Points to Memorize
The maximum the Insurance Guaranty Association will pay to an individual for life insurance death benefits is
$500,000
In order to become a producer in New Jersey, after submitting a licensing application, candidates must pass a licensing examination within
1 year
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?
12 months
Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained?
3 days
How many days does a producer have to remit the collected premiums to the insurer?
5 business days
Within how many days must a producer report claims to the insurer?
5 business days
After its issuance, the temporary work authority expires after how many days?
60 days
If a credit life policy lapses for nonpayment before the debt is satisfied, within how many days must the creditor either refund the premium paid or apply it against the debt?
60 days
According to the telemarketing sales rules, what are the permissible calling hours for telemarketing calls?
8am until 9pm
An insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming?
Foreign A foreign insurer is domiciled in one state and transacts insurance in another. A domestic insurer transacts insurance in the domicile state (in this case, Montana). An alien insurer is domiciled in one country and transacts insurance in another.