Business Law > QUESTIONS & ANSWERS > Casualty Producer NJ- Exam Questions with correct Answers (All)

Casualty Producer NJ- Exam Questions with correct Answers

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Casualty Producer NJ- Exam Questions with correct Answers Powers and duties of Commissioner ✔✔ Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance... licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing ✔✔ 10 Retrocession ✔✔ When a reinsurer transfers risks it has accepted to another insurer Producers can be ✔✔ Agents, brokers or both Insurance agent ✔✔ a licensed insurance producer who is appointed by an insurer to sell insurance. An agent represents the insurer not the insured Insurance broker ✔✔ a licensed insurance producer who negotiates insurance on behalf of insureds or policy owners, not on behalf of an insurer or agent. Brokers represent their clients, not the insurer or agent Insurance consultant ✔✔ a person who, for a fee, acts or holds himself out to the public or any licensee as offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages under any policy issued in this state Insurance related conduct ✔✔ Soliciting, negotiating or binding policies of insurance All communications with insureds concerning any term or condition of policy insurance Office management policies affecting insureds Processing claims Transmitting funds between insureds, produces, premium finance companies, and insurance companies Producer license requirements ✔✔ 18 years old Have no committed any act that is ground for denial, suspension or revocation of a license Complete the pre-licensing education requirement Complete the application and pay the fee Pass the licensing exams for the lines of authority for which the individual has applied Business entity producer application must include ✔✔ -Business entity legal name and addresses -Other business names if any -Names, License number, License lines of authorities for each licensed officer or partner and, if any, all persons owing 10% or more of the business entity -Responses to questions concerning the applicant's character, fitness and financial responsibility For the Commissioner to issue and insurance producers license to a qualified nonresident producers, the person must... ✔✔ -Be currently licensed and in good standing in her resident state -Submit the proper application and fees -the home state of the person must award insurance producer licenses to producers of this state on the same basis Who are exempt from state licensing examination ✔✔ -Nonresident producer applicants -Nonresident producers moving to this state from a reciprocal state who apply for resident license within 90 days [Show More]

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