NJ Property/ Casualty Insurance Exam 2024 with 100% correct answers
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NJ PSI Property and Casualty
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NJ PSI Property And Casualty
Why was the commercial Insurance Deregulation Act Created? - correct answer To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices
Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act...
NJ Property/ Casualty Insurance Exam 2024 with 100% correct answers
Why was the commercial Insurance Deregulation Act Created? - correct answer To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices
Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - correct answer Commercial policies
When must rate amendments & policy forms be filed with the commissioner? - correct answer 30 days before
What losses are excluded from flood insurance? - correct answer -Landslides
-Sewer backup
-Windblown Rain
-Snow
-Sleet
Who administers the NFIP? - correct answer Federal Insurance Administration (FIA)
What does the NFIP stand for? - correct answer National Flood Insurance Program
Why was the National Flood insurance Program constructed? - correct answer to fill in gaps of flood coverage by the private sector
What are the 3 NFIP requirements for coverage? - correct answer -community land management & flood control programs must reduce flood losses in the future
-Flood insurance required in specific flood prone areas as a condition for receiving loans through/ backed by the federal government -Property owners that fail to purchase flood insurance within 1 year after it is available will not be eligible for full disaster relief funding. It will be reduced by an amount of insurance that could have been
purchased
What is the NFIP max coverage for a single family? - correct answer Building $250K, Contents $100K
What is the NFIP max coverage for other residential? - correct answer Building $250K, Contents $100K
What is the NFIP max coverage for small business? - correct answer Building $500K, Contents $500K
What is the NFIP max coverage for Other Non-Residential? - correct answer Building $500k, Contents $500K
What is the NFIP subsidized rate for a single family? - correct answer Building $35K, Contents $10K
What is the NFIP subsidized rate for Other Residential? - correct answer Building $100K , Contents $100K
What is the NFIP subsidized rate for small businesses? - correct answer Building $100K, Contents $100K
What is the NFIP subsidized rate for other non-residential? - correct answer Building $100K, Contents $100K
What is the wait period before flood insurance can be effective? - correct answer 30 days, no binders issued
What are the exceptions to the 30 day NFIP wait period? - correct answer -1st 30 days after coverage, community enters standard or emergency program, coverage will begin at 12:01 am the date after application and premium were mailed
-When an existing policy was assigned to a property purchaser
-At 12:01 am on the 5th day after an endorsement request & premium has been mailed for existing policy What was the Supreme Court's decision regarding the Paul v. Virginia case? - correct answer insurance was NOT interstate commerce and could not be regulated by the federal govt.
Who heard the Paul v. Virginia case? - correct answer Supreme Court
Who heard the US v Southeastern Underwriting Association case? - correct answer Supreme Court
What was the decision in the US v Southeastern Underwriting Association Case? - correct answer Insurance is interstate commerce and should be subject to federal regulations (currently in effect today)
What is the McCarran-Ferguson Act? - correct answer The federal govt won't regulate insurance business as long as states perform an adequate job of managing their own insurance industries.
When was the McCarran-Ferguson Act passed? - correct answer March 9, 1945
To whom does the insurance commissioner have to provide a report? - correct answer Governor & Legislature
How often must the insurance Commissioner provide a report? - correct answer Annually
How long before a disciplinary hearing must the insurance commissioner notify interested parties? - correct answer 10 days before
What is the fine for failing to comply with a court-ordered subpoena? - correct answer $5000
If the commissioner decides one has violated the insurance code, what is the fine for unintentional acts performed? - correct answer $1000
If the commissioner decides one has violated the insurance code, what is the max fine? - correct answer
1st offense: $5K, 2nd offense $10K, each additional $15K If the insurance commissioner decides one has violated the insurance code, what is the fine for violating a cease & desist? - correct answer $5k each violation
If the insurance commissioner decides one has violated the insurance code, what is the fine for unlawful acts with intentional & material thought? - correct answer $5k
What is the fine for not contacting the dept with an address or name change within 30 days? - correct answer $250 max if over 60 days
What is the fine for if a license fee check is returned for insufficient funds? - correct answer $500
What is the fine for if you do not contact the department regarding a change in partners, owners, officers, or directors? - correct answer $250
What is the fine for not returning a license to a producer? - correct answer $500
What is the fine for not maintaining an office address or employment contracts on file with the department? - correct answer $100 for each contract
What document is required before an insurance company may transact business in a state? - correct answer Certificate of Authority
What is a domestic insurer? - correct answer An insurer that conducts business in the state in which it was incorporated
A producer who is appointed with more than one insurer is considered to be... - correct answer A Licensed Solicitor
Implied authority is defined as... - correct answer Ability to act outside the authority specifically granted in an agency agreement & extends company's liability
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