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NJ Life Insurance Prelicence Exam Questions and Answers
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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 ...

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  • 6 augustus 2024
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  • nj life insurance prelicence exam questions
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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 - Answer-insurer who issued the policy that will be replaced

Replace insurer - Answer-the insurer responsible for issuing a new policy to replace and
existing policy

Replace insurer Producers responsibilities - Answer-notice regarding replacement
(signed), obtain info on existing policy, provide copies of documents to replacing insurer

Replace insurer responsibilities - Answer-notify existing insurer or planned replacement,
maintain copies

Primary source of information for underwriting - Answer-formal request or application of
consumer

Conditional receipt - Answer-this receipt will clarify effective date based on application
date or completion of medical exam (which ever is later) and assuming standard risk

Trial application or COD - Answer-Allows applicants to test if they are covered before
they pay their premium

Underwriting - Answer-the process fo selection, classification, and rating insurability

Adverse selection - Answer-unhealthy or high risk applicants

Sources of underwriting - Answer-application, medical exam, attending DR statement,
MIB, inspection report, and agent report

Application PART 1 - Answer-contains general questions about the applicant (including
life insurance history)

, Application Part 2 - Answer-contains medical history about the applicant and family

Attending Physician Statement (APS) - Answer-insurer is responsible for the costs
associated with the completion of this by the applicants own doctor (only needed if
medical reports reveal conditions that need further clarification/information)

Medical Information Bureau(MIB) - Answer-used to collect adverse medical information
about an applicants health. Can not be used alone to decline or rate an applicant for
insurance

Inspection report (consumer investigative report) - Answer-reports of applicants
finances, character, morals, work, hobbies, and other habits.



National Association of Insurance Commissioners (NAIC) - Answer-regulatory support
organization created and governed by the chief insurance regulators and
commissioners, has no legal authority to enact or enforce insurance laws. The primary
goal of the association is to promote state uniformity

Stockholders - Answer-stock insurer, shares company's profits and receive dividends as
taxable income if declared by directors (dividends not guaranteed).

Non-participating policies - Answer-policies that do not entitle policyholders to dividends

Mutual Insurance Company - Answer-insurer owned by policyholders, but is not
managed by them.

Non-taxable dividend - Answer-is a return of unused premiums in a mutual insurance
company

Participating policies - Answer-owners of these policies (usually as part ofmutual
insurance companies) may receive non-taxable dividends

Fraternal insurers - Answer-or fraternal benefit societies, social organization that
engage in community or charitable activities

Domestic insurer - Answer-insurer organized under the laws of the state it its place of
business

Foreign insurer - Answer-insurer placing business in a state outside their place of
incorporation

Alien insurer - Answer-insurer doing business in the US bu based in another country

Admitted/authorized insurer - Answer-approved to transact insurance in a given state

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