NJ Life Insurance Test Questions and Answers All Correct
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Course
NJ Life Insurance
Institution
NJ Life Insurance
NJ Life Insurance Test Questions and Answers All Correct
The purpose of advertising regulation is to - Answer-Assure full and truthful disclosure to the public
In a credit insurance policy, who is the beneficiary? - Answer-The creditor
Insurance advertising in local newspapers is regulated b...
NJ Life Insurance Test Questions
and Answers All Correct
The purpose of advertising regulation is to - Answer-Assure full and truthful disclosure
to the public
In a credit insurance policy, who is the beneficiary? - Answer-The creditor
Insurance advertising in local newspapers is regulated by the: - Answer-New Jersey
Department of Banking and Insurance
Credit life insurance may be issued to a borrower in which of the following forms? -
Answer-Group term life
A creditor collects payment from a borrower for a credit life policy, but the policy is
not issued. What action MUST the creditor take with the advance payment? - Answer-
Return it directly to the borrower
According to New Jersey law, copies of insurance advertisements must be
maintained - Answer-At the company's office
All of the following items may be considered forms of advertising for life insurance
except: - Answer-Buyer' Guides
All of the following statements are correct about the Notice Regarding Replacement
of Life Insurance EXCEPT that it - Answer-Increases the opportunity for
misrepresentation by an agent
A policy illustration given at the time of sale does not typically include the - Answer-
Names of the beneficiary
The primary purpose of the replacement regulation is to - Answer-Protect policyowners
from misrepresentation and loss of benefits
What must decrease in a decreasing term policy? - Answer-the death benefit
When must insurable interest exist? - Answer-at the time the producer writes an
application on a proposed insured
When does an applicant make an offer to an insurer? - Answer-When they send an
application with an initial premium
, What makes universal life insurance different from other permanent insurances? -
Answer-its premium schedule
An insurer that shares profits with its policyowners is known as - Answer-mutual insurer
Statements made my an applicant on an insurance application are called what? -
Answer-representations
When are proceeds left with the insurer and earnings sent to the beneficiary? - Answer-
interest-only
What is the primary purpose of an annuity? - Answer-Provide income for retirement
What provision specifies the manner in which proceeds will be paid to a beneficiary
upon death of the insured? - Answer-settlement options
The McCarran-Ferguson Act was passed by Congress to - Answer-Redefine the
authority of the state and federal government to regulate the
insurance industry
The principle that insurance is not a transaction of commerce and so should be
regulated by the state was established in: - Answer-Paul v. Virginia
In New Jersey, a producer who violates a New Jersey insurance law for the first time
may be fined up to - Answer-$5,000
The New Jersey Banking and Insurance Commissioner has the authority to do all of
the following actions EXCEPT - Answer-Establish insurance rates and schedules
Which of the following statements is correct about an employment agreement
between two producers? - Answer-It must be in writing
The New Jersey Banking and Insurance Commissioner may issue which of the
following documents to an insurance producer as evidence of authority? - Answer-A
license
A producer who employs another producer must take which of the following actions? -
Answer-Enter into a written employment agreement with the employee producer
For a New Jersey insurance producer to charge a prospective insured for analyzing
coverages, there must be a reasonable relationship between the fee and - Answer-the
nature of the services performed
A person failing to comply with a subpoena from the Commissioner, may be charged
with - Answer-Contempt
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