NJ Accident and Health Producer PRACTICE EXAMS.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Accident%
NJ Accident and Health Producer Practice
Exams
1. 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 period
-for claims involving periodic payments: for claims involving periodic payments
INSURERS MUST PAY LUMP SUM CLAIMS IMMEDIATELY AFTER RECEIVING PROOF OF
LOSS
2. What does coinsurance mean?
- a policy covers the insured and the any additional named persons
-the insurer and the insured share expenses over the deductible
-the insurer and the insured share ALL expenses
-the policy owner holds multiple policies through the same insurer: The insurer
and the insured share expenses over the deductible
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,NJ Accident and Health Producer PRACTICE EXAMS.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Accident%
COINSURANCE IS THE SHARING BETWEEN THE INSURER AND THE IN- SURED OF
COVERED EXPENSES THAT EXCEED THE DEDUCTIBLE AMOUNT. THE SHARING ENDS
WHEN THE "STOP LOSS LIMIT" IS REACHED
3. The life insurance policy will not be truly effect until all of the following occur
EXCEPT:
-the statement of good health is obtained by the insurer
-the first premium is collected
-the policy is delivered to the applicant
-the producer has explained the policy to the client: -the producer has explained the
policy to the client
EFFECTIVE DATE BASED ON :
-APP DATE
-IF PREMIUM HAS BEEN PAID
-IF A STATEMENT OF GOOD HEALTH MUST BE OBTAINED IF PREMIUM WAS NOT
SUBMITTED WITH APPLICATION
4. Which of the following coverage types pays a monthly cash benefit follow- ing
the elimination period for total disability due to accident or sickness?
-credit disability
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-works comp disability
-recurrent disability
-disability income: -disability income insurance
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