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NJ Life Producer Exam Study Life Insurance/105 Questions and Answers
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NJ Life Producer Exam Study Life Insurance/105 Questions and Answers
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NJ Life Producer Exam Study LifeInsurance/105 Questions and Answers
Renewable Term Life Insurance - -An insurer must renew a renewable term
policy at the policyowner's request regardless of the insurability status of the
insured.
-Fixed-amount - -The settlement option that provides for payments to be
made in regular installments to a beneficiary until the principal and interest
are exhausted best describes:
-Must give public reasonable access. - -What hours of operation is a branch
office required to have?
-Amount of indeptness - -Under a Credit Life Policy, the amount of coverage
shall not exceed the:
-180 Days - -In most circumstances, a temporary license in New Jersey shall
not be valid for a period longer than:
-31 Days - -Telemarketers must update their solicitation lists with the
National Do Not Call Registry every...
-Notify the Producer whose policy is being replaced - -When replacing
existing life insurance, an agent MUST...
-have their principle office in New Jersey - -A producer who wishes to hold a
Resident NJ Life Producer license, who lives in another state, must...
-The ceding insurer - -A insurer procuring insurance for itself from another
insurer is called...
-90 days - -A business name authorization expires in
-12 months - -A first time applicant is someone who has not been licensed
as a producer for the previous...
-12 months - -When applying for a producer's license, an applicant must
have passed the State Licensing Exam within how long from the date of their
application for license?
-Interest-only - -In which of the following are proceeds left with the insurer
and earnings sent to the beneficiary?
, -Variable Life - -Under what type of life insurance policy will the death
benefit vary, based on the performance of an underlying portfolio of
securities?
-Not Tax Deductable - -Generally, premiums paid on an individual life
insurance policy are:
-9 years and 8 months - -A 10 year family income policy was purchased
effective April 1, 2007. The insured died August 1, 2007. The beneficiary
receives monthly income for:
-the face amount less the annual premium - -John the insured dies during
the grace period of his life insurance policy and had not paid the annual
premium. The insurance company is obligated to pay which of the following
to the beneficiary?
-Contingent beneficiaries - -If the primary beneficiary dies before an
insured, the individuals are paid when the insured dies are...
-premium mode - -The aspect of a policy that allows a policyholder to select
the timing of premium payments is known as...
-Pay an amount equivalent to that which the premium would have
purchased at the correct age - -If an insured understates her age and this is
discovered upon her death, the insurer will...
-provide income for retirement - -The primary purpose for an annuity is to...
-premium schedule - -Which of the following features makes Universal Life
insurance different from other forms of permanent insurance?
-Automatic premium loan - -An insured may receive protection against the
unintentional lapse of his life insurance policy contract by requesting the...
-Buy and Sell agreement - -An agreement to purchase a deceased partner's
share of a business, using the proceeds from a life insurance policy, is called
a...
-Immediate - -Elisabeth retires. She purchases an annuity. One month later,
she starts to receive payments from the annuity. What type of annuity does
Elisabeth have?
-Irrevocable - -The term used to indicate that a policy beneficiary cannot be
changed is...
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