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2024 NJ LIFE & HEALTH STATE EXAM SIMULATOR WITH CORRECT ANSWERS
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2024 NJ LIFE & HEALTH STATE EXAM SIMULATOR WITH CORRECT ANSWERS
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2024 NJ LIFE & HEALTH STATEEXAM SIMULATOR WITH CORRECT
ANSWERS
What is a corridor in relation to a Universal Life insurance policy? - CORRECT
ANSWERS-the gap between the total death benefit and the policy's cash
value
Major medical insurance will typically cover medical expenses that result
from - CORRECT ANSWERS-a negative reaction to prescribed medication
Which of the following is a reinstatement condition? - CORRECT ANSWERS-
proof of insurability
Which of the following is NOT a duty of the Commissioner? - CORRECT
ANSWERS-establish insurer rates
All of the following are core benefits of Medicare Supplememt Plan A EXCEPT
- CORRECT ANSWERS-Deductible payments for the first 60 days of
hospitalization under Medicare hospitalization insurance
An underwriter's primary responsibility to an insurer is to protect against -
CORRECT ANSWERS-adverse selection
Which of the following enables a life policy to be replaced with another life
policy and results in the postponement of the tax consequence? - CORRECT
ANSWERS-Section 1035 exchange
A debtor may receive Credit Life Insurance in which of the following forms -
CORRECT ANSWERS-Group Term Life
A limited payment whole life policy provides - CORRECT ANSWERS-lifetime
protection
Without a Section 125 Plan in place, what would happen to an employee's
payroll contribution to an HSA? - CORRECT ANSWERS-It would be considered
taxable income to the employee
, Proceeds from a life insurance policy are protected from the beneficiary's
creditors by which clause? - CORRECT ANSWERS-spendthrift trust clause
Which of these riders will pay a death benefit if the insured's spouse dies? -
CORRECT ANSWERS-Family term insurance rider
Life insurance policies will normally pay for losses arising from - CORRECT
ANSWERS-commercial aviation
In which of the following processes will the insurer oversee the insured's
hospital stay to confirm everything is going according to schedule and that
the insured will be released as planned? - CORRECT ANSWERS-Concurrent
review
A life insurance rider that allows an individual to purchase insurance as they
grow older, regardless of insurability, is called a(n) - CORRECT ANSWERS-
guaranteed insurability rider
A disability income policy can prevent an insured from earning a higher
income than if he/she were working by utilizing - CORRECT ANSWERS-benefit
limits
David submits a $500 claim for medical expenses. There is a past-due
amount owed for insurance premiums of $200. As a result, the insurer only
pays $300 for the claim. This deduction came as a result of which provision?
- CORRECT ANSWERS-Unpaid provision
Sole proprietors are permitted tax deductions for health costs paid from their
earnings in the amount of - CORRECT ANSWERS-100% of costs
The premium for a Modified whole life policy is - CORRECT ANSWERS-lower
than the typical whole life policy during the first few years then higher than
typical for the remainder
Which of these is NOT considered a form of life insurance advertisement? -
CORRECT ANSWERS-Buyer's Guide
Which of the following designations is regulated by the Department of
Banking and Insurance? - CORRECT ANSWERS-Certified Insurance Counselor
Which of these factors is NOT taken into account when determining an
applicant's life insurance needs? - CORRECT ANSWERS-automobile
Which type of policy combines the flexibility of a universal life policy with
investment choices? - CORRECT ANSWERS-variable universal life policy
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