The commissioner is authorized to assess a civil and administrative penalty of not more than
$ 5,000 for the first violation
, $ 10,000 for the second violation and $ 15,000 for each subsequent violation of any provision of P.L.1983, c.
What is the fine for violating the commissioner’s cease and desist order quizlet?
If a person is issued a cease and desist order, failure to cease the prohibited act may result in
a $5,000 fine, or up to $55,000 for willful violation
. An admitted insurer is one that has complied with the laws of this state to become authorized to transact insurance.
What is the maximum fine for a producer violating a New Jersey insurance law for the first time?
$5,000 for the first
violation, $10,000 for the second violation, and $15,000 for each subsequent violation.
How many days must a producer Report claims to the insurer?
How many days must a producer Report claims to the insurer? A producer shall report to the insurance commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state
within thirty (30) days
of the final disposition of the matter.
How many questions is the NJ Life producer exam?
| New Jersey Exam Information | Exam Name Exam Time Total Questions | Life Producer 3 hrs 30 min 83 | Accident & Health Producer 3 hrs 30 min 88 | Property Producer 3 hrs 30 min 79 |
|---|
What is the difference between an unfair claim practice and an unfair trade practice?
These unfair trade practices also serve to define
those practices that may be harmful or deceptive to consumers
. Unfair claims settlement practices acts, as legislated by the states, protect consumers from some of the more egregious claims settlement and delay practices.
Which is an example of an unfair claims settlement practice?
Typical Example of Unfair Claims Practice
The insurance company delays payment
, rendering the business owner unable to repair any of the damage. The insurance company continues using delay tactics to avoiding making a payment. For example, the claims representative keeps “forgetting” to send the claim forms.
What is the maximum penalty for habitual willful noncompliance?
What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act? An individual who willfully violates this Act enough to constitute a general pattern or business practice, will be subject to a penalty of
up to $2,500
.
What is an example of rebating?
An example of rebating is
when the prospective insurance buyer receives a refund of all or part of the commission for the insurance sale
. Rebates can be made in the form of cash, gifts, services, payment of premiums, employment, or almost any other thing of value.
What is the maximum civil penalty for violating insurance Information and Privacy Protection Laws quizlet?
Civil penalties can be issued to any person who is discovered to have violated HIPAA Rules. The Office for Civil Rights can impose a penalty of
$100 per violation of
HIPAA when an employee was unaware that he/she was violating HIPAA Rules up to a maximum of $25,000 for repeat violations.
What is the process for a producer voluntarily terminating his her license?
A
licensee may surrender a current producer license by returning it to the Department for cancelation at any time
. The Department may refuse to accept a request for canceling a business entity’s license unless all current officers or partners agree to the request.
How long will the beneficiary receive payments?
Once a decision is reached, beneficiaries can expect to receive their money in anywhere from
a couple of weeks to 45 days
. State laws usually specify the maximum amount of time that can elapse before the life insurance company must send you your check.
How long must an insurer keep books and records?
The regulation requires records to be kept for at
least six years after their filing date
. advised that insurance policy records for employees be kept at least six years to ensure federal compliance.
How much do life insurance agents make in NJ?
| Annual Salary Hourly Wage | Top Earners $124,111 $60 | 75th Percentile $88,310 $42 | Average $73,835 $35 | 25th Percentile $39,620 $19 |
|---|
How do I pass the NJ life insurance exam?
- Complete all Study by Topic reading chapters and Study by Topic quizzes. Study by Topic quizzes must be passed with a score of 70% or better and must be taken in order.
- Complete and pass the simulated exam with a score of 70% or better.
How many questions is the life insurance exam?
The number of questions in each exam is as follows: Life insurance – 75 minutes and
30 questions
, plus an additional 5 pilot questions.
