NJ property insurance law

In New Jersey, and insurer must provide at least______ advance notice for cancellation of property coverages for nonpayment of premium - Answer- 10 days The employment of another producer by a producer is subject to all of the following requirements, except a. the employer shall examine the credentials of the kinds of business described in the contract. b. the employer shall be responsible for the insurance related conduct of the employee c. the employee producer will conduct business under the supervision of the employer producer d. The Department of Insurance approves the contract. - Answer- d. The Department of Insurance approves the contract. In order to cancel a Property insurance policy, an insurer must give the insured a ______ advance notice - Answer- 30 days An authorized agency of the insurer may release consumer information in which of the following situations? a. When requested by a related third part of the insured b. When requested in a fraud investigation c. More than 3 claims in the past 3 years d. When requested by a credit agency - Answer- b. When requested in a fraud investigation If an agent is charged with a misdemeanor involving theft, any felony, or crimes of moral turpitude, he or she must report the charge to the department of insurance within: - Answer- 30 days of being charged All of the following are true regarding the hurricane deductible, except: a. the hurricane deductible is a percentage of the claim amount b. An optional deductible of 10% is available c. Coverage D loss of use is the standard deductible for all other perils d. The mandatory deductible minimum is 5% - Answer- a. the hurricane deductible is a percentage of the claim amount (it is a percentage of the policy limit not claim amount) All of the following are true regarding commercial property coverage under the New Jersey FAIR plan, except: a. Maximum coverage of 750,000 for joisted masonry buildings b. Maximum coverage of 500,000 for frame buildings c. Maximum coverage of 600,000 for frame buildings d. Maximum coverage of $1 million for fire resistive buildings - Answer- c. Maximum coverage of 600,000 for frame buildings