be paid by the state Life and Health Guaranty Association.
Producer's and insurer's actions related to insurance transactions, from selling
insurance to processing claims are referred to as
A. Agent's authority.
B. Insurance-related conduct.
, C. Producer actions.
D. Licensee's responsibilities.
B. Insurance-related conduct.
On a participating insurance policy issued by a mutual insurance company,
dividends paid to policyholders are
A. Guaranteed.
B. Not taxable since the IRS treats them as a return of a portion of the premium
paid.
C. Paid at a fixed rate every year.
D. Taxable as ordinary income.
B. Not taxable since the IRS treats them as a return of a portion of the premium paid.
If a producer has been convicted of a crime, he or she must notify the
Commissioner within
A. 15 days.
B. 20 days.
C. 30 days.
D. 10 days.
C. 30 days.
If an applicant's license has lapsed within the past year, the applicant may apply
for late renewal of the license within the maximum of how many months of
expiration?
A. 3 months
B. 6 months
PROPERTY AND CASUALTY EXAM QUESTIONS WITH COMPLETE SOLUTIONS
VERIFIED 2024
An insurer cancelled a contract with a producer on April 1st. By what date must
the insurer notify the Commissioner of this action?
A. April 30th
B. April 5th
C. April 11th
D. April 15th
D. April 15th
An insurer goes bankrupt and is unable to pay on any of its insureds' claims.
Which of the following will happen?
A. The insureds will not be paid.
B. The claims will be paid by a nationally-based program.
C. The claims will be paid by the state Life and Health Guaranty Association.
D. The claims will be paid by the state Department of Insurance.
C. The claims will be paid by the state Life and Health Guaranty Association.
Producer's and insurer's actions related to insurance transactions, from selling
insurance to processing claims are referred to as
A. Agent's authority.
B. Insurance-related conduct.
, C. Producer actions.
D. Licensee's responsibilities.
B. Insurance-related conduct.
On a participating insurance policy issued by a mutual insurance company,
dividends paid to policyholders are
A. Guaranteed.
B. Not taxable since the IRS treats them as a return of a portion of the premium
paid.
C. Paid at a fixed rate every year.
D. Taxable as ordinary income.
B. Not taxable since the IRS treats them as a return of a portion of the premium paid.
If a producer has been convicted of a crime, he or she must notify the
Commissioner within
A. 15 days.
B. 20 days.
C. 30 days.
D. 10 days.
C. 30 days.
If an applicant's license has lapsed within the past year, the applicant may apply
for late renewal of the license within the maximum of how many months of
expiration?
A. 3 months
B. 6 months
