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NJ Life Insurance Exam Questions with Answers (Latest Update 2023)
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NJ Life Insurance Exam Questions with Answers (Latest Update 2023)
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NJ Life Insurance Exam Questions with Answers (LatestUpdate 2023)
Adverse Selection - Correct Answer ✅insuring of risks that are more prone
to losses than the average risk
lapse - Correct Answer ✅policy termination due to nonpayment of premium
Insurance - Correct Answer ✅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 - Correct Answer ✅protects against loss associated with an
insured's death, and pays a death benefit to beneficiaries upon death of the
insured
solicitation of Insurance - Correct Answer ✅an attempt to persuade a
person to buy an insurance policy
Buyers Guide - Correct Answer ✅provides basic, generic information about
life insurance policies that contains language approved by the Department of
Insurance
,NJ Life Insurance Exam Questions with Answers (Latest
Update 2023)
- Explains how a buyer should go about choosing the amount and type of
insurance to buy
- Explains how a buyer can save money comparing the costs of familiar
policies
Policy Summary - Correct Answer ✅a written statement describing the
features and elements of the policy being issued
Must provide:
- name and address of agent
- full name and home office or administrative office of the insurer
- generic name of the basic policy
- each rider
Illustrations - Correct Answer ✅a presentation or depiction that includes
non guaranteed elements of a policy of individual or group life insurance
over a period of years
Life Insurance Illustration - Correct Answer ✅Distinguish between
guaranteed and projected amounts
,NJ Life Insurance Exam Questions with Answers (Latest
Update 2023)
- clearly state that an illustration is not a party of the contract
- identify those values that are not guaranteed as such
Field Underwriter - Correct Answer ✅An insurance agent who conducts an
initial policy solicitation and application. (The company's front line of
underwriting)
Application - Correct Answer ✅starting point and basic source of
information used by the company in the risk selection process
Application Part 1- General Info - Correct Answer ✅includes general
questions about the applicant such as name, address, age, birth date,
gender, income, marital status, and occupation
- inquires about the existing policies and if the proposed insurance will
replace them
Application Part 2- Medical Info - Correct Answer ✅includes information on
the prospective insureds medical background, present health, any medical
visits in recent years, medical status of living relatives and causes of death of
deceased relatives
, NJ Life Insurance Exam Questions with Answers (Latest
Update 2023)
Non-Medical Appplication - Correct Answer ✅if the amount of insurance is
relatively small, the agent and the proposed insured will complete all of the
medical information
Agents Report - Correct Answer ✅provides the agents personal
observations concerning the proposed insured.
Required Signatures - Correct Answer ✅Both the agent and the proposed
insured (usually the applicant) must sign the application.
Consequences of Incomplete Applications - Correct Answer ✅If the insurer
receives an incomplete application, the insurer must return it to the
applicant for complete
Consequences of Incomplete Applications - Correct Answer ✅If a policy is
issued with questions left unanswered, the contract will be interpreted as if
the insurer waived its rights to have an answer to the question
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