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NJ TITLE INSURANCE EXAM
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NJ TITLE INSURANCE EXAM
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NJ TITLE INSURANCE EXAMIn 1869 in paul vs virginia case the the us supreme court ruled that insurance? -
answer- was not interstate commerce.
In 1944, in the south-eastern underwritters association (seua) case, the u.s. supreme
court ruled that insurance? - answer- was interstate commerce and was subject to
federal regulation.
The mccarran-ferguson act of 1945 states that individual states are subject to the
authority of the? - answer- federal government
Activities performed to have a producer's license - answer- advising a prospect or
insured to buy a particular policy or use a particular insurer
First violation of the insurance code - answer- $5,000
A domestic insurer is? - answer- a insurance company organized under the laws of the
state
A domestic mutual insurer is incorporated in accordance with the laws of this state? -
answer- without permanent capital stock (shares)
An insurer which is formed under the laws of any other country - answer- alien
Insurer evidencing their authority to transact insurance in new jersey - answer-
certificate of authority
Insurer (ceding) procures insurance with another insurer (assuming) and takes all or
part of risk - answer- renaissance
An insurance consultant can act on behalf of (advise ,council, serve)? - answer-
insured, licensee, any other person
A nj producer who places business with a company he does not represent as an agent
is acting as a - answer- broker
A temporary producers license or work authority is good for? - answer- 60 days
How long must a insuring maintain complete records of all complaints received by the
insurer? - answer- 5 years
A producer acting as a broker is considered to be the representative of - answer- the
insured
,Insurance-related conduct means? - answer- soliciting, negotiating, or effecting policies
of insurance
License will not be issued to any organization if revoked in any state within - answer- 10
years
A foreign insurer in nj is a company organized in? - answer- any other state in the united
states
And insurance agency agreement can be terminated by? - answer- either the agent or
the company
Certificate of authority or issue to? - answer- insurers
In contract law, failure to disclose a material fact is called? - answer- concealment
Requirements for making a legal contract is? - answer- they must be an offer by one
party which is accepted by the other party
Annual reports with the department of insurance must contain - answer- a detailed
statement of the company's operation during the past year.
Educational requirements for a producers license can be waived if? - answer- had
license before military, approved by commissioner, license in another state.
Insurance company authorized to do business in a particular state is called
__________in that state? - answer- an admitted company
The commissioner, prior to any required hearing, shall give advance notice
of______days? - answer- 10
Inducements mean? - answer- money or favour, value over $25, advantage object
Initial license shall be deemed effective as of? - answer- the date of issue of the
temporary license certificate
The following is not true about a producer - answer- a producer can act as agent with
any ensure they choose
A producer acting as a agent is considered to be the representative of? - answer-
insurer
Prohibited insurance practices - answer- rebating ,commingling, deceptive advertising
Rebating is defined as? - answer- accepting or giving any gift in excess of amount
allowed by insurance law
, The head or chief executive officer ceo of the department of insurance is the? - answer-
commissioner of insurance
A producers license will not terminate short of the licensing. Unless? - answer- it was
revoked by the commissioner
If the department denies an applicant up a license? - answer- will be in writing and
specify the reason and i advised applicant of their right to request a hearing
Licensee who accepts merchandise in lieu of premium is guilty of? - answer- twisting
The commissioner can refuse to renew or may revoke or suspend a license upon
finding out that a producer? - answer- committed fraudulent acts, withheld material
information when filing application for license
A person holding a nj resident producers license must have? - answer- either a nj
residence or business address
A non public record of a producer is? - answer- petitions or discharges in bankruptcy
The case paul vs. Virginia was a important precedent concerning - answer- the
regulation of insurance
Samuel paul was a native of virginia who represented - answer- new york insurance
companies
A branch office cannot be open or operated unless? - answer- one broker is present
during business hours except when engaged in branch activities elsewhere
No individual may be licensed as a producer unless they are at least? - answer- 18
years of age
A producer is required to file written notification of any change of address within? -
answer- 30 days
A surplus lines can be obtained by a property, casualty producer after completion of -
answer- the state surplus lines exam with no course requirements
First and subsequent fines of the insurance code - answer- $5,000 for the first and
$10,000 for each subsequent
The commissioner can revoke a producer's license if he finds that the producer
aggregated commissions - answer- 50%
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