NJ Life Producer Exam Questions and Answers Graded A+
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Module
NJ Life Producer
Institution
NJ Life Producer
NJ Life Producer Exam Questions and Answers
Graded A+
Which of the following makes Universal Life insurance different from other forms
of permanent insurance? - answer -Premium Schedule
An insurer that shares its profits with its' policyowners is known as.. - answer -A
mutual insurer
State...
NJ Life Producer Exam Questions and Answers
Graded A+
Which of the following makes Universal Life insurance different from other forms
of permanent insurance? - answer -Premium Schedule
An insurer that shares its profits with its' policyowners is known as.. - answer -A
mutual insurer
Statements made by an applicant for insurance on the application are considered to
be.. - answer -Representations
Reinstatement of a life insurance policy requires an insured to take all of the
following actions EXCEPT: - answer -make collateral assignment to the insurer
A contract that promises to pay an income to an insured until their death is called?
- answer -Life annuity
In a life policy, a special benefit that prepays a portion of a death benefit during
the lifetime of an insurer in the event of a specified illness: - answer -an
acceleration of life insurance benefit
In which of the following are proceeds left with the insurer and earnings sent to
the beneficiary? - answer -Interest-Only
The primary purpose of an annuity is to.. - answer -Provide income for retirement
Which of the following provisions in a life policy specifies the manner in which
proceeds will be paid to a beneficiary on the death of insured? - answer -settlement
options
An insurance producer takes an application for a life policy but does not collect
the initial premium. On delivery of policy to the proposed insured, the producer
, must collect the initial premium and which of the following? - answer -The
insured's signed statement of continued good health
A report of previously submitted life insurance applications to other insurers is
known as: - answer -A Medical Information Bureau report
A company decides to purchase Key Employee life insurance for its vice president
of operations. All of the following statements are correct EXCEPT the.. - answer -
Employee names the beneficiary
Which of the following features allows an insurance policy to remain in force for a
specified number of days beyond the premium due date? - answer -Grace period
provision
which of the following prevents the producer from unilaterally amending a policy?
- answer -Entire contract
interest paid on a policy loan is.. - answer -not tax deductible
An employer paid life insurance policy is called - answer -Non-contributory group
life
A tax free exchange of one life insurance policy or annuity for another is called.. -
answer -1035 exchange
Which of the following group life plans require at least 75% of the eligible
members to participate? - answer -Contributory
Two business partners own life insurance on each other. If one partner dies, which
of the following contracts will allow the other partner to buy 100 percent of the
business interest? - answer -Buy and Sell agreement
Under a traditional IRA, owners must begin to receive payments from their
accounts by the time they reach age.. - answer -70 1/2
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