Exam (elaborations)
NJ Insurance Specific Questions Graded A+
- Course
- Institution
NJ Insurance Specific Questions
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now