Exam (elaborations)
LICENSE INFORMATION NJ QUESTIONS AND ANSWERS 2024
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LICENSE INFORMATION NJ
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LICENSE INFORMATION NJProducer (individual) - answer No person shall act as an insurance producer or maintain
or operate any office in New Jersey for the transaction of an insurance producer, or
receive any commission, brokerage fee, compensation, without obtaining a license from
the Commissioner
Producer Licensing Model Act, - answer Drafted by the National Association of
Insurance
Commissioners (NAIC), defines agents as producers. Agents who are residents of or
have their offices in New Jersey fall within the jurisdiction of the Department
of Banking and Insurance.
Property authority - answerAll coverages written by authorized insurers for direct and
consequential loss or damage to property of any kind including fire and allied lines;
earthquake; growing crops; ocean marine; inland marine; boiler and machinery; credit
property; burglary and theft; glass, sprinkler leakage, and water damage; livestock;
smoke or smudge; physical loss to buildings; radioactive contamination; mechanical
breakdown or power failure; and other property losses.
Casualty authority - answerAll coverages written by authorized insurers for coverage
against legal liability from death, disability, injury or damage to real or personal property
including employers' liability,automobile liability bodily injury, automobile liability property
damage, other liability, credit casualty, other casualty loss, fidelity and surety, workers'
compensation, mortgage guaranty insurance, and municipal bond insurance.
Surplus lines authority - answerAll coverages written by unauthorized insurers and
defined as surplus lines.
Personal lines authority - answerAll property and casualty insurance coverage sold to
individuals and families for primarily noncommercial purposes.
Limited lines authority - answerThis includes bail bonds; credit insurance; ticket
insurance; group mortgage cancellation; legal insurance; self-storage and personal
property insurance; and special nonresident limited lines; title insurance; and surplus
lines insurance.
License Requirements - answerA first-time applicant is a person who has not been
licensed as a producer for the previous 12 month
If a resident, when required, a certificate evidencing completion of an approved course
of prelicensing education or a certificate evidencing waiver of that requirement; and a
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