NJ TITLE INSURANCE 2024 EXAM ( Q& A)
ALREADY GRADED A+ / 100% GUARANTEED
PASS
In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - ANSWER Was not
interstate Commerce.
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that
insurance? - 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? -
ANSWER Federal Government
Activities performed to have a Producer's License - ANSWER Advising a prospect or insured to buy a
particular policy or use a particular insurer
First violation of the Insurance code - ANSWER $5,000
a domestic insurer is? - 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? - ANSWER Without
permanent Capital stock (shares)
an insurer which is formed under the laws of any other country - ANSWER alien
Insurer evidencing their authority to transact insurance in New Jersey - ANSWER certificate of authority
,Insurer (ceding) procures insurance with another insurer (assuming) and takes all or part of risk -
ANSWER Renaissance
An Insurance Consultant can act on behalf of (Advise ,Council, Serve)? - ANSWER Insured, Licensee, Any
other person
a branch office cannot be open or operated unless? - 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? - ANSWER 18 years of age
A producer is required to file written notification of any change of address within? - ANSWER 30 days
A Surplus lines can be obtained by a property, casualty producer after completion of - ANSWER The state
Surplus Lines exam with no course requirements
First and subsequent fines of the Insurance Code - 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
- ANSWER 50%
A person who has held a producer's license from another state and is moving to Nj - ANSWER
Educational requirements may be waived
The penalty for each violation of a Cease & Desist shall be a fine up to - ANSWER $5,000
The standard term for a Nj insurance producer's license is - ANSWER 2 years
The Commissioner can - ANSWER Promulgate, alter, amend or repeal rules & regulations
,The Commissioner is appointed by the - 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 - ANSWER
30 days
If a license request is denied a license, & a Licensee requests a hearing, The Department must - ANSWER
within 30 days undertake a thorough review
Any person failing to comply with a subpoena issued by the Commissioner? - ANSWER May be found
guilty of contempt by the Superior Court
Nj insurance Law prohibits trade practices that are? - ANSWER Unfair Acts, Unfair methods of
competition, Deceptive practices
A Broker can charge a fee to Insured ,contingent that this compensation? - ANSWER Bears reasonable
relationship to the services to be performed, & put in writing
Under Nj insurance Law rebating is? - ANSWER Prohibited
Statements that distorts the terms of any policy is prohibited & defined as - ANSWER Misrepresentation
Derogatory statements ect. towards a insurer is prohibited & is defined as? - ANSWER Defamation
Denying insurance or a contract because of age is? - ANSWER unfair discrimination
a broker or consultant can charge a fee therefore the agreement must? - ANSWER be signed by both the
producer and the insured/ Prospect
a producer Whose license has been revoked May? - ANSWER not receive any commissions on renewals.
, Deceptive or misleading, untrue statements in advertisement are? - ANSWER prohibited under New
Jersey Law
fines for intentional unfair act or practices - ANSWER $5,000
The insurer must give the department how many days notice of termination of agency? - ANSWER 15
days
surrender a insurance policy by misrepresentation or misleading compensations is called - ANSWER
twisting
a NJ producer who places business with a company he does not represent as an agent is acting as a -
ANSWER broker
a temporary producers license or work Authority is good for? - ANSWER 60 days
how long must a insuring maintain complete records of all complaints received by the insurer? - ANSWER
5 years
a producer acting as a broker is considered to be the representative of - ANSWER the insured
insurance-related conduct means? - ANSWER soliciting, negotiating, or effecting policies of insurance
license will not be issued to any organization if revoked in any state within - ANSWER 10 years
a foreign insurer in NJ is a company organized in? - ANSWER any other state in the United States
and insurance agency agreement can be terminated by? - ANSWER either the agent or the company
certificate of Authority or issue to? - ANSWER insurers
ALREADY GRADED A+ / 100% GUARANTEED
PASS
In 1869 in Paul vs Virginia case the the US Supreme Court ruled that insurance? - ANSWER Was not
interstate Commerce.
In 1944, in the South-Eastern Underwritters Association (SEUA) case, the U.S. Supreme Court ruled that
insurance? - 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? -
ANSWER Federal Government
Activities performed to have a Producer's License - ANSWER Advising a prospect or insured to buy a
particular policy or use a particular insurer
First violation of the Insurance code - ANSWER $5,000
a domestic insurer is? - 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? - ANSWER Without
permanent Capital stock (shares)
an insurer which is formed under the laws of any other country - ANSWER alien
Insurer evidencing their authority to transact insurance in New Jersey - ANSWER certificate of authority
,Insurer (ceding) procures insurance with another insurer (assuming) and takes all or part of risk -
ANSWER Renaissance
An Insurance Consultant can act on behalf of (Advise ,Council, Serve)? - ANSWER Insured, Licensee, Any
other person
a branch office cannot be open or operated unless? - 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? - ANSWER 18 years of age
A producer is required to file written notification of any change of address within? - ANSWER 30 days
A Surplus lines can be obtained by a property, casualty producer after completion of - ANSWER The state
Surplus Lines exam with no course requirements
First and subsequent fines of the Insurance Code - 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
- ANSWER 50%
A person who has held a producer's license from another state and is moving to Nj - ANSWER
Educational requirements may be waived
The penalty for each violation of a Cease & Desist shall be a fine up to - ANSWER $5,000
The standard term for a Nj insurance producer's license is - ANSWER 2 years
The Commissioner can - ANSWER Promulgate, alter, amend or repeal rules & regulations
,The Commissioner is appointed by the - 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 - ANSWER
30 days
If a license request is denied a license, & a Licensee requests a hearing, The Department must - ANSWER
within 30 days undertake a thorough review
Any person failing to comply with a subpoena issued by the Commissioner? - ANSWER May be found
guilty of contempt by the Superior Court
Nj insurance Law prohibits trade practices that are? - ANSWER Unfair Acts, Unfair methods of
competition, Deceptive practices
A Broker can charge a fee to Insured ,contingent that this compensation? - ANSWER Bears reasonable
relationship to the services to be performed, & put in writing
Under Nj insurance Law rebating is? - ANSWER Prohibited
Statements that distorts the terms of any policy is prohibited & defined as - ANSWER Misrepresentation
Derogatory statements ect. towards a insurer is prohibited & is defined as? - ANSWER Defamation
Denying insurance or a contract because of age is? - ANSWER unfair discrimination
a broker or consultant can charge a fee therefore the agreement must? - ANSWER be signed by both the
producer and the insured/ Prospect
a producer Whose license has been revoked May? - ANSWER not receive any commissions on renewals.
, Deceptive or misleading, untrue statements in advertisement are? - ANSWER prohibited under New
Jersey Law
fines for intentional unfair act or practices - ANSWER $5,000
The insurer must give the department how many days notice of termination of agency? - ANSWER 15
days
surrender a insurance policy by misrepresentation or misleading compensations is called - ANSWER
twisting
a NJ producer who places business with a company he does not represent as an agent is acting as a -
ANSWER broker
a temporary producers license or work Authority is good for? - ANSWER 60 days
how long must a insuring maintain complete records of all complaints received by the insurer? - ANSWER
5 years
a producer acting as a broker is considered to be the representative of - ANSWER the insured
insurance-related conduct means? - ANSWER soliciting, negotiating, or effecting policies of insurance
license will not be issued to any organization if revoked in any state within - ANSWER 10 years
a foreign insurer in NJ is a company organized in? - ANSWER any other state in the United States
and insurance agency agreement can be terminated by? - ANSWER either the agent or the company
certificate of Authority or issue to? - ANSWER insurers
