NJ HEALTH STATE INSURANCE EXAM|WITH COMPLETE SOLUTIONS|ALREADY GRADED A|DOWNLOAD TO PASS

non-resident producer out of state prelicensing education required for each line of authority 20 hours Period of time that temporary WORK AUTHORITY is valid 60 days How long to apply for license after completing PRELICENSING education? 2 years To apply for a license after passing the licensing EXAMINATION 1 YEAR Temporary LICENSE valid 180 days producer licensing period 2 years Continuing Education hours required every 2 years 24 producer must submit renewal application before license expires within... 10 days to renew lapsed license without taking written exam 1 year for nonresident licensee to notify department of intent to qualify as a resident 90 days before producer with revoked license can apply for a new license 5 years report change of mailing address / business address / name within... 30 days notify commissioner of cancelled agency contract within... 15 days report the opening or closing of a branch office 30 days For premiums to be remitted to the insurer or to the insured 5 BUSINESS days Producer must report claims to the insurer after receipt of notice of claim 5 BUSINESS days Producer must deliver policies to the insured after receiving them 10 calendar days Producer must reply in writing to inquiries from the Commissioner 15 Calendar days Keep records of financial transactions after termination of coverage 5 years fine per violation for UNINTENTIONAL violations of fair methods or fair trade practice law $1,000 Fine per violation for WILLFUL violations of insurance laws $5,000 Fine for each violation of cease and desist orders $5,000 fine for first violation of an insurance law $5,000 fine for subsequent violations of an insurance law $10,000 maximum fine for violation of the NJ insurance fraud prevention act $15,000 taxation for individual disability income insurance premiums/benefits premiums are not tax deductible, benefits are not taxable premiums for individual medical expense insurance policies tax deductible when exceeding 7 1/2% of annual gross income max % that can be contributed under an MSA 75% of the family deductible for those with coverage