NJ Life Producer Study Bundle Latest Update 2024!

What kind of retirement plan can a 75-employee for profit corporation establish? - Answer Simple IRA The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - Answer Exclusion ratio Unfair claims settlement methods a...

The Waiver of Cost of Insurance rider is found in what type of insurance? - Answer Universal Life If an insured continually uses the automatic premium loan option to pay the policy premium, - Answer The policy will terminate when the cash value is reduced to nothing If a settlement option ...

Renewable Term Life Insurance - Answer An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. Fixed-amount - Answer The settlement option that provides for payments to be made in regular installments to a beneficiary u...

Which of the following amounts must decrease in a decreasing term? - Answer Death benefit In life insurance, insurable interest must exist at the time the.. - Answer Producer writes an on a proposed insured An applicant makes an offer to the insurer when they - Answer pay an initial prem...

Under a Traditional IRA, interest earned is taxed - Answer upon distribution Which of these statements regarding the annuitants is CORRECT? - Answer The annuitant's life expectancy determines the annuity payment What will the beneficiary receive is annuitant dies during the accumulation p...

The McCarran-Ferguson Act was passed by Congress to - Answer Redefine the authority of the state and federal government to regulate the insurance industry The principle that insurance is not a transaction of commerce and so should be regulated by the state was established in: - Answer Paul ...

Adverse Selection - Answer insuring of risks that are more prone to losses than the average risk lapse - Answer policy termination due to nonpayment of premium Insurance - Answer transfers risk of loss from an individual or business entity to an insurance company which in turn spreads th...

Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? Financial loss value Human life value Assessment value Replacement value - Answer Human life value The Guaranty Association Act provides that when a Court Or...

An insurer cancelled a contract with a producer on April 1st. By what date must the insurer notify the Commissioner of this action? A. April 30th B. April 5th C. April 11th D. April 15th - Answer D. April 15th An insurer goes bankrupt and is unable to pay on any of its insureds' claims. Wh...

According to the Time Payment of Claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT: - if the insured is able to eventually return to work -if the death is suicide or due to a pre existing condition -when the policy is in the incontestability per...

The Commissioner must approve - Answer Continuing education courses Employer sponsored group health insurance provides coverage for which of the following? Self-inflicted injuries cosmetic surgery custodial care alcoholism - Answer alcoholism A Medicare supplement policy can be cance...

adhesion - Answer (take it or leave it) no changing the contract. take it as is. aleatory contract - Answer (uneven) You will never pay as much in premium as what you get in coverage peril - Answer died of a certain way Hazard - Answer cause of loss Variable Universal Life - Answ...

Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? - Answer Home health care Which of the following is NOT a federal requirement of a qualified plan? - Answer Employee must be able to make unlimited contribu...

Traditional Whole Life - Answer -Ordinary (Straight) Life -Limited-Pay & Single-Premium Whole Life -Adjustable Whole Life Ordinary (Straight) Life - Answer -Until 100 or Death, whichever comes first -Permanent Protection -Rates & benefits based on law of large numbers (Mortality Rate) -...