All Law

Question 1

Which of the following determined that federal antitrust laws would apply to insurance but only to the extent that state regulation was not effective?

Answer 1

Public Law 15

Question 2

Which policy determines that insurance isn’t interstate commerce and that the Feds have no authority to regulate it

Answer 2

Paul v. Virginia

Question 3

Which case determined that insurance is interstate commerce and is subject to antitrust laws

Answer 3

U.S. v. South-Eastern Underwriters Association

Question 4

The commissioner of the department of banking and insurance(DOBI) is appointed by

Answer 4

the Governor

Question 5

The commissioner has power to do all of the following EXCEPT
A. Conduct investigations
B. Issue subpoenas
C. Issue search warrants
D. Interrogate licensees

Answer 5

Issue Search Warrants

Question 6

Whenever the commissioner requests a public hearing, how many days after notice must it be scheduled?

Answer 6

At least 10 days

Question 7

How many days within the Commissioner’s final order does an intervenor have to appeal a decision

Answer 7

30 days`

Question 8

As a penalty, the commissioner may do all of the following EXCEPT
A. Revoke a producers license
B. Issue a cease and desist
C. Execute a producer 
D. Impose a fine

Answer 8

Execute a producer

Question 9

A person failing to comply with a subpoena from the commissioner may be charged with

Answer 9

Contempt

Question 10

The governing body of a mutual insurer is elected by

Answer 10

Policyholders

Question 11

What is issued to an insurer by the commissioner demonstrating it’s authority to transact insurance business in the state

Answer 11

Certificate of Authority

Question 12

In order for an insurer to execute an extended reinsurance transaction, what is required?

Answer 12

Written permission from the Commissioner

Question 13

Which of the following lines of authority has to fulfill CE requirements in order to renew their license?

Answer 13

Health, Life, Casualty

Question 14

Which of the following persons could be an insurance consultant
Former salesman
Bank trust officer
Attorney
CPA

Answer 14

Former Salesman

Question 15

A producer wishing to appeal the final order of the commissioner would appeal to the

Answer 15

Superior Court

Question 16

Which of the following producers does not need to satisfy CE requirements

Answer 16

nonresident

Question 17

Which professional designation qualifies an applicant for exemption for pre-licensing education requirements for a life producer license

Answer 17

CLU

Question 18

In order to obtain a NJ resident insurance producer license, the commissioner must confirm that the individual meets all but THIS requirement

Answer 18

At least 19 years of age

Question 19

A commissioner does not need THIS to happen in order to issue a nonresident license:

Answer 19

Applicant must pass a state exam in their line of authority

Question 20

When applying for a producer’s license, an applicant must have passed the state licensing exam within how long of their application date

Answer 20

12 months

Question 21

When applying for a producers license, how long can an applicant wait to complete a prelicensing course in the application period?

Answer 21

24 months

Question 22

After an applicant successfully passes the state exam and is given the certificate of authority, how long do they have before the certificate expires?

Answer 22

60 days

Question 23

Upon cancellation of an agency contract with a producer, the insurer must give written notice to the commissioner within how many days?

Answer 23

15 days

Question 24

What is the maximum time a temporary insurance license may be issued for by the commissioner in a special circumstance case, such as the death of a producer and he spies being granted a temporary license?

Answer 24

180 days

Question 25

If a producer terminates his license, how long before he has to meet all standard pre-licensing requirements again?

Answer 25

12 Months