NJ Life Insurance Test Questions and Answers Already Passed

NJ Life Insurance Test Questions and Answers Already Passed The McCarran-Ferguson Act was passed by Congress to Redefine the authority of the state and federal government to regulate the insurance industry The principle that insurance is not a transaction of commerce and so should be regulated by the state was established in: Paul v. Virginia In New Jersey, a producer who violates a New Jersey insurance law for the first time may be fined up to $5,000 The New Jersey Banking and Insurance Commissioner has the authority to do all of the following actions EXCEPT Establish insurance rates and schedules Which of the following statements is correct about an employment agreement between two producers? It must be in writing The New Jersey Banking and Insurance Commissioner may issue which of the following documents to an insurance producer as evidence of authority? A license A producer who employs another producer must take which of the following actions? Enter into a written employment agreement with the employee producer For a New Jersey insurance producer to charge a prospective insured for analyzing coverages, there must be a reasonable relationship between the fee and the nature of the services performed A person failing to comply with a subpoena from the Commissioner, may be charged with Contempt To be eligible for a resident producers license an individual must meet which of the following requirements? Complete a course of education approved by the Banking and Insurance Commissioner unless a waiver is obtained from the department What is issued to an insurer, by the Commissioner, demonstrating it's authority to transact insurance business in the state? Certificate of authority When an insurer procures insurance for itself from another insurer it is called reinsurance In order to receive fees other than commissions, a life insurance producer acting as a consultant must first obtain a written memorandum from the prospect stating the amount of compensation A producer acting as an agent may take all of the following action EXCEPT: Place insurance with a company the producer does not represent A producer wishing to appeal the final order of the Commissioner would appeal to The Superior Court Which of the following producers does not need to satisfy CE credits? Nonresident Continuing education credit may be earned for completing which of the following