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NJ LIFE PRODUCER EXAM
EXAM WITH CORRECT SOLUTIONS.
Which of the following amounts must decrease in a decreasing term? - correct answer- Death benefit
In life insurance, insurable interest must exist at the time the.. - correct answer- Producer writes an on a proposed insured
An applicant makes an offer to the insurer when they - correct answer- pay an initial premium with the application
Which of the following makes Universal Life insurance different from other forms of permanent insurance? - correct answer- Premium Schedule
An insurer that shares its profits with its' policyowners is known as.. - correct answer- A mutual insurer
Statements made by an applicant for insurance on the application are considered to be.. - correct answer- Representations 1 / 3
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In which of the following are proceeds left with the insurer and earnings sent to the beneficiary? - correct answer- Interest- Only
The primary purpose of an annuity is to.. - correct answer- Provide income for retirement
Which of the following provisions in a life policy specifies the manner in which proceeds will be paid to a beneficiary on the death of insured? - correct answer- settlement options
An insurance producer takes an application for a life policy but does not collect the initial premium. On delivery of policy to the proposed insured, the producer must collect the initial premium and which of the following? - correct answer- The insured's signed statement of continued good health
A report of previously submitted life insurance applications to
other insurers is known as: - correct answer- A Medical
Information Bureau report
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A company decides to purchase Key Employee life insurance for its vice president of operations. All of the following statements are correct EXCEPT the.. - correct answer- Employee names the beneficiary
Which of the following features allows an insurance policy to remain in force for a specified number of days beyond the premium due date? - correct answer- Grace period provision
which of the following prevents the producer from unilaterally amending a policy? - correct answer- Entire contract
interest paid on a policy loan is.. - correct answer- not tax deductible
An employer paid life insurance policy is called - correct answer- Non-contributory group life
A tax free exchange of one life insurance policy or annuity for another is called.. - correct answer- 1035 exchange
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