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Title Insurance > Definitions > Flashcards

Definitions Flashcards

1
Q

Clerical Duties

A

Administrative and underwriting tasks accomplished in the office and under the supervision of the insurer or licensed producer that are necessary to produce the insurance contract.

Ex: Mail, Filing, Scheduling, Recording and Receiving Info

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2
Q

Commissioner

A

Commissioner of the dept. of Banking and Insurance

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3
Q

Declination or Denial

A

Refusal by an insurance producer to submit an application on behalf of an applicant to any of the insurers represented by the producer

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4
Q

Department

A

Department of Banking and Insurance

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5
Q

Financial Institution

A

Any State or Federal banking institution, bank holding company, credit union, savings and loan association, finance company, mortgage loan company, or any other institution, association, partnership, company corporation, individual or individuals whose principal business is the lending of money or the extension of credit.

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6
Q

Inducement

A

means money or any favor, advantage, object, valuable consideration or anything other than money which has a cost of or redeemable value greater than $25.00.

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7
Q

Insurance Contract

A

means a contract, policy, application, binder or commitment. a commitment for title insurance or an annuity.

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8
Q

Insurance Producer

A

any person required to be licensed under the laws of this State to sell, solicit or negotiate insurance.

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9
Q

Insurer

A

any company that underwrites or issues an insurance policy or contract

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10
Q

Negotiation

A

the act of conferring directly with, or offering advice directly to a purchaser or prospective purchaser of a particular contract or policy of insurance concerning any of the substantive benefits, terms or conditions of the contract or policy

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11
Q

Person

A

any individual, corporation, partnership or legal entity

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12
Q

Rebate

A

the return or promise to return of any monetary sum, or discount, abatement, credit or reduction in premium other than that plainly expressed in the insurance contract.

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13
Q

Solicit

A

attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular insurer

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14
Q

Transmission

A

means any form of mailing ( including electronic delivery)

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15
Q

NPN: National Producer Number

A

Unique identifier assigned to each licensed producer by the NAIC

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16
Q

NAIC

A

National Assoc. of Insurance Commissioners

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17
Q

Act

A

NJ Insurance Producer Licensing Act of 2001

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18
Q

Administrative Procedure Act

A
  • The Act concerning practices and proceedings of the NJ Public agencies pursuant to N.J.S.A.
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19
Q

Authorized Insurance Education Director

A
  • The person designated by insurance education provider and approved by the department to be responsible for the program’s compliance with these rules and the programs operations.
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20
Q

Authorized Personnel

A

Any Person designated by the insurance education provider and approved by the dept. to be able to submit insurance cert forms, schedules etc.

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21
Q

Authorized Submitter

A

A producer or applicant authorized to enter personal information onto electronic applications that approved by the dept.

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22
Q

Branch Office

A

An office in New Jersey other than a principal office where a licensee conducts insurance business.

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23
Q

Business Entity

A

Corporation, Partnership, or legal entity.

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24
Q

Business Name

A

The Legal name of a business entity

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25
Q

Contact Course or Class

A

A classroom presentation, seminar or lecture with monitored attendance and an instructor present

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26
Q

Controlling Interest

A

An officer, director, partner or owner of an entity filing for a producer license owns 10% or more of that entity

27
Q

Credit Hour or Credit Education Unit or CEU

A

One hour of credit based on classroom attendance or approved hour for seminars

28
Q

Department

A

The NJ Department of Banking and Insurance

29
Q

Electronic Online Submission

A

Submission of an initial application through the dept. website

30
Q

Program

A

Insurance educators’ curriculum

31
Q

Insurance Related Debt

A

Any Debt incurred by a producer arising from selling, soliciting or the negotiating of insurance.

32
Q

Insurance Related Conduct

A
  • Selling, soliciting, negotiating or binding policies of insurance
33
Q

Producer

A

a person engaged in the business of an insurance agent, insurance broker or insurance consultant

34
Q

Risk

A

Possibility of loss

35
Q

Peril

A

Direct cause of the loss

36
Q

Hazard

A

conditions which increase likelyhood of the loss

37
Q

Testate

A

when an individual dies leaving a will

38
Q

intestate

A

when an individual dies without leaving any will

39
Q

executor/executrix

A

the named fiduciary in a will who is appointed by the testator to handle the estate after his demise

40
Q

administrator

A

the fiduciary appointed by the surrogate to handle the estate in the absence of a will

41
Q

per stirpes

A

literally by representation. the manner in which any interest passes from a decedents estate to that surviving rep. of the beneficiary

42
Q

per capita

A

literally, by the head. The manner in which an interest passes from a decedents estate to the beneficiary only. If the beneficiary predeceases the devise lapses

43
Q

will

A

a written expression of the desire of a person as to the disposition of the that persons property after his death

44
Q

pendente lite

A

pending litigation or dispute.

45
Q

codicil

A

a modification to a will, either adding, subtracting, or changing the terms of said will

46
Q

self proving will

A

a type of will that does not require proving of same after death.

47
Q

holographic will

A

a will entirely written and executed in the testators handwriting

48
Q

renunciation

A

the refusal of a beneficiary of an estate to administer said estate or accept his legacy

49
Q

release and refunding funds

A

the document executed by a beneficiary of an estate which releases the estate any further obligation for the payment of the legacy due to said beneficiary, once the legacy has been distributed

50
Q

caveat

A

that document filed with the surrogate when a dispute is made as to the validity of a will or its contents

51
Q

surrogate

A

the county official who acts on behalf of the decendent to ensure that the will or estate is properly administered and admitted to probate

52
Q

probate

A

the proving that a will is valid

53
Q

orphans court

A

court which is used to settle estate disputes

54
Q

prerogative court

A

very old court that handled colonial estates

55
Q

devise

A

the act of leaving real property in a will

56
Q

bequest

A

the act of leaving personal property in a will. Also known as a legacy

57
Q

affidavit of surviving spouse

A

the doc which is filed by the surviving spouse of a decedent when the estate does not exceed $50,000. The first $10,000 is free and clear the remaining is subject to the decedents debts

58
Q

affidavit of next of kin

A

the doc which is filed by the surviving spouse of a decedent when the estate does not exceed $20,000 and all of it is subject to creditors rights

59
Q

residuary devise

A

a section in the will which leaves all of the rest, residue and remainder of the estate to someone

60
Q

federal estate tax

A

taxes levied an estate whose value exceeds $11.58 Million

61
Q

State inheritance tax

A

tax levied upon death. This lien is valid for a period of 15 years from the date of death

62
Q

partition of lands

A

an act usually taken by the orphans court or appointed commissioners to divide real property in an estate between the beneficiaries

63
Q

inventory

A

an accounting of all the belongings of the decedent which is filed in the surrogates office

Title Insurance (3 decks)

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