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