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NJ Laws, Rules, and Regulations Common to Life, Accident, and Health Property and Casualty Questions and Answers 2024 $16.49   Add to cart
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NJ Laws, Rules, and Regulations Common to Life, Accident, and Health Property and Casualty Questions and Answers 2024
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NJ Laws, Rules, and Regulations Common to Life, Accident, and Health Property and Casualty

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  • October 10, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nj laws rules and regulations common to life ac

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  • Nj property and casualty
  • Nj property and casualty

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NJ Laws, Rules, and Regulations
Common to Life, Accident, and Health
Property and Casualty

An insurer cancelled a contract with a producer on April 1st. By what date must the
insurer notify the Commissioner of this action?
A. April 30th
B. April 5th
C. April 11th
D. April 15th - answerD. April 15th

An insurer goes bankrupt and is unable to pay on any of its insureds' claims. Which of
the following will happen?
A. The insureds will not be paid.
B. The claims will be paid by a nationally-based program.
C. The claims will be paid by the state Life and Health Guaranty Association.
D. The claims will be paid by the state Department of Insurance. - answerC. The claims
will be paid by the state Life and Health Guaranty Association.

Producer's and insurer's actions related to insurance transactions, from selling
insurance to processing claims are referred to as
A. Agent's authority.
B. Insurance-related conduct.
C. Producer actions.
D. Licensee's responsibilities. - answerB. Insurance-related conduct.

On a participating insurance policy issued by a mutual insurance company, dividends
paid to policyholders are
A. Guaranteed.
B. Not taxable since the IRS treats them as a return of a portion of the premium paid.
C. Paid at a fixed rate every year.
D. Taxable as ordinary income. - answerB. Not taxable since the IRS treats them as a
return of a portion of the premium paid.

If a producer has been convicted of a crime, he or she must notify the Commissioner
within
A. 15 days.
B. 20 days.
C. 30 days.
D. 10 days. - answerC. 30 days.

, If an applicant's license has lapsed within the past year, the applicant may apply for late
renewal of the license within the maximum of how many months of expiration?
A. 3 months
B. 6 months
C. 9 months
D. 12 months - answerD. 12 months

A producer's license was revoked as a result of the Insurance Code violation. Which of
the following is true?
A. The producer can apply for a new license.
B. The producer's license can be returned after 1 year.
C. The producer cannot apply for a license reinstatement once the license has been
revoked.
D. The producer will have to wait 5 years before applying for license reinstatement. -
answerD. The producer will have to wait 5 years before applying for license
reinstatement.

All of the following are among the Commissioner's broad powers EXCEPT
A. Formulate and adopt rules and regulations of companies and licensees.
B. Have interest in insurance companies regulated by the Department.
C. Appoint and remove officers employed within the Department.
D. Report to the Governor about the Department's operations. - answerB. Have interest
in insurance companies regulated by the Department.

If an insurer and insured have a dispute about whether a particular loss is covered
under a policy, which authority will settle the dispute?
A. Consumer Protection Agency
B. Court system
C. Commissioner
D. Federal Insurance Regulation Board - answerB. Court system

Which of the following is an insurance professional who offers advice regarding benefits
or advantages of an insurance policy to clients for a fee?
A. Counselor
B. Consultant
C. Producer
D. Broker - answerB. Consultant

An insurance company has published a brochure that inaccurately portrays the
advantages of a particular insurance policy. What is this an example of?
A. Twisting
B. Defamation
C. False advertising
D. Unfair claims - answerC. False advertising

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