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Accident and Health Insurance
Exam
NJ Questions and Correct
Answers/ Latest Update / Already
Graded
NJ LAW:
What are the duties/responsibilities of the Commissioner?
Ans: - enforcing and administering all laws pertaining to insurance
- make rules and regulations to help administer insurance code
- conduct examinations, administer oaths, question licensees, and
issue subpoenas
If the Commissioner finds that the producer has committed the
alleged acts or practice, they can order the producer.....
Ans: - cease and desist from committing the act or engaging in the
practice
- be fined up to $1000
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- be fined up to $5000 if the person knew they were violating the law
What is the maximum fine imposed by the Commissioner on a
suspended Producer for their first offense?
Ans: up to $5000
mutual insurers
Ans: - owned by policyholders
- mutual company does not have permanent capital stock
- governing body elected by policyholders
Who may receive temporary work authority?
- those who submitted a licensing application and fee
- expires after 60 days
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Ans:
twisting
Ans: misrepresentation or incomplete comparison to induce a person
to lapse, forfeit, or surrender insurance
Within how many days must an insurer respond to an inquiry from
the Department?
Ans: 15 days
New Jersey Life and Health Insurance Guaranty Association
Ans: - protects the policyowner, insureds, and beneficiaries if an
insurer becomes impaired or insolvent and unable to perform its
contractual obligations
An insured cannot bring suit after how many years have passed
since filing proof of loss?
Ans: 3 years
How long does the insured have to submit proof of loss?
Accident and Health Insurance
Exam
NJ Questions and Correct
Answers/ Latest Update / Already
Graded
NJ LAW:
What are the duties/responsibilities of the Commissioner?
Ans: - enforcing and administering all laws pertaining to insurance
- make rules and regulations to help administer insurance code
- conduct examinations, administer oaths, question licensees, and
issue subpoenas
If the Commissioner finds that the producer has committed the
alleged acts or practice, they can order the producer.....
Ans: - cease and desist from committing the act or engaging in the
practice
- be fined up to $1000
,2|Page
- be fined up to $5000 if the person knew they were violating the law
What is the maximum fine imposed by the Commissioner on a
suspended Producer for their first offense?
Ans: up to $5000
mutual insurers
Ans: - owned by policyholders
- mutual company does not have permanent capital stock
- governing body elected by policyholders
Who may receive temporary work authority?
- those who submitted a licensing application and fee
- expires after 60 days
, 3|Page
Ans:
twisting
Ans: misrepresentation or incomplete comparison to induce a person
to lapse, forfeit, or surrender insurance
Within how many days must an insurer respond to an inquiry from
the Department?
Ans: 15 days
New Jersey Life and Health Insurance Guaranty Association
Ans: - protects the policyowner, insureds, and beneficiaries if an
insurer becomes impaired or insolvent and unable to perform its
contractual obligations
An insured cannot bring suit after how many years have passed
since filing proof of loss?
Ans: 3 years
How long does the insured have to submit proof of loss?
