NJ LIFE PRODUCER EXAM

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NJ LIFE PRODUCER EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: A voluntarily terminated producer license may be reinstated during the same period if the producer takes which of the following actions?

Answer:

completes a new license application

Question 2: Which of the following activities does not require a license?

Answer:

Scheduling appointments for producers to sell insurance

Question 3: A payor benefit rider provides which of the following benefits?

Answer:

A waiver of premium should the payor die, until the insured reaches a predetermined age Question 4: Statements made by an applicant for insurance on the application are considered to be..

Answer:

Representations Question 5: In a life policy, a special benefit that prepays a portion of a death benefit during the

lifetime of an insurer in the event of a specified illness:

Answer:

an acceleration of life insurance benefit

Question 6: The provision that addresses misstatements made by applicant on an application is..

Answer:

Incontestability clause Question 7: A branch office of registration form must be filed with the Banking and Insurance Commissioner a MINIMUM of how many days before conducting business at the branch office?

Answer:

thirty Question 8: which of the following prevents the producer from unilaterally amending a policy?

Answer:

Entire contract

Question 9: All of the following are modes of payment in a life policy EXCEPT

Answer:

bi-weekly

Question 10: standard non-forfeiture benefits include

Answer:

reduced paid up insurance Question 11: All of the following actions can be taken by the Commissioner against a producer

if he violates the rules of replacement EXCEPT:

Answer:

redirect any commission earned to the insured Question 12: An insurer who is placed under an order of liquidation by a court of competent jurisdiction is defined under the terms of the New Jersey Life and Health Insurance Guaranty act as..

Answer:

an insolvent insurer

Question 13: The act of using misrepresentations to induce an insured person to terminate an existing policy and purchase a new policy is referred as..

Answer:

twisting

Question 14: Life insurance advertisements

Answer:

all of the above: must be truthful and not misleading; cannot use the terms "investment" or "savings; are designed to persuade the public to purchase life insurance Question 15: What is the MINIMUM age requirement for licensure as a nonresident producer?

Answer:

18

Question 16: A modification to a life policy is called a..

Answer:

Rider Question 17: A producers certification of license status contains all of the following information

EXCEPT:

Answer:

place of birth Question 18: After an applicant successfully passes the state exam in the line of authority they are applying for, they can be issued a temporary certificate that expires no more then HOW MANY days after insurance?

Answer:

60 days Question 19: An insurer that shares its profits with its' policyowners is known as..

Answer:

A mutual insurer

Question 20: A producer who shares commission with a client may be found guilty of..

Answer:

rebating Question 21: Which of the following MUST an agent do when replacing a life insurance policy?

Answer:

submit to the replacing insurer a list of all the life insurance policies or annuity contracts proposed to be replaced Question 22: In New jersey, a producer who violates a New Jersey insurance law for the first time may be fined up to

Answer:

$5,000

Question 23: The New Jersey Life and Health Guaranty Association is derived from..

Answer:

Assessment on member companies Question 24: The replacement of an existing policy requires all of the following EXCEPT:

Answer:

notice that the owner can return the policy within 90 days for a full refund Question 25: The Banking and Insurance Commissioner may revoke the license of a producer who..

Answer:

uses the license primarily to obtain insurance for his or her family

Question 26: if an insurer wants to obtain an HIV test from an applicant

Answer:

they must obtain the applicant's written consent Question 27: 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?

Answer:

settlement options