NJ Title Insurance Exam updated 2025/26 Reloaded |
verified
/. Congress insisted that it was the right of the federal government to regulate the
insurance industry but stated in the McCarran Act that the federal government would not
regulate insurance as long as the state did an adequate job of regulating the industry. -
Answer-✅Public Law 15 - McCarran-Ferguson Act (1945)
/.legislative, judicial, and executive branches - Answer-✅Insurance is regulated by each
state through these three basic branches of government
/.disapproved within 60 days of submission. No action may be taken by the legislature
until after day one from the state of the standing reference committees report. - Answer-
✅A rule shall be deemed approved unless
/.The commissioner may summon the attendance of witness and the production of
related books, records, accounts, paper and other documents. - Answer-✅Upon
appropriate notice
/.was not interstate commerce - Answer-✅In 1869, in the paul vs virgnia case, the US
supreme court ruled that insurance
/.was interstate commerce and was subject to federal regulation - Answer-✅In 1944, in
the South Eastern Underwriters Association SEUA case, the US supreme court ruled
that insurance
/.federal government - Answer-✅The McCarran-Ferguson Act , passed in 1945 states
that while insurance is interstate commerce , it may be regulated by the individual states
subject to the ultimate authority of the
/.revoke the license of the licensee - Answer-✅after 10 days notice in the form of a
show cause order and subsequent hearing, the commissioner can, as an alternative to
or in addition to other penalties
/.advising a prospect or insured to buy a particular policy or use a particular insurer -
Answer-✅which of the following activities performed by an individual working in
insurance require that the individual have a producers license
/.5,000 - Answer-✅any person violating the provisions of the insurance code can be
fined for the first violation up to
, /.An insurance company organized under the laws of this state - Answer-✅a domestic
insurer is
/.alien - Answer-✅an insurer which is formed under the laws of any country other than
the united states, its districts, territories, commonwealths, and possessions is a/an
________ insurer
/.domestic stock - Answer-✅an insurer incorporated in accordance with the laws of this
state with its capital divided into shares(stocks) and which is owned by its shareholders
(stockholders) is a ____________ insurer
/.without permanent capital stock (shares) - Answer-✅a domestic mutual insurer is
incorporated in accordance with the laws of this state
/.can go into your personal account - Answer-✅a commission check
/.admin procedures act - Answer-✅where does the commissioner get his code
/.individual states - Answer-✅in the US the insurance industry is primary regulated by
the
/.no it is conflict of interest - Answer-✅can a commissioner own a share of a building
/.disorderly persons charge (DP) - Answer-✅someone who knowingly files a false deed
in the state of nj
/.NJ - Answer-✅The license at all times is the property of who?
/.sales and marketing - Answer-✅one course that will not be approved by the state of
NJ is
/.certificate of authority - Answer-✅which of the following does the commissioner issue
to an insurer evidencing their authority to transact insurance in NJ
/.reinsurance - Answer-✅a process by which an originating insurer (ceding) procures
insurance for itself with another insurer (assuming) as regards all or part of a risk, is
called
/.misdemeanor - Answer-✅soliciting, negotiating, or effecting any contracts of insurance
in violation of insurance rules is considered a
/.an insured, a licensee, any other person - Answer-✅an insurance consultant can act
on behalf of
verified
/. Congress insisted that it was the right of the federal government to regulate the
insurance industry but stated in the McCarran Act that the federal government would not
regulate insurance as long as the state did an adequate job of regulating the industry. -
Answer-✅Public Law 15 - McCarran-Ferguson Act (1945)
/.legislative, judicial, and executive branches - Answer-✅Insurance is regulated by each
state through these three basic branches of government
/.disapproved within 60 days of submission. No action may be taken by the legislature
until after day one from the state of the standing reference committees report. - Answer-
✅A rule shall be deemed approved unless
/.The commissioner may summon the attendance of witness and the production of
related books, records, accounts, paper and other documents. - Answer-✅Upon
appropriate notice
/.was not interstate commerce - Answer-✅In 1869, in the paul vs virgnia case, the US
supreme court ruled that insurance
/.was interstate commerce and was subject to federal regulation - Answer-✅In 1944, in
the South Eastern Underwriters Association SEUA case, the US supreme court ruled
that insurance
/.federal government - Answer-✅The McCarran-Ferguson Act , passed in 1945 states
that while insurance is interstate commerce , it may be regulated by the individual states
subject to the ultimate authority of the
/.revoke the license of the licensee - Answer-✅after 10 days notice in the form of a
show cause order and subsequent hearing, the commissioner can, as an alternative to
or in addition to other penalties
/.advising a prospect or insured to buy a particular policy or use a particular insurer -
Answer-✅which of the following activities performed by an individual working in
insurance require that the individual have a producers license
/.5,000 - Answer-✅any person violating the provisions of the insurance code can be
fined for the first violation up to
, /.An insurance company organized under the laws of this state - Answer-✅a domestic
insurer is
/.alien - Answer-✅an insurer which is formed under the laws of any country other than
the united states, its districts, territories, commonwealths, and possessions is a/an
________ insurer
/.domestic stock - Answer-✅an insurer incorporated in accordance with the laws of this
state with its capital divided into shares(stocks) and which is owned by its shareholders
(stockholders) is a ____________ insurer
/.without permanent capital stock (shares) - Answer-✅a domestic mutual insurer is
incorporated in accordance with the laws of this state
/.can go into your personal account - Answer-✅a commission check
/.admin procedures act - Answer-✅where does the commissioner get his code
/.individual states - Answer-✅in the US the insurance industry is primary regulated by
the
/.no it is conflict of interest - Answer-✅can a commissioner own a share of a building
/.disorderly persons charge (DP) - Answer-✅someone who knowingly files a false deed
in the state of nj
/.NJ - Answer-✅The license at all times is the property of who?
/.sales and marketing - Answer-✅one course that will not be approved by the state of
NJ is
/.certificate of authority - Answer-✅which of the following does the commissioner issue
to an insurer evidencing their authority to transact insurance in NJ
/.reinsurance - Answer-✅a process by which an originating insurer (ceding) procures
insurance for itself with another insurer (assuming) as regards all or part of a risk, is
called
/.misdemeanor - Answer-✅soliciting, negotiating, or effecting any contracts of insurance
in violation of insurance rules is considered a
/.an insured, a licensee, any other person - Answer-✅an insurance consultant can act
on behalf of
