NJ Title Insurance Reloaded Final Actual Exam

NJ Title Insurance Reloaded Final Actual Exam 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 ANSWERalien 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 in contract law, failure to disclose a mater