NEW JERSEY LIFE PRODUCER: LAWS AND REGULATIONS EXAM 2024/2025 WITH ACCURATE ANSWERS
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NEW JERSEY LIFE PRODUCER: LAWS AND REGULATIONS
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NEW JERSEY LIFE PRODUCER: LAWS AND REGULATIONS
NEW JERSEY LIFE PRODUCER: LAWS AND REGULATIONS EXAM 2024/2025 WITH ACCURATE ANSWERS
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NEW JERSEY LIFE PRODUCER: LAWS AND REGULATIONS EXAM
2024/2025 WITH ACCURATE ANSWERS
what branches regulate the insurance industry? - Precise Answer
✔✔legislative, executive, and judicial (the courts)
courts rules that insurance is not commerce, and the states will regulate
insurance, not the federal government - Precise Answer ✔✔Paul v.
Virginia (1869)
courts ruled that insurance is commerce/article of commerce, and federal
government will regulate insurance - Precise Answer ✔✔U.S. v. South-
Eastern Underwriters Association (1944)
allowed states to continue to regulate insurance but the federal
government can intervene if state is ineffective with its regulations -
Precise Answer ✔✔McCarran-Ferguson Act (1945)
who is the commissioner of the department of banking and insurance
(DOBI) appointed by? - Precise Answer ✔✔the governor
who is the chief executive officer of the department? - Precise Answer
✔✔the commissioner
, what does the commissioner have the power to do? - Precise Answer
✔✔conduct investigations, administer oaths, interrogate licensee and
others, and issue subpoenas
a person failing to comply with a subpoena may be penalized for what? -
Precise Answer ✔✔contempt
when the commissioner requests a public hearing, how many days after
after the notice of hearing must it be scheduled? - Precise Answer ✔✔at
least 10 days
determined that federal antitrust laws would apply to insurance but only
to the extent that state regulation was not effective - Precise Answer
✔✔public law 15
a contract that states the commissions agreement - Precise Answer
✔✔agency contract
how many days within the commissioner's final order does an intervenor
have to appeal a decision - Precise Answer ✔✔30 days
the governing body of a mutual insurer is elected by? - Precise Answer
✔✔Policyholder
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