NJ Laws, Rules, and
Regulations Common to Life,
Accident, and Health Property
and Casualty fully solved &
verified for accuracy 2025
An insurer cancelled a contract with a producer on April 1st. By
what date must the insurer notify the Commissioner of this action?
A. April 30th
B. April 5th
C. April 11th
D. April 15th - answer D. April 15th
An insurer goes bankrupt and is unable to pay on any of its
insureds' claims. Which of the following will happen?
A. The insureds will not be paid.
B. The claims will be paid by a nationally-based program.
C. The claims will be paid by the state Life and Health Guaranty
Association.
D. The claims will be paid by the state Department of Insurance. -
answer C. The claims will be paid by the state Life and Health
Guaranty Association.
Producer's and insurer's actions related to insurance transactions,
from selling insurance to processing claims are referred to as
A. Agent's authority.
B. Insurance-related conduct.
C. Producer actions.
, D. Licensee's responsibilities. - answer B. Insurance-related
conduct.
On a participating insurance policy issued by a mutual insurance
company, dividends paid to policyholders are
A. Guaranteed.
B. Not taxable since the IRS treats them as a return of a portion of
the premium paid.
C. Paid at a fixed rate every year.
D. Taxable as ordinary income. - answer B. Not taxable since the IRS
treats them as a return of a portion of the premium paid.
If a producer has been convicted of a crime, he or she must notify
the Commissioner within
A. 15 days.
B. 20 days.
C. 30 days.
D. 10 days. - answer C. 30 days.
If an applicant's license has lapsed within the past year, the
applicant may apply for late renewal of the license within the
maximum of how many months of expiration?
A. 3 months
B. 6 months
C. 9 months
D. 12 months - answer D. 12 months
A producer's license was revoked as a result of the Insurance Code
violation. Which of the following is true?
A. The producer can apply for a new license.
B. The producer's license can be returned after 1 year.
Regulations Common to Life,
Accident, and Health Property
and Casualty fully solved &
verified for accuracy 2025
An insurer cancelled a contract with a producer on April 1st. By
what date must the insurer notify the Commissioner of this action?
A. April 30th
B. April 5th
C. April 11th
D. April 15th - answer D. April 15th
An insurer goes bankrupt and is unable to pay on any of its
insureds' claims. Which of the following will happen?
A. The insureds will not be paid.
B. The claims will be paid by a nationally-based program.
C. The claims will be paid by the state Life and Health Guaranty
Association.
D. The claims will be paid by the state Department of Insurance. -
answer C. The claims will be paid by the state Life and Health
Guaranty Association.
Producer's and insurer's actions related to insurance transactions,
from selling insurance to processing claims are referred to as
A. Agent's authority.
B. Insurance-related conduct.
C. Producer actions.
, D. Licensee's responsibilities. - answer B. Insurance-related
conduct.
On a participating insurance policy issued by a mutual insurance
company, dividends paid to policyholders are
A. Guaranteed.
B. Not taxable since the IRS treats them as a return of a portion of
the premium paid.
C. Paid at a fixed rate every year.
D. Taxable as ordinary income. - answer B. Not taxable since the IRS
treats them as a return of a portion of the premium paid.
If a producer has been convicted of a crime, he or she must notify
the Commissioner within
A. 15 days.
B. 20 days.
C. 30 days.
D. 10 days. - answer C. 30 days.
If an applicant's license has lapsed within the past year, the
applicant may apply for late renewal of the license within the
maximum of how many months of expiration?
A. 3 months
B. 6 months
C. 9 months
D. 12 months - answer D. 12 months
A producer's license was revoked as a result of the Insurance Code
violation. Which of the following is true?
A. The producer can apply for a new license.
B. The producer's license can be returned after 1 year.
