Nj life insurance exam - Study guides, Class notes & Summaries

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NJ Life Producer Exam Study Life Insurance/105 Questions and Answers

NJ Life Insurance Exam Study Set 1 Correct answers latest update What organization protects persons against failure of life and health insurance policies and annuity contracts because of the impairment or insolvency of the insurer? Select one: a. PPACA b. New Jersey Insurance Board c. New Jersey Insolvency Protection Board d. New Jersey Life and Health Guaranty Association d. New Jersey Life and Health Guaranty Association The United States v. South-Eastern Underwriters Association d...

NJ Life Insurance Exam Correct answers latest update Adverse Selection insuring of risks that are more prone to losses than the average risk lapse policy termination due to nonpayment of premium Insurance transfers risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals Life Insurance protects against loss associated with an insured's death, and pays a death benefit to beneficiaries u...

Renewable Term Life Insurance - ACCURATE ANSWERS An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. Fixed-amount - ACCURATE ANSWERS The settlement option that provides for payments to be made in regular installments to a beneficiary until the principal and interest are exhausted best describes: Must give public reasonable access. - ACCURATE ANSWERS What hours of operation is a branch office required to have? ...

NJ Life Insurance Exam

Insurance is the ____ of risk - Answer- transfer disclosure statements must be given to the applicant no later than - Answer- the time the application is signed buyer's guide - Answer- provides general information about the types of life insurance policies available, in language that can be understood by the average person. buyers guide must be delivered by - Answer- before collecting premium or be delivered with the policy if given at least 10 days free look period policy summary -...

NJ Life Insurance Practice Exam Correct answers latest update Which of the following is a business agreement that provides for a surviving business partner to buy out another at his or her death? Select one: a. Survivorship Life b. Buy-Sell agreement c. Estate Endowment Life d. Decreasing Term insurance b. Buy-Sell agreement Which is NOT a right of ownership in a life insurance policy? Select one: a. Receiving dividends b. Using the policy as collateral for a bank loan c....

NJ Life Insurance Exam Correct answers latest update Insurance is the ____ of risk transfer disclosure statements must be given to the applicant no later than the time the application is signed buyer's guide provides general information about the types of life insurance policies available, in language that can be understood by the average person. buyers guide must be delivered by before collecting premium or be delivered with the policy if given at least 10 days free look pe...

NJ Life Insurance Exam with Complete Solutions How long is a temporary certificate? - Answer-60 days after passing the exam If your license is lost? - Answer-notify DOBI within 30 days Qualified to earn continuing education credit? - Answer-CLU designation course Qualified to Continuing Education? - Answer-General insurance course at accredited college A voluntary terminated producer license may be reinstated during same period if? - Answer-Completed CE course 24hr CE waived to...