New Jersey Laws, Rules and Regulations Common to All Lines
The Commissioner believes that an insurance rule or regulation has been violated, and decides to call a disciplinary hearing. How many days before a hearing must the Commissioner issue a notice to the person charged with a violation?
10 days
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 before
The company owes premium money to the insured. The insurer gave the funds to the producer to return to the insured. Within how many days must the producer pay the insured?
5
In cases where a producer's license has been revoked, the producer must wait for how long before applying for reinstatement?
5 years
An insurer cancelled a contract with a producer on April 1st. By what date must the insurer notify the Commissioner of this action?
April 15th
In order for an insurer to legally transact insurance, it must obtain which of the following?
Certificate of Authority
When doing business in this state an insurance company that is formed under the laws of another state is known as which type of insurer?
Foreign
Which of the following would NOT be considered rebating?
Giving a client a $25 pen with the insurer's logo during the insurance application process.
Which of the following is NOT considered a misrepresentation as it pertains to unfair trade practices?
Making comparisons between different policies
What method do insurers use to protect themselves against catastrophic losses?
Reinsurance
The McCarran Act stated that the federal government would not regulate insurance as long as an adequate job of regulating the industry was done by the ?
States
Which of the following is true regarding a Supreme Court decision?
The decision in U.S. vs. the South-Easter Underwriters Association reversed the decision made in Paul vs. Virginia.
Which of the following is included in the term "insurance related conduct"?
Transmitting funds between producers and the insurance company.
Two individuals are in the same risk and age class; yet, they are charged different rates for their insurance policies due to an insignificant factor. What is this called?
Discrimination
Which of the following is true regarding license cancellation and reinstatement?
To cancel a license, the license needs to be returned to the Insurance Department. It can be reinstated by filling out an application and paying a fee.