Rules, Laws, regulations
Twisting
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's set interest are guilty of
$5,000, $10,000 and $15,000
The penalties for the first second and any subsequent violation of the new jersey fraud prevention act.
Admitted
Which of the following is the closest term to an authorized insurer
Pay dividends to the policyowner
A participating insurance policy must do which of the following?
10 calendar days
A producer received a group master policy and certificates for delivery to the insured. Within how many days must the policy and certificates be delievered
The insurer will pay all losses through the end of the grace period
A small employer owns a group life insurance policy. The employer does not pay the premium by the premium due date and fails again to pay by the end of the grace period. The insurer cancels the policy. Which of the following is true
Passing the New Jersey licensing examination
All of the following are requirements for a nonresidential license except
30 days
If an insured requires an application in order to reinstate a policy, and if the insured requests reinstatement in writing, an application must be delivered to the insured within
Hold a resident license in good standing in the producers home state
To become a licensed as a nonresident producer in this state, a producer must do which of the following
Producer contact information
Which of the following is not required information a producer must provide before soliciting insurance
(PIA) Professional Insurance Agent
All of the following professional designations are recognized by the department as acceptable substitutes for eduction and examination requirements except
Payments are paid to the borrower's beneficiary
All of the following statements are correct regarding credit life insurance except
Obtain a list of all of the insurance policies that will be replaced
During replacement of the life insurance, a replacing insurer must do which of the following
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
12 months
If an applicants 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
An agent misrepresents policy benefits to convince a policy owner to replace policies
Rebating is an unfair trade practice and is regulated by the law. All of the following would be considered to be rebating except
A consultant does not sell policies, but only offers advice
What is the difference between an insurance producer and a insurance consultant
Property and casualty
Which of the following licenses is required for a surplus lines producer
Replacement rule
Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance