Exam (elaborations)
NJ LIFE PRODUCER EXAM QUESTIONS AND DETAILED ANSWERS | 100% VERIFIED
- Course
- Institution
NJ LIFE PRODUCER EXAM QUESTIONS AND DETAILED ANSWERS | 100% VERIFIED
[Show more]
Content preview
NJ LIFE PRODUCER EXAM QUESTIONS ANDDETAILED ANSWERS | 100% VERIFIED
Maria the agent would like to advertise an annuity product on a
highway billboard. Which of the following must be included in
the advertisements? - ✔✔✔ Correct Answer > Her name
Which of the following is considered to be the period when the
accumulated value in an annuity is paid out? - ✔✔✔ Correct
Answer > Annuitization phase
Why are dividends from a mutual insurer not subject to
taxation? - ✔✔✔ Correct Answer > because dividends are
considered to be a return of premiums
A tax-free Section 1035 Exchange of a life insurance policy to a
different policy is permitted if it occurs - ✔✔✔ Correct Answer
> from insurer to insurer and no cash is received by the
policyowner
Of the following dividend options, which of these is taxable? -
✔✔✔ Correct Answer > accumulation at interest
,An insurance company needs to obtain personal information
from a third party concerning an applicant. Which law do all
insurers and their producers need to comply with? - ✔✔✔
Correct Answer > Fair Credit Reporting Act
The state of New Jersey considers Lloyd's London what kind of
insurance company? - ✔✔✔ Correct Answer > Alien
How do interest earnings accumulate in a deferred annuity? -
✔✔✔ Correct Answer > on a tax-deferred basis
Which of the following signatures is not required on an
individual application? - ✔✔✔ Correct Answer > insurer
A rollover from a traditional IRA to another must be done
within ____ days to avoid tax consequences. - ✔✔✔ Correct
Answer > 60 days
Kurt is an active duty serviceman who was recently killed in an
accident while home on leave. Which military service exclusion
clause would pay upon his death? - ✔✔✔ Correct Answer >
Results
, An endorsement found in an insurance plan which modifies the
provisions of the policy is called a(n) - ✔✔✔ Correct Answer >
rider
How are contributions made to a Roth IRA handled for tax
purposes? - ✔✔✔ Correct Answer > Not tax deductible
Which of the following enables a life policy to be replaced with
another life policy and results in the postponement of the tax
consequences. - ✔✔✔ Correct Answer > Section 1035
exchange
Which of the following is true concerning the proceeds of a life
insurance policy? - ✔✔✔ Correct Answer > There is protection
of proceeds against the insured's and the beneficiaries creditors
What types of life insurance companies are normally used for
key employee indemnification? - ✔✔✔ Correct Answer > Term,
whole, and universal
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 NurseTony. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now