Chapter Nine: The New Jersey Title Insurance Act 2024

Chapter Nine: The New Jersey Title Insurance Act 2024 When a licensed rating organization changes its list of members and subscribers, it must notify the Commissioner: - CORRECT ANSWER-Promptly If the rates and charges for "personal or controlled insurance" from any one source is issued in any one calendar year received by a title insurance company or by a title insurance agent exceeds _______, or from all such sources exceeds ________ of the total rates and charges received by the title insurance company or by such title insurance agent for title insurance issued in the same year, the excess is deemed to be an unlawful rebate. - CORRECT ANSWER-25%; 50% The insured on the title policy the agent wrote is a person that owns 70% of the voting stock of the title insurer. This policy is: - CORRECT ANSWER-Personal or controlled insurance of the agent The Commissioner approves rates that are: - CORRECT ANSWER-Not inadequate for the safeness and soundness of the insurer A title insurer is domiciled in Massachusetts, and does business in Massachusetts, New Jersey and Virginia. How much must it have on deposit for the security and protection of its policyholders or beneficiaries under title policies according to the New Jersey Title Insurance Act? - CORRECT ANSWER-$200,000 If the Commissioner has reason to believe that any title insurance agent has violated and is violating any of the provisions in the Title Insurance Act pertaining to the payment of inducements, rebates or reduced fees, the Commissioner will then: - CORRECT ANSWER-Examine the title insurance agent's books of account and record and vouchers pertaining to the business of title insurance. Unless an applicable endorsement has been filed and approved by the Commissioner, a title insurer _____________ delete or insure over an exception to or exclusion from coverage that is contained in forms of title insurance filed with the Commissioner. - CORRECT ANSWER-may not Funds over and above minimum capital, other than the statutory premium reserve, may be retained as cash on hand or on deposit in banks, or may be invested in any of the following classes of investments, except: - CORRECT ANSWER-Corporate stock or shares of any solvent corporation incorporated under the laws of any country in the European Union If a title insurance rating organization, title insurance company, or title insurance agent fails to comply with an order of the Commissioner within the time limited by the order, or any extension of the time limit, the Commissioner may: - CORRECT ANSWERSuspend the organization or person's license If the capital of a domestic title insurance company becomes impaired and the impairment is not eliminated within ______________________ from its inception, the company must give written notice to the Commissioner. - CORRECT ANSWER-30 day