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NJ CALA Life Final Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass
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NJ CALA Life Final Exam.pdf file:///C:/Users/HP/Desktop/SSSSSSS/NJ%20CALA%20Life%20FinNJ Life Final Exam Questions & Verified Answers
1. Which of these is a method of determining the level of funds required forongoing
support in the event of the breadwinner's death?
Financial loss value
Human life value
Assessment value
Replacement value
Answer Human life value
2. The Guaranty Association Act provides that when a Court Order of Liquida-tion exists,
the insurer
Answer Is insolvent
3. An individual most likely will have an insurable interest in insuring a per-son's life if
Answer An economic interest exists for the continuance of the insured's life
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4. An error was made on Mary's life insurance application. Which of the following
areas are errors commonly made on applications for which theincontestable clause
does NOT apply?
Marital status
Age
Address
Income
Answer Age
5. Before conducting an HIV related test, an insurer is REQUIRED to obtainwritten
authorization from the
Answer Proposed insured
6. One of the roles of the Banking and Insurance Commissioner is to
Answer Establishcontinuing education requirements
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7. If an insured's age on a life insurance policy has been misstated, what is the insurer's
liability if the insured dies?
Answer A prorated death benefit based on theamount of insurance the insured's premiums
would have been if purchased at the age at the correct
8. Under a group life policy, the insurer will issue an individual to thepolicyowner for
delivery to each person insured
Answer Certificate
9. Jerry voluntarily terminated his producer's license. If he changes his mind,his license
may be reinstated during the same license period if
Answer He completesa new license application
10. A producer has recently died and leaves behind a spouse. In order for the producer's
insurance business to continue, the Department of Banking and Insurance may issue to
the producer's spouse a(n)
Answer Temporary insurancelicense
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11. In what part of an insurance policy are policy benefits found?
Answer Declarations
12. A securities license is required for a life insurance producer to sell
Answer Variablelife insurance
13. Barbara's policy includes a rider which allows her to purchase additionalinsurance
at specific dates or events without evidence of insurability. This rider is called a(n)
Answer Guaranteed insurability rider
14. Which type of life insurance is normally associated with a Payor Benefitrider?
Answer Juvenile Insurance
15. The conversion privilege under a group life plan allows an employee toconvert to
a(n)
Answer Individual plan upon employment termination
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