Exam (elaborations)
NJ Property Insurance Practice Questions and Answers 2024
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NJ Property Insurance Practice
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NJ Property Insurance PracticeWhat are the nine prohibited trade practices? - answer1. misrepresentation
2. false advertising
3. defamation
4. rebates
5. false financial statements
6. stock operations & advisory contracts
7. boycott, coercion, intimidation
8. unfair discrimination
9. unfair claim settlement practices
Which government body has principal responsibility for regulating the insurance industry
in NJ?
a. insurance department
b. governor
c. superintendent of insurance
d. department of banking & insurance - answerd. department of banking & insurance
Which of the following persons would not qualify for a temporary substitute producer's
license in New Jersey?
a. spouse of a disabled producer
b. surviving spouse of a deceased producer
c. personal designated by a producer who is on active military duty
d. new agent preparing for the state license exam - answerd. new agent preparing for
the state license exam
Which of the following is not considered insurance-related conduct?
a. collecting and transmitting insurance premiums
b. preparing advertisements for an insurance contract
c. negotiating an insurance contract
d. processing claims - answerb. preparing advertisements for an insurance contract
All of the following are required for a person to obtain a resident producer's license
EXCEPT:
a. completion of a prelicensing course of study
b. payment of the required licensing fees
c. at least one appointment by an insurer
d. being at least 18 years of age - answerc. at least one appointment by an insurer
An insurance company formed under the laws of another state is a/an
a. authorized insurer
, b. domestic insurer
c. foreign insurer
d. alien insurer - answerc. foreign insurer
Which of the following statements regarding branch offices is correct?
a. branch offices must close when a licensed producer is not present
b. a branch office is another name for an agent's private office
c. a producer must give the state 30 days advance notice before opening a branch
office
d. an unlicensed person may manage a branch office if the person does not sell
insurance - answerc. a producer must give the state 30 days advance notice before
opening a branch office
Exchanging an insurance policy in return for money collected on behalf of an insurer is
the definition of
a. selling insurance
b. soliciting insurance
c. negotiating insurance
d. insurance-related conduct - answera. selling insurance
Charles wants to obtain a property and casualty insurance producer's license. He can
request a waiver of the prelicensing education requirement for all of the following
reasons EXCEPT
a. he was previously licensed for the same line of insurance less than a year ago
b. Charles is a chartered property & casualty underwriter (CPCU)
c. Charles is an attorney
d. Charles has an associate in risk management (ARM) designation - answerc. Charles
is an attorney
Which of the following is true if the Commissioner revokes a producer's license?
a. the revocation is permanent
b. revoked producer licenses are automatically reinstated after five years
c. a producer may apply for reinstatement through the same procedure used to reinstate
a suspended license
d. to reinstate a revoked license, the applicant must provide an affidavit showing
restitution and character improvement, among other things - answerd. to reinstate a
revoked license, the applicant must provide an affidavit showing restitution and
character improvement, among other things
For how long is a temporary work authority valid?
a. 30 days
b. 60 days
c. 90 days
d. 180 days - answerb. 60 days
How does the judicial branch regulate the insurance industry in New Jersey?
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