nj insurance laws
A producer who allows his license to expire may reinstate the license within ____ year(s) of expiration
1 year
The commissioner must give notice of at least how many days for a hearing of unfair trade practices
10 days
Maximum benefit for life insurance cash value/life insurance net cash surrender value
100,000
Maximum Fine for each violation committed unknowingly
1000 dollars
Employers must provide notification statement to eligible individuals for COBRA continuation within how many days?
14
Cancellation of Agency Contract The commissioner must notify a cancellation within how many days, including reason for cancelation?
15 days
Term of credit life insurance can not extend more than how many days beyond the scheduled maturity date of the indebtedness
15 days
Minimum Age to obtain producers license
18 years of age
Commissioner may issue a temporary producer license for a maximum of how many days, to a surviving spouse, business partner, or employee if a producer dies, disabled, military service?
180 days
Maintenance and Duration of License Expiration date of license is every ______ years of the last day of the birth month?
2 years
Pre Licensing education requirements Hours for accident and health insurance
20 hours
Pre Licensing education requirements How many hours for life insurance
20 hours
Continuing Education (CE) Total CE hours required every 2 years is ? Includes ___ hours of Ethics CE
24 hours, 3 hours of ethics CE
How many days of hospitalization or skilled nursing facility may be required before home health care
3 days
Copies for Advertisement must be filed at least ___ days before use
30 days
Criminal Acts must be reported to the commissioner within how many days of conviction?
30 days
Department of Banking Insurance must be notified ______ days before opening or closing a branch office?
30 days
Free look for medicare supplement policies
30 days
NJ Laws only pertaining to LIFE INSURANCE Free look (unconditional refund) for replacement of life insurance policy
30 days
Responsibilities and reporting to the department of banking insurance Number of days to report mailing, residence, email address, or business name?
30 days
Time frame for non resident insurance producer to file a change of address
30 days
An individual whose license is revoked for any reason must wait at least __ until state permits reapplication
5 years
Insurers must maintain a file of all advertisements used in the soliciting of life insurance for a period of at least
5 years
Responsibilities and reporting to the department of banking insurance Records must be maintained for at least ____ years?
5 years
Maximum benefit for present value of annuity benefits?
500,000
New Jersey Life and Health Insurance Guaranty Association Maximum Benefits for Life insurance death benefit
500,000
If consumer information reports are obtained under false pretenses, the maximum penalty is?
5000 dollar fine, 1 year imprisonment, or both
Maximum Fine for violating cease and desist order
5000 dollars
Maximum fine for violation committed knowingly
5000 dollars
Insurance Fraud A person found guilty of insurance fraud is subject to the following civil penalties: 1st offense? 2nd offense? Each Subsequent offense?
5000 dollars, 10,000 dollars, 15,000 dollars
Maximum civil penalties for violating insurance producers licensing act Additional?
5000 dollars, each one after is 10000
Worker must earn ___ to be currently insured and eligible for social security disability benefits
6 credits in the last 13 quarters
Medicare supplement policies may not deny a claim for pre existing conditions for losses incurred more than how long after the effective date of coverage?
6 months
NJ Laws pertaining to Accident and Health Insurance only Medicare supplement plans Maximum Pre Existing Condition Exclusion Period
6 months
Temporary work authority for resident producer applicants is valid for how many days?
60 days
Disability Income policies providing benefits payable after age 62 and reduced solely on the basis of age must contain an elimination period no greater than how many days if written for a one year term
90 days
How many days from the date of loss does an insured have to submit a completed claim form to insurer?
90 days
Which party cannot receive commission from an insurer?
A solicitor
All of the following are considered to be transactions involving replacement:
A whole life policy converted to reduce paid up insurance, modified life policy reissued with reduced cash value, life insurance is continued as extended term insurance
A branch office certificate expires :
At the same time as the producers own license
The commissioner of insurance may take this form of action when it is determined that a producer has engaged in unfair methods of competition?
Cease and desist order
Which of the following best describes a person who secures an insurance license solely for the purpose of writing coverage to protect his own risk?
Controlled business
All the following must be proposed to a prospective life insurance purchaser
Dividend information, type of policy, age when coverage decreases
Who is permitted to act as an insurance consultant
Former sales representative
A life insurance policy issued in the state which provides the entire face amount as a death benefit at all times best describes
Full death benefit policy
Testimonials utilized in insurance advertising must be
Genuine and represent current opinion of author
An accident only policy must contain a prominent statement of limited coverage provided in which of the following areas
Initial page of policy
All of the following are considered to be forms of insurance advertisements:
Magazine advertisements, prepared sales talks, material use for recruitment Not, amortization tables!
What stipulated that federal anti-trust laws would apply to insurance but only to the extent that the state regulation was not effective?
McCarran Ferguson Act
Which of the following insurance court cases declared that insurance policy was not an article of commerce, and was actually a contract of indemnity
Paul Vs. Virginia
Which of the following must be provided to all purchasers of life insurance?
Policy summary
An agent offers an applicant something of value that is not specified in the insurance contract in order to persuade the applicant to purchase he is guilty of?
Rebating
An agent who illegally induces an insured to lapse his or her current policy in order to purchase a new policy could be guilty of?
Twisting
Illegally inducing an individual to lapsing his current plan best describes?
Twisting
Maximum benefit for health insurance benefits?
Unlimited
A producer fails to complete the required number of CE hours, the commissioner will terminate his license...
Until the requirements are completed
Under a credit life or credit accident and health insurance contract: the amount of coverage may not exceed the
amount of indebtedness
All of the following entities have the ability to secure a producers license in NJ
an individual, partnership, a corporation not controlled business producer
Records of compliance must be kept by health insurers on which basis:
calendar year basis
The ability to transact insurance business in the state of the NJ is granted by
certificate of authority
All of the following are considered legal disbursements from premium trust accounts:
claim payments, gross premiums due insurers, withdrawal of non premium monies not involuntary deposits
Which can cause total health claim payments to be greater than the amount of loss?
duplicative coverage
All of the following must be disclosed in advertisement for accident and health insurance
exceptions, reductions, and limitations
A producer who has misappropriated funds to policy owners or insurers may
have his license suspended
All the following are benefits provided by an accident and health policy coverage for the treatment of alcoholism:
inpatient care, detoxification facility, outpatient treatment not personal injury protection
Alcoholism treatment regulations apply to which of the following forms of health insurance
major medical policy
A reinsurance transaction the originating insurer may also be referred to as the
obligatory insurer
Party offering a rebate to an applicant of insurance is known as the
offeror
Minimum benefit standards of accident health and standards in NJ say
policies that include military service exclusions shall provide for a refund of premium when coverage is suspended
Which of the following involves a reinsurance company placing additional risk with another reinsurance company
retrocession
The commissioner of insurance has the power to
subpoena witnesses
New Jersey Regulations applying to group coverage discontinuance and replacement, are applicable to all the following:
term life insurance, major medical coverage, renewable term life, not temporary disability benefits
A licensed producer acting as an agent in NJ represents
the insurer
