Exam (elaborations)
New Jersey State Insurance Laws Questions and Answers 2024
- Course
- Institution
New Jersey State Insurance Laws
[Show more]
Content preview
New Jersey State Insurance LawsPaul vs. Virginia 1869 - answer landmark decision establishing right of each state to
regulate business of insurance
US vs South Easter Underwriters Association 1944 - answer ruled insurance was
interstate commerce, when conducted across state lines, was subject to federal
regulations
McCarran-Ferguson Act 1945 - answer ruled that states regulate and tax insurance
business and federal antitrust laws apply only to extent that state law does not regulate
insurance
Commissioner of Dept of Banking and Insurance for NJ - answer appointed by
Governor ; performs duties and posers of the office
Broad powers of Commissioner of insurance - answer administering and organizing
work, appointing removing employees and officers; performing duties and powers,
formulating, adopting issuing rules and regulations, determining policy, instituting legal
proceedings, report to Gov an annual operations report and apoints advisory
committees
Commissioner may order payment of penalty - answernot to exceed $1000 for each and
every act or violation of a method of competition or deceptive act or up to $5000 if the
person knew or should have known they were in violation
Commissioner may impose a fine in lieu of or in addition to other penalty - answerup to
$5000 for 1st violation and up to $10000 for subsequent violation for any NJ insurance
law and may also order person to pay cost of investigation and prosecution as well as
restitution.
A prospective resident licensee must: - answerbe at least 18 yrs old, completed an
application, 20 hr prelicensing course on each line of business applied for, paid fees,
pass exam with 1 yr of application date, and not committed any act that is ground for
denial, suspension or revocation
Commissioner may authorized a temporary work authority - answerallowing applicant to
begin work when he has submitted proper form/ no info that may disqualifying the
applicant from being licensed
, New producer licenses expire - answeron last day of producer's birth month in the yr
that will result in license term being at least 18 months; after initial term license expires
on last day of birth month every 2 yrs
Business entity producer licenses expire - answerbiennially on May 31 date that is 2 yrs
subsequent to preceding expiration date
Continuing education for life, health, P&c, personal and surplus line and title licensee -
answermust complete 24 credit hours of approved continuing ed including 3 related to
profession ethics in order to renew license
Applicant filing a late renewal request within 1 yr of license expiration - answerwill be
granted a waiver from the prelicensing education and examination requirement
Misrepresentation - answermaking an estimate, illustration, circular, statement, sales
presentation, omission or comparison that misrepresents the conditions or terms of
policy, misleads financial condition of insurer or legal reserve system on which life
insurer operates, uses any name or title of a policy to misrepresent its true nature or
misrepresents policy as being shares of stock
False Information and Advertising - answerproducing an advertisement, announcement,
or statement containing any assertion that is untrue, deceptive or misleading.
Defamation - answercirculating oral or written statement that is false, maliciously critical
or derogatory of an insurer's financial conditions; calculated to injure any person engage
in insurance business
Boycott, Coercion or Intimidation - answerentering into an agreement with the purpose
of committing an act of boycott, coercion or intimidation that would result in restraint of
trade or a monopoly in insurance business
False statements and Entries - answerinvolve making false material statements of fact
about the financial condition of a person or insurer, or making false entries of material
facts about the business of any person with intent to deceive
Unfair discrimination - answercharging different rates/premiums, using different forms,
imposing different limitations, or paying different levels of benefits to individuals based
on race, creed, color or national origin
Rebating - answeroffering a prospective client any special favor, advantage or
consideration not already specified in contract as inducement to buy insurance
Dept must approve insurance business actual, fictitious or assumed name -
answerbefore it is used and filed with dept of Treasury, prior approvals expire 90 days
after date of prior approval if no license application is received by dept
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 $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
