ch 5 nj laws rules regulations
The Commissioner believes that an insurance regulation has been violated by a licensee and decides to conduct a hearing. The licensee must get written notice of the hearing's date and time?
10 days
When an insurance producer negotiates for an insurance contract on behalf of a client, the producer is acting as a(n)
Broker. (When an insurance producer negotiates for an insurance contract on behalf of a client, the producer is acting as a broker.)
An applicant for a producer's license has successfully completed all of the steps necessary to obtain the license. The soon-to-be producer does not want to wait until he receives his license in order to begin working. Which of the following is possible?
can obtain a temporary work authority
it is the job of what authority to appoint and remove officers and other personnel employed within the department
commissioner
All of the following are considered limited lines of authority EXCEPT
surplus lines
Who does an insurance agent represent?
the insurer (insurance company)
in cases where a producer's license has been revoked the prodcuer must ait for ho long before applying for reinstatment
5 years
AN INSURANCE COMPANY IS DOMICILED IN MONTANA AND TRANSACTS INSURERS CLASSIFICATION IN WYOMING
foreign
which of the following provide funding for the ne jersey life and health guaranty
member insurers
What is the major difference between a Stock Company and a Mutual Company?
oWnership
If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association that would be considered (Choose from the following options) 1. A misrepresentation 2. An accurate statement 3. A legal representation of the Association 4. An unfair trade practice.
4. An unfair trade practice.
the commissioner believes that a license has violated an insurance regualtied and decdies to conduct a hearing. how long of a notice must the commissioner provide the licensee
10 days
If a producer dies or is rendered severely disabled, an unlicensed person can contract with another insurance producer to continue this person's insurance transactions for
180 days
applicants for an indivduak producer liscense must submit proof of completing 24 hours of continuing education credits during the prvieus
2 years
Which of the following persons is required to hold a producer license?
A person who negotiates insurance contracts. Persons who perform clerical tasks that are not related to soliciting or negotiating insurance contracts are not required to be licensed.
Which of the following is an example of a producer being involved in an unfair trade practice of rebating?
Telling a client that his first premium will be waived if he purchased the insurance policy today
Which of the following included in the term "insurance-related conduct"?
Transmitting funds between producers and the insurance company *The term "insurance-related conduct" includes acts related to insurance transactions, such as selling, soliciting, negotiating and binding insurance policies; processing claims; or transmitting funds between the insured, producers, premium finance companies and insurance companies.
