NJ TITLE INSURANCE EXAM QUESTIONS AND
ANSWERS WITH VERIFIED SOLUTIONS 100%
GUARANTEED SUCCESS.
In 1869 in Paul vs Virginia case the the US Supreme Court ruled
that insurance? - Was not interstate Commerce.
In 1944, in the South-Eastern Underwriters Association (SEUA)
case, the U.S. Supreme Court ruled that insurance? - 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? - Federal
Government
Activities performed to have a Producer's License - Advising a
prospect or insured to buy a particular policy or use a particular
insurer
First violation of the Insurance code - $5,000
a domestic insurer is? - an insurance company organized under
the laws of the state
A domestic Mutual insurer is Incorporated in accordance with
the laws of this state? - Without permanent Capital stock
,(shares)
an insurer which is formed under the laws of any other country
- alien
Insurer evidencing their authority to transact insurance in New
Jersey - certificate of authority
Insurer (ceding) procures insurance with another insurer
(assuming) and takes all or part of risk - Renaissance
An Insurance Consultant can act on behalf of (Advise, Council,
Serve)? - Insured, Licensee, Any other person
a branch office cannot be open or operated unless? - 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? - 18 years of age
A producer is required to file written notification of any change
of address within? - 30 days
A Surplus lines can be obtained by a property, casualty
producer after completion of - The state Surplus Lines exam
with no course requirements
First and subsequent fines of the Insurance Code - $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 - 50%
A person who has held a producer's license from another state
and is moving to Nj - Educational requirements may be waived
The penalty for each violation of a Cease & Desist shall be a fine
up to - $5,000
The standard term for a Nj insurance producer's license is - 2
years
The Commissioner can - Promulgate, alter, amend or repeal
rules & regulations
The Commissioner is appointed by the - The Governor, with
advice & consent of the Senate
A licensee shall notify the Department of Insurance how many
days before a closing of an office - 30 days
If a license request is denied a license, & a Licensee requests a
hearing, The Department must - within 30 days undertake a
thorough review
Any person failing to comply with a subpoena issued by the
Commissioner? - May be found guilty of contempt by the
Superior Court
Nj insurance Law prohibits trade practices that are? - Unfair
Acts, Unfair methods of competition, Deceptive practices
, A Broker can charge a fee to Insured, contingent that this
compensation? - Bears reasonable relationship to the services
to be performed, & put in writing
Under Nj insurance Law rebating is? - Prohibited
Statements that distort the terms of any policy is prohibited &
defined as - Misrepresentation
Derogatory statements etch. towards an insurer is prohibited &
is defined as? - Defamation
Denying insurance or a contract because of age is? - unfair
discrimination
a broker or consultant can charge a fee therefore the
agreement must? - be signed by both the producer and the
insured/ Prospect
a producer Whose license has been revoked May? - not receive
any commissions on renewals.
Deceptive or misleading, untrue statements in advertisement
are? - prohibited under New Jersey Law
fines for intentional unfair act or practices - $5,000
The insurer must give the department how many days’ notices
of termination of agency? - 15 days
surrender an insurance policy by misrepresentation or
ANSWERS WITH VERIFIED SOLUTIONS 100%
GUARANTEED SUCCESS.
In 1869 in Paul vs Virginia case the the US Supreme Court ruled
that insurance? - Was not interstate Commerce.
In 1944, in the South-Eastern Underwriters Association (SEUA)
case, the U.S. Supreme Court ruled that insurance? - 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? - Federal
Government
Activities performed to have a Producer's License - Advising a
prospect or insured to buy a particular policy or use a particular
insurer
First violation of the Insurance code - $5,000
a domestic insurer is? - an insurance company organized under
the laws of the state
A domestic Mutual insurer is Incorporated in accordance with
the laws of this state? - Without permanent Capital stock
,(shares)
an insurer which is formed under the laws of any other country
- alien
Insurer evidencing their authority to transact insurance in New
Jersey - certificate of authority
Insurer (ceding) procures insurance with another insurer
(assuming) and takes all or part of risk - Renaissance
An Insurance Consultant can act on behalf of (Advise, Council,
Serve)? - Insured, Licensee, Any other person
a branch office cannot be open or operated unless? - 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? - 18 years of age
A producer is required to file written notification of any change
of address within? - 30 days
A Surplus lines can be obtained by a property, casualty
producer after completion of - The state Surplus Lines exam
with no course requirements
First and subsequent fines of the Insurance Code - $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 - 50%
A person who has held a producer's license from another state
and is moving to Nj - Educational requirements may be waived
The penalty for each violation of a Cease & Desist shall be a fine
up to - $5,000
The standard term for a Nj insurance producer's license is - 2
years
The Commissioner can - Promulgate, alter, amend or repeal
rules & regulations
The Commissioner is appointed by the - The Governor, with
advice & consent of the Senate
A licensee shall notify the Department of Insurance how many
days before a closing of an office - 30 days
If a license request is denied a license, & a Licensee requests a
hearing, The Department must - within 30 days undertake a
thorough review
Any person failing to comply with a subpoena issued by the
Commissioner? - May be found guilty of contempt by the
Superior Court
Nj insurance Law prohibits trade practices that are? - Unfair
Acts, Unfair methods of competition, Deceptive practices
, A Broker can charge a fee to Insured, contingent that this
compensation? - Bears reasonable relationship to the services
to be performed, & put in writing
Under Nj insurance Law rebating is? - Prohibited
Statements that distort the terms of any policy is prohibited &
defined as - Misrepresentation
Derogatory statements etch. towards an insurer is prohibited &
is defined as? - Defamation
Denying insurance or a contract because of age is? - unfair
discrimination
a broker or consultant can charge a fee therefore the
agreement must? - be signed by both the producer and the
insured/ Prospect
a producer Whose license has been revoked May? - not receive
any commissions on renewals.
Deceptive or misleading, untrue statements in advertisement
are? - prohibited under New Jersey Law
fines for intentional unfair act or practices - $5,000
The insurer must give the department how many days’ notices
of termination of agency? - 15 days
surrender an insurance policy by misrepresentation or
