NJ LIFE PRODUCER EXAM STUDY LIFE INSURANCE

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NJ LIFE PRODUCER EXAM STUDY LIFE INSURANCE

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

-Format: Multiple-choice / Flashcard

Question 1: 180 Days

Answer:

In most circumstances, a temporary license in New Jersey shall not be valid for a period longer than:

Question 2: 60 days

Answer:

A temporary certificate expires no more then how many days after issuance?

Question 3: provide income for retirement

Answer:

The primary purpose for an annuity is to...

Question 4: Automatic premium loan

Answer:

An insured may receive protection against the unintentional lapse of his life insurance policy contract by requesting the...

Question 5: A mutual insurance company

Answer:

What is the proper term for a company owned by its policy owners?

Question 6: Commissioner

Answer:

Who is responsible for advertising regulations?

Question 7: Entire contract

Answer:

Which of the following prevents the producer from unilaterally amending a policy?

Question 8: Fixed-amount

Answer:

The settlement option that provides for payments to be made in regular installments to a beneficiary

until the principal and interest are exhausted best describes:

Question 9: Legislature ,Executive branch of government and the Courts

Answer:

The insurance industry is regulated by the...

Question 10: insurance company

Answer:

Agents represent the...

Question 11: Notice Regarding Replacement of Life Insurance and Annuities

Answer:

When replacing an existing life insurance policy, the agent should have the applicant sign what form?

Question 12: Mutual insurer

Answer:

A insurer's ownership comprised of policyholders is a...

Question 13: Incontestability clause

Answer:

The provision that addresses misstatements made by applicant on application is...

Question 14: 30 days

Answer:

A producer has up to how many days to notify the department of an address change?

Question 15: Rebating

Answer:

An agent offering a prospect something of value that is not specified in the insurance contract in order to persuade prospect to purchase insurance is guilty of...

Question 16: Contempt

Answer:

A person failing to comply to a subpoena from the Commissioner, may be charged with...

Question 17: Unilateral contract

Answer:

A contract where only one party gives a legally enforceable promise?

Question 18: may be subjected to unfavorable tax rules

Answer:

Money taken out of a modified endowment contract (MEC)...

Question 19: rider

Answer:

A modification to a life policy is called a...

Question 20: Competent parties

Answer:

To be valid, a contract must be between individuals considered legally able to enter into an agreement.This is known as...

Question 21: Agency contract

Answer:

What contract states the commissions agreement?

Question 22: jail

Answer:

The Commissioner does not have the power to put you in...

Question 23: Not Tax Deductable

Answer:

Generally, premiums paid on an individual life insurance policy are:

Question 24: If a legal guardian has been appointed

Answer:

When the beneficiary of a life insurance policy is a minor, the insurer can pay the proceeds...

Question 25: Decreasing term insurance

Answer:

Credit life insurance is a form of...

Question 26: retrocession

Answer:

When a reinsurer procures insurance for themselves from another reinsurer. This is known as...

Question 27: Member insurers

Answer:

The New Jersey Life and Health Guaranty Association is funded by...

Question 28: Irrevocable

Answer:

The term used to indicate that a policy beneficiary cannot be changed is...

Question 29: 30 days

Answer:

How many days does a licensee need to notify the Department when opening a branch office?