NJ Life Insurance Prelicence Exam Questions and Answers
8 views 0 purchase
Course
NJ Life Insurance
Institution
NJ Life Insurance
NJ Life Insurance Prelicence Exam Questions and Answers
HIPAA Disclosure and HIV Consent - Answer-all individually identifiable health info obtained during application must remain confidential. HIV consent form explains the purpose of the test and insurability based on test results
Replacement ...
NJ Life Insurance Prelicence Exam
Questions and Answers
HIPAA Disclosure and HIV Consent - Answer-all individually identifiable health info
obtained during application must remain confidential. HIV consent form explains the
purpose of the test and insurability based on test results
Replacement - Answer-when any transaction will result in previous coverage will be
affected
Conservation - Answer-the act of keeping an existing policy or prevent from being
replaced
Existing insurer - Answer-insurer who issued the policy that will be replaced
Replace insurer - Answer-the insurer responsible for issuing a new policy to replace and
existing policy
Replace insurer Producers responsibilities - Answer-notice regarding replacement
(signed), obtain info on existing policy, provide copies of documents to replacing insurer
Primary source of information for underwriting - Answer-formal request or application of
consumer
Conditional receipt - Answer-this receipt will clarify effective date based on application
date or completion of medical exam (which ever is later) and assuming standard risk
Trial application or COD - Answer-Allows applicants to test if they are covered before
they pay their premium
Underwriting - Answer-the process fo selection, classification, and rating insurability
Adverse selection - Answer-unhealthy or high risk applicants
Sources of underwriting - Answer-application, medical exam, attending DR statement,
MIB, inspection report, and agent report
Application PART 1 - Answer-contains general questions about the applicant (including
life insurance history)
, Application Part 2 - Answer-contains medical history about the applicant and family
Attending Physician Statement (APS) - Answer-insurer is responsible for the costs
associated with the completion of this by the applicants own doctor (only needed if
medical reports reveal conditions that need further clarification/information)
Medical Information Bureau(MIB) - Answer-used to collect adverse medical information
about an applicants health. Can not be used alone to decline or rate an applicant for
insurance
Inspection report (consumer investigative report) - Answer-reports of applicants
finances, character, morals, work, hobbies, and other habits.
National Association of Insurance Commissioners (NAIC) - Answer-regulatory support
organization created and governed by the chief insurance regulators and
commissioners, has no legal authority to enact or enforce insurance laws. The primary
goal of the association is to promote state uniformity
Stockholders - Answer-stock insurer, shares company's profits and receive dividends as
taxable income if declared by directors (dividends not guaranteed).
Non-participating policies - Answer-policies that do not entitle policyholders to dividends
Mutual Insurance Company - Answer-insurer owned by policyholders, but is not
managed by them.
Non-taxable dividend - Answer-is a return of unused premiums in a mutual insurance
company
Participating policies - Answer-owners of these policies (usually as part ofmutual
insurance companies) may receive non-taxable dividends
Fraternal insurers - Answer-or fraternal benefit societies, social organization that
engage in community or charitable activities
Domestic insurer - Answer-insurer organized under the laws of the state it its place of
business
Foreign insurer - Answer-insurer placing business in a state outside their place of
incorporation
Alien insurer - Answer-insurer doing business in the US bu based in another country
Admitted/authorized insurer - Answer-approved to transact insurance in a given state
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
