Title Insurance- NJ Exam
Congress insisted that it was the right of the federal government to regulate the insurance industry but stated in the McCarran Act that the federal government would not regulate insurance as long as the state did an adequate job of regulating the industry.
Public Law 1...
Title Insurance- NJ Exam
Congress insisted that it was the right of the federal government to regulate the
insurance industry but stated in the McCarran Act that the federal government
would not regulate insurance as long as the state did an adequate job of
regulating the industry.
Public Law 15 - McCarran-Ferguson Act (1945)
legislative, judicial, and executive branches
Insurance is regulated by each state through these three basic branches of government
disapproved within 60 days of submission. No action may be taken by the
legislature until after day one from the state of the standing reference committees
report.
A rule shall be deemed approved unless
The commissioner may summon the attendance of witness and the production of
related books, records, accounts, paper and other documents.
Upon appropriate notice
was not interstate commerce
In 1869, in the paul vs virgnia case, the US supreme court ruled that insurance
was interstate commerce and was subject to federal regulation
In 1944, in the South Eastern Underwriters Association SEUA case, the US supreme
court ruled that insurance
federal government
The McCarran-Ferguson Act , passed in 1945 states that while insurance is interstate
commerce , it may be regulated by the individual states subject to the ultimate authority
of the
revoke the license of the licensee
after 10 days notice in the form of a show cause order and subsequent hearing, the
commissioner can, as an alternative to or in addition to other penalties
advising a prospect or insured to buy a particular policy or use a particular
insurer
which of the following activities performed by an individual working in insurance require
that the individual have a producers license
5,000
any person violating the provisions of the insurance code can be fined for the first
violation up to
An insurance company organized under the laws of this state
a domestic insurer is
alien
an insurer which is formed under the laws of any country other than the united states, its
districts, territories, commonwealths, and possessions is a/an ________ insurer
domestic stock
an insurer incorporated in accordance with the laws of this state with its capital divided
into shares(stocks) and which is owned by its shareholders (stockholders) is a
____________ insurer
without permanent capital stock (shares)
, a domestic mutual insurer is incorporated in accordance with the laws of this state
can go into your personal account
a commission check
admin procedures act
where does the commissioner get his code
individual states
in the US the insurance industry is primary regulated by the
no it is conflict of interest
can a commissioner own a share of a building
disorderly persons charge (DP)
someone who knowingly files a false deed in the state of nj
NJ
The license at all times is the property of who?
sales and marketing
one course that will not be approved by the state of NJ is
certificate of authority
which of the following does the commissioner issue to an insurer evidencing their
authority to transact insurance in NJ
reinsurance
a process by which an originating insurer (ceding) procures insurance for itself with
another insurer (assuming) as regards all or part of a risk, is called
misdemeanor
soliciting, negotiating, or effecting any contracts of insurance in violation of insurance
rules is considered a
an insured, a licensee, any other person
an insurance consultant can act on behalf of
at least one producer is assigned to the office, the office is open to the public
during normal business hours, at least one producer is present during business
hours except when engaged in branch activities elsewhere.
a branch office can no be opened or operated unless
18 years old
no individual may be licensed as a producer unless they are at least
30 days
a producer is required to file written notification of any change of address within
5
a producer whose individuals license is revoked must wait at least _______ years from
the effective date of revocation before they can apply for another license
the state surplus lines exam with no course requirement
a surplus lines authority can be obtained by a property casualty producer after
successful completion of
5,000 for the first violation and 10,000 for each subsequent violation
in addition to suspension or revocation of a license and other penalties if a producer
violated any provision of the insurance code of the commissioner can impose a fine up
to
deed of conveyance
quitclaim deed is not a
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