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Frequently Asked Questions
Common questions regarding...
Q: I am a nonresident and wish to apply for a producer license in your state. How can I do this?
Q: What is involved with obtaining a Limited Lines Insurance Producers license? Q: What types of limited lines licenses are there? Q: Do I need to license my legally formed business entity, corporation, LLC, or is my individual license sufficient? N.J.A.C. 11:17-2.8 states that the New Jersey Department of Banking and Insurance (NJDOBI) must approve all business and trade names of applicants for a resident New Jersey insurance
producer license. It is strongly recommended that name approval by this Department is obtained prior to submitting an application for a resident New Jersey insurance producer license. Additionally, please be advised that recording of the name by the County Clerk or government entities does not guarantee acceptance by this Department. For this, as well as other reasons, all name requests should be approved by the Department of Banking and Insurance before the recording of the name by a County
Clerk or other government entity. Names that do not comply with N.J.A.C. 11:17-2.8 will not be approved.
Q: Are there any changes that affect surplus lines producer licenses? Q: What are the fees charged?
Q: What are the mandatory prelicensing education classroom hours for the various insurance producer lines of authority? (These hours include the instruction topics covered during the previously mandated 15 hours in insurance regulation. **)
Approved insurance education providers may offer a supplemental prelicensing education course to assist those license candidates who feel the need for more detailed instruction. This course may be of any duration but is not mandatory. All required instruction will be included in the mandatory course lasting 20 hours for the major lines identified above or 10 hours for Limited Lines - Bail Bonds.
Q: How much is the examination fee?
Q: Can the examinations be waived? Q: How do I obtain study material to aid in passing the examination if I have received a waiver of the education requirements? Q: How many continuing education credits will I need prior to the renewal of my license? Q: The continuing education course I completed did not meet my expectations. What can I do? Q: Currently, I have more than the required credits to renew my license. Can I carry them over to the next licensing cycle?
Q: I maintain a non-resident New Jersey producer license. Do I have to meet continuing education requirements? Q: Do continuing education requirements apply to attorneys? What if the attorney has authority only to transact Title lines of coverage? Q: Do I have any alternative to taking a traditional prelicensing or continuing education class? Q: I have an insurance designation that has its own continuing education requirement. Does the state have any other continuing education requirements for me? Q: Credits were not banked for a course I completed several months ago. Q: I am disabled and cannot sit in classes. Q: When do I have to send in a late fee for renewal? Education Providers
What must happen when an individual policy or annuity has been personally delivered to the policy owner?what must happen when an individual policy or annuity has been personally delivered to the policy owner? * When an individual policy or annuity is delivered by hand to the policy owner, a delivery receipt must be signed & state the date the contract was received.
What must a producer agent do when delivering a new policy to the insured?A producer must explain policy provisions, exclusions, and riders at the time of delivery, as well as the rating procedures, especially if the policy is rated differently than applied for. The producer must also collect any due premium and have the insured sign the statement of continued good health.
When delivering a policy what is the Agents responsibility?When delivering a policy, which of the following is an agent's responsibility? The agent has the responsibility to deliver the policy to the insured and to collect any premium that may be due at the time of delivery.
What action should a producer take if the initial premium?Terms in this set (51) What action should a producer take if the initial premium is NOT submitted with the application? The correct answer is "Forward the application to the insurer without the initial premium". In this situation, the producer should submit the application to the insurance company without the premium.
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