Casualty Producer NJ- Exam Questions with 100% correct Answers

Powers and duties of Commissioner - ANSWER-Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - ANSWER-10 Retrocession - ANSWER-When a reinsurer transfers risks it has accepted to another insurer Producers can be - ANSWER-Agents, brokers or both Insurance agent - ANSWER-a licensed insurance producer who is appointed by an insurer to sell insurance. An agent represents the insurer not the insured Insurance broker - ANSWER-a licensed insurance producer who negotiates insurance on behalf of insureds or policy owners, not on behalf of an insurer or agent. Brokers represent their clients, not the insurer or agent Insurance consultant - ANSWER-a person who, for a fee, acts or holds himself out to the public or any licensee as offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages under any policy issued in this state Insurance related conduct - ANSWER-Soliciting, negotiating or binding policies of insurance All communications with insureds concerning any term or condition of policy insurance Office management policies affecting insureds Processing claims