Which of the following is NOT a reason for the Commissioner to revoke a producers license Quizlet
Upgrade to remove ads Show Only SGD 41.99/year
Terms in this set (50)The commissioner may demand that an insurance company pay a former agent commission on renewal business written while under contract: in accordance with the previous agency contract a person whose producer license is revoked shall not be entitled to apply for another insurance license for at least: five years a license producer is required to file notice of any change of address in writing within: 30 days a producer is suspected of violating insurance rules. A 10-day notice of hearing is issued and after the hearing is conducted, the producer is found guilty. The commissioner may do which of the following, in addition to imposing monetary penalties? Revoke the license of the licensee All of the following would be listed on a producer status EXCEPT: petitions or discharges in bankruptcy Any person violating the provisions of the insurance law may be fined, for the first offense, up to: $5,000 A domestic insurer is: A stock of mutual insurance company organized under the law of this state An insurer which is informed under the laws of any country other than the United States is known as which type of insurer: Alien An insurer incorporated in accordance with the laws of this state with capital divided into shares and owned by its stockholders is: Domestic Stock A domestic mutual insurer is incorporated in accordance with he laws of this state without permanent capital stock. Who is responsible for the election of the Board of Directors?: The Policyholders Which of the following may the Commissioner issue evidencing the authority of an insurer to transact insurance in this state: Certificate of Authority A contract in which the originating insurer procures insurance for itself in another insurer with respect to part or all of an insurance risk is called: Reinsurance Which of the following is true about an insurance consultant?: The Consultant must be licensed as a producer. Which of the following is true regarding Branch Offices: 1.at least one licensed insurance producer assigned to that office no individual may be licensed as a producer unless they are at least: 18 years old An insurance broker is someone who represents: An insured or prospective insured A producers license is not required for an office employee who: takes factual information relative to a claim In addition to the suspension or revocation of a license and any other penalties, if a producer violated any provision of the law, the commissioner may impose a fine up to: $5,000 for the first violation, $10,000 for each subsequent violation The commissioner may revoke a producer's license, if he finds that the commissions earned on "controlled business" during the 12 month period exceed the percentage of the producer's aggregate commissions on all business written? 50% A producer licensed by another state moves to NJ, and wishes to be licensed as a resident producer in NJ, which of the following is true: the education requirement may be waived an insurer is required to maintain records of all complaints received: since it was last examined by the department A nonresident licensee in New Jersey has a resident and business address in a state other than New Jersey The standard term for a New Jersey insurance producer license is: 2 years The Insurance Commissioner may: adopt, issue and promulgate rules and regulations authorized by laws A producer's license may be renewed online up to 60 days prior to the expiration of the license; however, the renewal application must be submitted within how many days before the expiration date? 10 days in order to sell workers compensation insurance, a producers license must designate the following authority: Property/Casualty If the licensee has paid all or part of commissions on insurance premiums to a person not licensed in this state, the commissioner may: revoke the license Should the commissioner determine that a license has willfully violated any provisions of the insurance laws of this state, the commissioner may suspend the license: after conducting a hearing in accordance with a written "Show of Clause Order" A licensee may terminate a current producer license by: returning the license to the department for cancellation any time before the expiration date. A licensee shall notify the department of insurance of the closing of a branch within how many days? 30 calendar days when all qualifications have been satisfied, the commissioner may issue a temporary certificate, which will permit an applicant to begin working as a producer, pending receipt of the license. A temporary certificate may be effective for a period up to: 60 days any person failing to comply with a subpoena issued by the commissioner of insurance: May be punished by the superior court of contempt New Jersey insurance law prohibits trade practices that are: 1. unfair methods of
competition a licensed producer acting as a broker may charge, an insured, a fee contingent upon the fact that the fee: 1. is based on a written memo signed by the insured Unless specifically addressed under New Jersey insurance law, rebating is Prohibited Making, issuing or circulating any estimate, illustration, circular or statement that distorts the term of any policy is prohibited, and defined as: misrepresentation Making, publishing, disseminating or circulating, directly or indirectly, or aiding, abetting or encouraging of any oral or written statement which is false or derogatory to the financial condition of an insurer is defined as: Defamation Under New Jersey law, preference in the insurance, withholding, extension or renewal of any policy or contact of insurance sole because of age, is considered: Unfair discrimination A violation of a Cease & Desist order may result in a fine for each violation up to: $5,000 The waiting period after revocation of a producer's license before reapplying for this license is: 5 years from the effective date of revocation It is unlawful to permit any discrimination against a person because of 1. creed A producer who has a license revoked by the commissioner of insurance may: not receive commissions on the renewal of policies Accounts receivable, for insurance accounting purposes, may not include premiums owed to the licensee for more than what period of time after the last day of the month in which the insurance was ineffective: 120 days Statements contained in advertisements with respect to the business of insurance which are untrue, deceptive or misleading or misleading are: Prohibited under New Jersey state law All of the following would be lawful withdrawals from a trust account 1. commissions due to the producer The insurer must give the department of insurance how many days notice of the termination of an agent appointment: 15 The inducement of an insured to lapse, forfeit or surrender an insurance policy by misrepresentation or misleading comparisons, in order to write a new policy, is known as, twisting an insurance producer lives in the state of Pennsylvania and maintains a business office in New Jersey for insurance purposes. The producer elects NJ to be the home state for licensing purposes. What type of license is required for the producer to sell insurance in Pennsylvania? non-resident license issued by Pennsylvania An insurance company has requested a Certificate of License Status on a licensed producer. Which of the may not be disclosed? Criminal history reports When an insured reports a claim to an insurance company, the company is required to: acknowledge or pay the claim, within 10 days Sets with similar terms1.0 Insurance Regulation 10%67 terms chartshorn insurance regulation43 terms catherinepaige Insurance Regulation52 terms JulianBueno10 Ins. Exam: Texas Statutes and Rules Common to Life…68 terms scdupre Sets found in the same folderLife law Quiz37 terms kimanie_robinson EXAM - New Jersey: General, Life, and Health Laws434 terms Melonz 6 - Group Life Insurance13 terms mercyx21 ( 2 )- Health Insurance Providers87 terms Ana_Depp Other sets by this creatorHealth 2100 terms kimanie_robinson Health 147 terms kimanie_robinson Life insurance 2114 terms kimanie_robinson Life insurance 150 terms kimanie_robinson Recommended textbook solutionsHDEV56th EditionSpencer A. Rathus 380 solutions Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Anderson's Business Law and the Legal Environment, Comprehensive Volume23rd EditionDavid Twomey, Marianne Jennings, Stephanie Greene 369 solutions
Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Other Quizlet setsLipids22 terms OLiii34 CHAPTER 17: ETHICS AND SOCIALLY RESPONSIBLE MARKET…45 terms saulwidrich2234PLUS Excel56 terms LilyRoberts29 Anatomy Exam 1 Example Questions61 terms liamshannon2103 Related questionsQUESTION Would it be discriminatory for a buyer agent to decline to accompany a client to an open house for a home in a neighborhood the agent knows the buyer cannot afford? 13 answers QUESTION When is a seller required to give a written property disclosure or disclaimer to a buyer? 3 answers QUESTION What is the legal term which describes the relief a person may obtain when he/she is successful in establishing a discrimination claim under Title VII ? 6 answers QUESTION As a general rule, the innkeepers of today are required to provide accommodations to travelers who are willing to pay for such accommodations. This requirement is an example of: 2 answers |