By the Numbers - Summary Chart
In order to perform your best on the state regulations portion of the exam, make sure you memorize these numbers and their definitions.
Exam Strategy:
Print this page or save it to your phone. Review these numbers daily until you know them by heart!
Licensing and Appointment Requirements
| Number | Definition |
|---|---|
| 18 | Age to apply for license |
| 20 hours | Prelicensing education required for each line of authority |
| 60 days | Temporary work authority valid |
| 1 year | To apply for license after passing licensing examination |
| 180 days | Temporary license valid |
| 2 years | Producer licensing period |
| 24 hours | CE hours required every 2 years |
| 3 hours | CE hours required in professional ethics |
| 10 days | Before license expiration, producer must submit renewal application |
| 1 year | To renew lapsed license without taking written exam |
| 90 days | For nonresident licensee to notify Department of intent to qualify as resident |
| 5 years | Before producer with revoked license can reapply for a new license |
Miscellaneous Producer Regulations
| Number | Definition |
|---|---|
| 30 days | To report change of mailing address or of business address or name |
| 15 days | For insurers to notify Commissioner of canceled agency contract |
| 30 days | To report the opening or closing of a branch office |
| 5 business days | For premiums to be remitted to the insurer or to the insured |
| 5 business days | Producer must report claims to the insurer after receipt of notice of claim |
| 10 calendar days | Producer must deliver policies to the insured after receiving them |
| 15 calendar days | Producer must reply in writing to inquiries from the Commissioner |
| 5 years | Keep records of financial transactions after termination of coverage |
Important Dollar Amounts
| Amount | Definition |
|---|---|
| $1,000 | Fine per violation for unintentional violations of fair methods of competition or fair trade practice law |
| $5,000 | Fine per violation for willful violations of fair methods of competition or fair trade practice laws |
| $5,000 | Fine for each violation of cease and desist orders |
| $5,000 | Fine for first violation of an insurance law |
| $10,000 | Fine for subsequent violations of an insurance law |
| $15,000 | Maximum fine for violation of the New Jersey Insurance Fraud Prevention Act |
Visual Quick Reference
Time-Based Requirements
5
business days
Claims/Premiums
10
calendar days
Deliver policy
15
calendar days
Reply to Comm.
30
days
Address change
60
days
Temp work auth
90
days
NR→Resident
180
days
Temp license
1
year
Apply/Renew
2
years
License period
5
years
Records/Revoke
Penalty Amounts
$1K
Unintentional violation
$5K
Willful / 1st / C&D
$10K
Subsequent violations
$15K
Max Fraud Act
Exam Tips
Tip #1: Business vs Calendar Days
Only 5 BUSINESS days for claims/premiums. Everything else is CALENDAR days!
Tip #2: The "5" Pattern
5 business days (claims/premiums), 5 years (records/reapply after revocation), $5,000 (willful/1st violation)
Tip #3: License Timeline
18 to apply → 20 hours education → 60 days temp work → 180 days temp license → 2 year license
Tip #4: Penalty Progression
$1K (unintentional) → $5K (willful/1st) → $10K (subsequent) → $15K (fraud max)
Tip #5: CE Requirements
24 hours every 2 years, including 3 hours of ethics. Think "24/2/3"!