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NJ Insurance Specific Questions Graded A+
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NJ Insurance Specific Questions
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NJ Insurance Specific QuestionsThe commissioner must give notice at least ____ days before a hearing for unfair trade
practices - answer10 days
Penalties for unfair completion, act or practice - answer$1,000 Max fine for each
violation committed unknowingly
$5,000 Max fine for violations committed knowingly
$5,000 Max fine for violating a cease and desist order
Maximum civil penalties for violating Insurance producer Licensing Act - answer$5,000
Fines for first violation
$10,000 Each subsequent violation
Minimum age to obtain a producer's license - answer18 years old
Time frame for a nonresident insurance producer to file a change of address - answer30
days
Prelicensing Education Requirements - answer20 hours for life insurance
20 hours for accident and health insurance
40 hours for property and casualty insurance
Temporary work authority for resident producer applicants is valid for ___ days -
answer60 days
The commissioner may issue a temporary producer license for a max of __ days to a
surviving spouse, business partner or employee is a producer dies, becomes disabled,
or is called to active military service
*NOT the same as "temporary work authority* - answer180 days
Cancellation of Agency Contract:
The commissioner must be notified of cancellation within ___ days, including reason for
cancellation - answer15 days
Maintenance and duration of license:
Expiration date of license is every ____ years on the last day of the birth month -
answer2 years
A producer who allows his license to expire may reinstate the license within ___ years
of expiration - answer1 year
, Continuing education:
Total CE hours required every 2 years: ____
Includes ____ hours of ethics CE - answer24 hours
3 hours
Criminal acts must be reported to the commissioner within ____ days of conviction -
answer30 days
Branch offices notifications:
Department of banking and insurance must be notified ____ days before opening or
closing a branch office
(regulates the banking & insurance industries in NJ) - answer30 days
Number of days to report change of mailing, residence and email address or business
name - answer30 days
Records must be retained for at least ___ years - answer5 years
Insurance Fraud:
A person found guilty of insurance fraud is subject to the following civil penalties:
____ for the first offense
____ for the second offense
____ for each subsequent offense - answer$5,000
$10,000
$15,000
New Jersey Commercial Insurance Deregulation Act:
Forms must be filed no later than ___ days after the effective date
Rates must be filed no later than ___ days after the effective date, except medical
malpractice insurance
Medical malpractice rates become effective ____ days after they are filed - answer30
days
30 days
30 days
Cancellation & Nonrenewal:
Notice of cancellation or nonrenewal of homeowners and commercial policies must be
given at least:
___ days in advance for cancellation due to nonpayment of premium or moral hazard
___ days in advance for any other cancellation; or
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