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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.....
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Ans: - cease and desist from committing the act or engaging in the
practice
- be fined up to $1000
- 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?
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Ans: - those who submitted a licensing application and fee
- expires after 60 days
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
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.....
,2 | Page
Ans: - cease and desist from committing the act or engaging in the
practice
- be fined up to $1000
- 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?
, 3 | Page
Ans: - those who submitted a licensing application and fee
- expires after 60 days
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
