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New Jersey Law Supplement Questions and Answers 100% C0rrect
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New Jersey Law Supplement
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New Jersey Law SupplementWhich of the following determined that federal antitrust laws would apply to insurance
but only to the extent that state regulation was not effective?
A. The Sherman Anti-Trust Act B. Public Law 15 C. Paul v. Virginia D. US v. South-
Eastern Underwriters Association - answer Public law
Which of the following determined that insurance was not interstate commerce and that
the federal government had no authority to regulate it?
A. Paul v. Virginia B. US v. South-Eastern Underwriters Association B. McCarran-
Ferguson Act C. Public Law 15 - answer Paul V Virginia
Which of the following determined that insurance was in fact interstate commerce and
thus subject to federal antitrust laws?
A. Paul v. Virginia B. US v. South-Eastern Underwriters Association C. McCarran-
Ferguson Act D. Public Law 15 - answer US V. South-Eastern Underwriters Association
The Commissioner of the Department of Banking and Insurance (DOBI) is appointed by:
A. Public vote B. State Senator C. DOBI D. Governor - answer Governor
Which of the following would state the commissions agreement?
A. The Commissioner B, Certificate of authority C. Agency contract D. Entire contract -
answerAgency contract
Whenever the commissioner requests a public hearing, how many days after the notice
of hearing is delivered must it be scheduled?
A. At least 10 B. At least 20 C. At least 30 D. At least 60 - answerAt least 10
How many days within the Commissioner's final order does an intervenor have to
appeal a decision?
A. 10 B. 20 C. 30 D. 60 - answer30
As a penalty, the Commissioner may do all of the following EXCEPT
A. Revoke a producer's license B. Issue a cease and desist order C. Impose a jail
sentence D. Impose a fine - answerImpose a jail sentence
A person failing to comply with a subpoena from the Commissioner, may be charged
with
A. Contempt B. Fraud C. Cease and desist D. Twisting - answerContempt
The governing body of a mutual insurer is elected by
A. Shareholders B. Stockholders C. Policyholders D. The Commissioner -
answerPolicyholders
, What is issued to an insurer, by the Commissioner, demonstrating it's authority to
transact insurance business in the state?
A. License B. Certificate of authority C. Corporate charter D. Certificate of coverage -
answerCertificate of authority
When a reinsurer procures insurance for themselves from another reinsurer, this is
known as
A. retrocession B. Posting of a surety bond C. Paying premiums to the Guaranty
Asssociation D. Risk aversion - answerRetrocession
Which of the following lines of authority has to fulfill CE requirements in order to renew
their license?
A. Life B. Health C. Casualty D. All the above - answerAll of the above
Which of the following persons could be an insurance consultant?
A. A former sales representative B. A bank trust officer C. An attorney at law D. A
certified public accountant - answerA former sales representative
A producer wishing to appeal the final order of the Commissioner would appeal to
A. The Commissioner B. The Insurer C. The Governor D. The Superior Court -
answerThe Superior Court
Which of the following producers does not need to satisfy CE credits?
A. Nonresident B. Broker C. Consultant D. Agent - answerNonresident
Which of the following will the Department of Insurance count towards the continuing
education requirement needed to renew their license?
A, Prelicensing courses in lines they currently do not hold B. CLU C. College
preparatory courses D. Computer training courses - answerCLU
In order to obtain a NJ resident insurance producer license, the Commissioner imust
confirm that the individual meets all the following requirements EXCEPT
A. At least 19 years of age B. Has not committed any act that is ground for denial,
suspension or revocation C. Has completed a pre-licensing course of study for the lines
of authority for which
they are applying, no more than 2 years before the application is filed D. Has paid the
required fee - answerAt least 19 years of age
All of the following are required for the Commissioner to issue a non-resident license
EXCEPT
A. Applicant must be licensed as a resident producer in good standing in his home
state B. Applicant's home state must award nonresident insurance producer licenses to
NJ
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