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Definitions Flashcards

(63 cards)

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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
Contact Course or Class
A classroom presentation, seminar or lecture with monitored attendance and an instructor present
26
Controlling Interest
An officer, director, partner or owner of an entity filing for a producer license owns 10% or more of that entity
27
Credit Hour or Credit Education Unit or CEU
One hour of credit based on classroom attendance or approved hour for seminars
28
Department
The NJ Department of Banking and Insurance
29
Electronic Online Submission
Submission of an initial application through the dept. website
30
Program
Insurance educators’ curriculum
31
Insurance Related Debt
Any Debt incurred by a producer arising from selling, soliciting or the negotiating of insurance.
32
Insurance Related Conduct
- Selling, soliciting, negotiating or binding policies of insurance
33
Producer
a person engaged in the business of an insurance agent, insurance broker or insurance consultant
34
Risk
Possibility of loss
35
Peril
Direct cause of the loss
36
Hazard
conditions which increase likelyhood of the loss
37
Testate
when an individual dies leaving a will
38
intestate
when an individual dies without leaving any will
39
executor/executrix
the named fiduciary in a will who is appointed by the testator to handle the estate after his demise
40
administrator
the fiduciary appointed by the surrogate to handle the estate in the absence of a will
41
per stirpes
literally by representation. the manner in which any interest passes from a decedents estate to that surviving rep. of the beneficiary
42
per capita
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
will
a written expression of the desire of a person as to the disposition of the that persons property after his death
44
pendente lite
pending litigation or dispute.
45
codicil
a modification to a will, either adding, subtracting, or changing the terms of said will
46
self proving will
a type of will that does not require proving of same after death.
47
holographic will
a will entirely written and executed in the testators handwriting
48
renunciation
the refusal of a beneficiary of an estate to administer said estate or accept his legacy
49
release and refunding funds
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
caveat
that document filed with the surrogate when a dispute is made as to the validity of a will or its contents
51
surrogate
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
probate
the proving that a will is valid
53
orphans court
court which is used to settle estate disputes
54
prerogative court
very old court that handled colonial estates
55
devise
the act of leaving real property in a will
56
bequest
the act of leaving personal property in a will. Also known as a legacy
57
affidavit of surviving spouse
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
affidavit of next of kin
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
residuary devise
a section in the will which leaves all of the rest, residue and remainder of the estate to someone
60
federal estate tax
taxes levied an estate whose value exceeds $11.58 Million
61
State inheritance tax
tax levied upon death. This lien is valid for a period of 15 years from the date of death
62
partition of lands
an act usually taken by the orphans court or appointed commissioners to divide real property in an estate between the beneficiaries
63
inventory
an accounting of all the belongings of the decedent which is filed in the surrogates office

Title Insurance (3 decks)

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