New Jersey Life Producer Law Practice Test

Which action is necessary for reinstating a lapsed producer's license if it has been more than 24 months?

1. Complete more CE credits than required

2. Reapply and fulfill all current licensing requirements

3. Request a waiver from the Commissioner

4. Successfully complete a new exam

The correct answer is: Reapply and fulfill all current licensing requirements

In New Jersey, if a producer's license has been lapsed for more than 24 months, the appropriate course of action to take is to reapply and fulfill all current licensing requirements. This is necessary because the license is considered expired past this time frame, and simply completing continuing education or a waiver would not suffice to address the lapse. Once the license is expired for over two years, the usual renewal process is no longer applicable. Instead, the individual must start anew in the licensing process, which includes fulfilling all the requirements set forth by the New Jersey Department of Banking and Insurance. This typically includes completing any required pre-licensing education, passing the licensing examination, and meeting any background checks or other prerequisites in line with the current regulations. This approach ensures that the producer is up to date with any changes in laws, regulations, and industry practices that may have occurred during their license lapse, thus maintaining the integrity and competence of licensed producers in the state.