NJ Health Insurance Exam Questions and Answers

non-resident producer - ANS-out of state prelicensing education required for each line of authority - ANS-20 hours Period of time that temporary WORK AUTHORITY is valid - ANS-60 days How long to apply for license after completing PRELICENSING education? - ANS-2 years To apply for a license after passing the licensing EXAMINATION - ANS-1 YEAR Temporary LICENSE valid - ANS-180 days producer licensing period - ANS-2 years Continuing Education hours required every 2 years - ANS-24 producer must submit renewal application before license expires within... - ANS-10 days to renew lapsed license without taking written exam - ANS-1 year for nonresident licensee to notify department of intent to qualify as a resident - ANS-90 days before producer with revoked license can apply for a new license - ANS-5 years report change of mailing address / business address / name within... - ANS-30 days notify commissioner of cancelled agency contract within... - ANS-15 days report the opening or closing of a branch office - ANS-30 days For premiums to be remitted to the insurer or to the insured - ANS-5 BUSINESS days Producer must report claims to the insurer after receipt of notice of claim - ANS-5 BUSINESS days Producer must deliver policies to the insured after receiving them - ANS-10 calendar days Producer must reply in writing to inquiries from the Commissioner - ANS-15 Calendar days Keep records of financial transactions after termination of coverage - ANS-5 years fine per violation for UNINTENTIONAL violations of fair methods or fair trade practice law - ANS-$1,000 Fine per violation for WILLFUL violations of insurance laws - ANS-$5,000 Fine for each violation of cease and desist orders - ANS-$5,000 fine for first violation of an insurance law - ANS-$5,000 fine for subsequent violations of an insurance law - ANS-$10,000 maximum fine for violation of the NJ insurance fraud prevention act - ANS-$15,000