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22 Cards in this Set
- Front
- Back
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Paul vs virginia
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ruled that the regulation of the sale and issuance of insurance was the right of each state.
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US vs southeastern underwriters association
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this ruled that insurance was a form of interstate commerce subject to regulation by the federal government.
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McCarran-Ferguson Act
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This act led each state to revise its insurance laws to conform to the federal law and helped eliminate conflict between state and federal law.
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The commissioner of banking and insurance
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has the power to conduct investigations, administer oaths, interrogate licensees and others, and issue subpoeanas to any licensees or other persons with regard to any investigations, hearings , or preceding.
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certificate of authority
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is a certificate issued by the commissioner giving the authority of an insurer the right to transact business within the state.
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ceding insurer
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original insurer of reinsurance
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assuming insurer
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an insurer that insures the ceding insurer in reinsurance
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retrocession
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occurs when a reinsurer accepts too many risks and has to reinsure some of them with another reinsurance company
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insurance related conduct
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soliciting, negotiating, and binding contracts
all communications with insured office management policies processing claims transmitting funds |
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personal line authority
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includes all property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes
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limited lines authority
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includes bail bonds, credit insurance, ticket insurance, group mortgage cancellation, legal insurance, self-storage personal property insurance, and special nonresident limited lines
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variable life and variable annuity
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includes all coverages defined as a contract on a variable basis
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title insurance authority
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includes all policies of insurance guaranteeing or indemnifying owners of real property
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business entity license
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a properly completed application in a form approved by the department or the current version of the NAIC uniform application for buesiness entities.
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temporary insurance pruducer license
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lasts for 180 days works for substituting for a disabled or deceased producer
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temporary certification
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expires 60 days after issuance and are sometimes given by the comissioner when the applicant has submitted an applications with nothing that would disqualify themselves
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change of address
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within 30 days of change of address
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policy delivery
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must be given to the insured within 10 calendar days
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New Jersey Insurance Fraud prevention act penalties
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5,000 for first
10,000 for the second 15,000 for each subsequent violation |
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express authority
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Authority the principal intentionally and expressly grants in writing, orally, or both
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implied authority
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authority the principal intend the agent to have but does not specifically grant
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apparent authority
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the authority any reasonable person would assume the agent has,based on the agents actions
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