NJ Life Producer Exam with Complete Solutions Graded A+
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Course
NJ Life Producer
Institution
NJ Life Producer
NJ Life Producer Exam with Complete Solutions Graded A+
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
All of the following are true about a...
NJ Life Producer Exam with Complete
Solutions Graded A+
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
All of the following are true about a stock insurance company EXCEPT: - Answer-Their
policy holders vote for the members of the board of directors
If a policy contains a Guaranteed Insurability rider, the insured has the right to
purchase: - Answer-coverage on the insurer's children within 15 days after they are born
All of the following are true statements regarding representation EXCEPT: - Answer-a
statement that is guaranteed to be true
An insurance company incorporated in Indiana, with its home office in Texas, is licensed
to conduct business in all states except Pennsylvania. in Texas, this company would
best be described as which of the following? - Answer-Foreign
A life insurance policy that fails to meet the 7-pay test is called a.. - Answer-a Modified
Endowment Contract
All of the following are true statements regarding policy dividends paid on on a life
insurance contract EXCEPT: - Answer-They are considered to be taxable income
The McCarran-Ferguson Act was passed y 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 bed
regulated by state was established in: - Answer-Paul vs. 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
To be eligible for a resident producers license an individual must meet which of the
following requirements? - Answer-complete a course of education approved by the
Banking and Insurance Commissioner unless a waiver is obtained from the department
Which of the following amounts must decrease in a decreasing term? - Answer-Death
benefit
In life insurance, insurable interest must exist at the time the.. - Answer-Producer writes
an on a proposed insured
An applicant makes an offer to the insurer when they - Answer-pay an initial premium
with the application
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
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
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