NJ Property, Casualty, and Auto Licensing Exam
$1,000 - ANS-limit: securities, jewelry - mysterious disappearance excluded, condo loss
assessments coverage, watercraft - rowboats, canoes, boats <25ft
$1,000 any one item - 5% of coverage A - ANS-limit: trees, plants, and shrubs
$1,000 Fine - ANS-fine $ per violation for unintentional violations of fair methods of competition
or fair trade practice laws
$1.5 million - ANS-FAIR Plan max limit
$10,000 fine - ANS-fine $ for subsequent violations of an insurance law
$15,000 fine - ANS-max fine $ for violation of the NJ insurance fraud protection act
$2,000 - ANS-limit: firearms
$2,500 - ANS-limit: silverware theft, landlord's furnishings
$2,500 or $250 in off-premises - ANS-limit: business property
$200 - ANS-limit: money, notes, bullion
$5,000 fine - ANS-fine $ per violation for willful violations or fair methods or competition or fair
trade practice laws/fine $ for each violation of cease and desist orders/fine $ for 1st violation
insurance law
$500 - ANS-limit: fire department charges, credit cards - unauthorized use
1 year - ANS-____ year to apply for license after passing licensing examination/renew lapsed
license without written exam
10 calendar days - ANS-producer must deliver policies to the insured after receiving them in
____ days
10 days - ANS-producer license must submit renewal application before _____ days
15 calendar days - ANS-producer must reply in writing to inquiries from commissioner within
____ days
15 days - ANS-____ days for insurers to notify commissioner of cancelled agency contract
, 18 - ANS-age to apply for license
180 days - ANS-temporary license valid for ______ days
2 years - ANS-_____ years to apply for license after completing prelicensing education/producer
licensing valid/
20 hours - ANS-_____ hours prelicensing education required for each line of authority
24 hours - ANS-CE hours required every 2 years
3 hours - ANS-CE hours required in professional ethics
30 days - ANS-____ days to report change of mailing address or of business address or
name/to report opening or closing of a branch office
5 business days - ANS-_____ days for premiums to be remitted to the insurer or the
insured/producer must report claims to the insurer after receipt of notice of claim
5 years - ANS-producer with revoked license can reapply for a new license after ____ years/to
keep records of financial transactions after termination of coverage
60 days - ANS-temp work authority valid ____ days
90 days - ANS-for nonresident licensee to notify dept of intent to qualify as resident ____ days
Abandonment - ANS-relinquishment or surrender to an insurance company of all rights and
interests in an insured property
Actual Cash Value - ANS-old for old - replacement cost less depreciation e.g. personal property
or contents
Additional Coverage - ANS-coverages under a policy that are provided by the insurer at no extra
cost
Adverse Selection - ANS-demand for insurance (either the propensity to buy insurance or the
quantity purchased, or both) is positively correlated with the individuals risk of loss e.g. higher
risks buy more insurance
Advertising Liability - ANS-injury arising from advertising activities, libel in an advertisement, and
misrepresentation of a competitor
$1,000 - ANS-limit: securities, jewelry - mysterious disappearance excluded, condo loss
assessments coverage, watercraft - rowboats, canoes, boats <25ft
$1,000 any one item - 5% of coverage A - ANS-limit: trees, plants, and shrubs
$1,000 Fine - ANS-fine $ per violation for unintentional violations of fair methods of competition
or fair trade practice laws
$1.5 million - ANS-FAIR Plan max limit
$10,000 fine - ANS-fine $ for subsequent violations of an insurance law
$15,000 fine - ANS-max fine $ for violation of the NJ insurance fraud protection act
$2,000 - ANS-limit: firearms
$2,500 - ANS-limit: silverware theft, landlord's furnishings
$2,500 or $250 in off-premises - ANS-limit: business property
$200 - ANS-limit: money, notes, bullion
$5,000 fine - ANS-fine $ per violation for willful violations or fair methods or competition or fair
trade practice laws/fine $ for each violation of cease and desist orders/fine $ for 1st violation
insurance law
$500 - ANS-limit: fire department charges, credit cards - unauthorized use
1 year - ANS-____ year to apply for license after passing licensing examination/renew lapsed
license without written exam
10 calendar days - ANS-producer must deliver policies to the insured after receiving them in
____ days
10 days - ANS-producer license must submit renewal application before _____ days
15 calendar days - ANS-producer must reply in writing to inquiries from commissioner within
____ days
15 days - ANS-____ days for insurers to notify commissioner of cancelled agency contract
, 18 - ANS-age to apply for license
180 days - ANS-temporary license valid for ______ days
2 years - ANS-_____ years to apply for license after completing prelicensing education/producer
licensing valid/
20 hours - ANS-_____ hours prelicensing education required for each line of authority
24 hours - ANS-CE hours required every 2 years
3 hours - ANS-CE hours required in professional ethics
30 days - ANS-____ days to report change of mailing address or of business address or
name/to report opening or closing of a branch office
5 business days - ANS-_____ days for premiums to be remitted to the insurer or the
insured/producer must report claims to the insurer after receipt of notice of claim
5 years - ANS-producer with revoked license can reapply for a new license after ____ years/to
keep records of financial transactions after termination of coverage
60 days - ANS-temp work authority valid ____ days
90 days - ANS-for nonresident licensee to notify dept of intent to qualify as resident ____ days
Abandonment - ANS-relinquishment or surrender to an insurance company of all rights and
interests in an insured property
Actual Cash Value - ANS-old for old - replacement cost less depreciation e.g. personal property
or contents
Additional Coverage - ANS-coverages under a policy that are provided by the insurer at no extra
cost
Adverse Selection - ANS-demand for insurance (either the propensity to buy insurance or the
quantity purchased, or both) is positively correlated with the individuals risk of loss e.g. higher
risks buy more insurance
Advertising Liability - ANS-injury arising from advertising activities, libel in an advertisement, and
misrepresentation of a competitor
