NJ Life Insurance Test Questions with All Correct Answers
6 views 0 purchase
Course
NJ Life Insurance
Institution
NJ Life Insurance
NJ Life Insurance Test Questions with All Correct Answers
A producer who knowingly engages in a prohibited trade practice, can be issued a
fine not to exceed - Answer-$5,000 for the first offense; $10,000 for each subsequent offenses
A producer who unknowingly engages in a prohibited trade pra...
NJ Life Insurance Test Questions
with All Correct Answers
A producer who knowingly engages in a prohibited trade practice, can be issued a
fine not to exceed - Answer-$5,000 for the first offense; $10,000 for each subsequent
offenses
A producer who unknowingly engages in a prohibited trade practice, can be issued a
fine not to exceed - Answer-$1,000
If an insurer or producer violates a cease and desist order, the Commissioner could
assess a penalty not to exceed - Answer-$5,000
Making statements which are false and derogatory about the financial condition of
the insurer is: - Answer-defamation
When the beneficiary of a life insurance policy is a minor, the insurer can pay the
proceeds - Answer-If a legal guardian has been appointed
A branch office registration form must be filed with the Banking and Insurance
Commissioner a MINIMUM of how many days before conducting business at the branch
office? - Answer-thirty
If the Guaranty Association assumes management of an insolvent insurer, the
maximum amount of death benefits for which they are liable is - Answer-$500,000 per
person
If a producer changes their address, how many days do they have to notify the
Department? - Answer-30
Which of the following activities does not require a license? - Answer-Scheduling
appointments for producers to sell insurance
An insurer who is placed under an order of liquidation by a court of competent
jurisdiction is defined under the terms of the New Jersey Life and Health Insurance
Guaranty act as - Answer-An insolvent insurer
The first violation of the NJ Fraud Prevention Act can result in a fine of - Answer-$5,000
A producer assists an insured in converting a life policy to reduced paid-up insurance
in order to buy a new policy. This action is best known as - Answer-replacing
, Which of the following MUST an agent do when replacing a life insurance policy? -
Answer-Submit to the replacing insurer a list of all the life insurance policies or annuity
contracts proposed to be replaced
All of the following actions can be taken by the Commissioner against a producer if
he violates the rules of replacement EXCEPT: - Answer-Redirect any commissions
earned to the insured
Replacement rules apply to which of the following products? - Answer-Individual life
policies
A Buyer's Guide must be provided to all purchasers of which of the following types
of insurance? - Answer-Ten year level term
Life insurance advertisements - Answer-Must be truthful and not misleading, cannot use
the terms "investment" or "savings", and are designed to persuade the public to
purchase life insurance
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.39. You're not tied to anything after your purchase.
