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

NJ Life and Health Insurance Test Questions and Answers Medical Information and Consumer Reports - Answer-Policies with higher amounts of coverage of if additional questions are raised concerning the prospective insured's health, underwriter may require medical examination of the insured Paramedical Report- completed by a paramedic or registered nurse. Attending Physician's Statement (APS) - a medical practitioner who treated the applicant for a prior medical problem. Medical Informa...

NJ LIFE PRODUCER LIFE INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. - Precise Answer Renewable Term Life Insurance 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: - Precise Answer Fixed-amount What hours of operation is a branch office...

NJ LIFE PRODUCER EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS The Waiver of Cost of Insurance rider is found in what type of insurance? - Precise Answer Universal Life If an insured continually uses the automatic premium loan option to pay the policy premium, - Precise Answer The policy will terminate when the cash value is reduced to nothing If a settlement option is not chosen by the beneficiary or policyowner, which option will be used? - Precise Answer Lump sum An insured missta...

NJ Life Insurance Exam Questions with Correct Answers Which of the following will NOT be included in the buyer's guide? a) Explanation on how to choose the amount and type of insurance b) Basic information about life insurance policies c) Specific information about the policy d) Comparison of policy costs - Answer-c) Specific information about the policy All of the following statements about mutual insurance companies are correct EXCEPT a) Mutual companies issue policies referred to ...

NJ Life Insurance Test Exam 146 Questions with Verified Solutions.

NJ Life Producer Exam with Complete Solutions Graded A+ In a life policy, a special benefit that prepays a portion of a death benefit during the lifetime of an insurer in the event of a specified illness: - Answer-an acceleration of life insurance benefit All of the following are true about a stock insurance company EXCEPT: - Answer-Their policy holders vote for the members of the board of directors If a policy contains a Guaranteed Insurability rider, the insured has the right to purch...

NJ Life and Health Insurance Test Correct answers latest update Agency Contract A contract given that is held between an insurer and an agent/producer, containing the expressed authority given to the agent/producer, and the duties and responsibilities to the principal. An agent who is in violation of the agency contract may be held personally liable to the insurer. Agent/Producer A person who acts for another person or entity with regard to contractual arrangements with third parties...

NJ Life Producer Test Questions and Answers All Correct Term Life Policy - Answer-Temporary coverage for set duration w/ death benefit ONLY (no cash value), offers largest $ for lowest premium. Cannot borrow. Level Term Life Insurance Policy - Answer-A term life insurance policy in which the death benefit remains unchanged throughout the life of the policy Increasing Term Life Insurance - Answer-Term life insurance that provides a death benefit that starts at one amount and increases by s...

NJ Life Insurance Prelicence Exam Questions and Answers HIPAA Disclosure and HIV Consent - Answer-all individually identifiable health info obtained during application must remain confidential. HIV consent form explains the purpose of the test and insurability based on test results Replacement - Answer-when any transaction will result in previous coverage will be affected Conservation - Answer-the act of keeping an existing policy or prevent from being replaced Existing insurer - Answe...