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NJ PRODUCER FINAL EXAM 2024 WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE$17.99
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NJ PRODUCER FINAL EXAM 2024 WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE
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NJ PRODUCER
Institution
NJ PRODUCER
NJ PRODUCER FINAL EXAM 2024 WITH
ACTUAL CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY GRADED
A+|BRAND NEW VERSION!!|GUARANTEED PASS
|LATEST UPDATE
NJ PRODUCER FINAL EXAM 2024 WITH
ACTUAL CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY GRADED
A+|BRAND NEW VERSION!!|GUARANTEED PASS
|LATEST UPDATE
All of these are valid policy dividend options for a life insurance policyowner EXCEPT
Accumulate without interest
Pat owns a 20-pay life policy with a paid-up dividend option. Which of the following statements is true?
The policy may be paid up early by using a policy dividend
All of these are common exclusions to a life insurance policy except
accidental death
What kind of life insurance policy issued by a mutual insurer provides a return of divisible surplus?
participating life insurance policy
The free-look provision gives the policyowner
the right to return the policy for a full refund within a specified number of days
A debtor may receive Credit Life Insurance in which of the following forms?
Group Term Life
Carmen's individual life insurance policy has recently lapsed. She may reinstate her policy within _____
years
3 years
When new Life Insurance is to be purchased, the solicitation will be considered a replacement
transaction if, in conjunction with the sale, existing Life Insurance will be subject to borrowing for
amounts exceeding which of the following?
10% of the policy's loan value
75% of the policy's loan value
1|Page
,25% of the policy's loan value
50% of the policy's loan value
25% of the policy's loan value
An insurance company may only pay a sales commission to
individuals licensed by the state
The period in which there are no Social Security benefits for the surviving spouse is called the
blackout period
A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of
insurability is
guaranteed insurability rider
What is involved when a life insurance company policy has been backdated?
Making the policy effective on an earlier date than the present
Which of these is affected by the frequency of an insurance policy's premium payments?
cost
Which of these would be the best example of a limited pay life insurance policy?
whole life policy with premiums paid up after 20 years
The statement that best describes the relationship between the premiums of a whole policy and the
premium payments is
The shorter the payment period, the higher the premium
An insurance broker is someone who represents which of the following?
an insured or prospective insured
Insurance licenses are intended to be issued for the purpose of authorizing the transaction of business
with members of the general public and not primarily allowing someone to benefit from commissions on
business which insures their personal interests. This is a description of which of the following?
controlled business
A type of group that has a constitution and by laws and has been organized for purposes other than
obtaining insurance is called a(n)
Association or labor groups
Field underwriting performed by the producer involves
completing the application and collecting initial premium
2|Page
, In life insurance, replacing companies must keep records of all replacement materials on file for how
long?
5 years, or until the next regular examination by the commissoner
Proceeds from a life insurance policy are protected from the beneficiary's creditors by which clause?
Spendthrift clause
All of these are settlement options for life insurance policies EXCEPT
Extended term
What is the automatic continuance of insurance coverage referred to as?
renewal
Statements made by an insurance applicant on an application are considered to be
representations
Karen is a producer who has obtained personal information about a client without having a legitimate
reason to do so. Under the McCarran-Ferguson Act, what is the minimum penalty for this?
$10,000
Which of the following is considered to be the period when the accumulated value in an annuity is paid
out?
Annuitization phase
Why are dividends from a mutual insurer not subject to taxation?
because dividends are considered to be a return of premiums
The state of New Jersey considers Lloyd's London what kind of insurance company?
Alien
How do interest earnings accumulate in a deferred annuity?
on a tax-deferred basis
Which of the following signatures is not required on an individual application?
insurer
Which settlement option involves having the proceeds remain with the insurer and earnings paid on a
monthly basis to the beneficiary?
interest only
Which of the following describes a person who is NOT acceptable by an insurer at standard rates
because of health history, occupation, or hobbies?
3|Page
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