Nj life - Study guides, Class notes & Summaries

NJ LIFE FINAL EXAM 2024 WITH 100% CORRECT ANSWERS Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? Financial loss value Human life value Assessment value Replacement value - correct answer Human life value The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer - correct answer Is insolvent An individual most likely will have an insurable interest in insuri...

NJ LIFE FINAL EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? Financial loss value Human life value Assessment value Replacement value - Precise Answer Human life value The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer - Precise Answer Is insolvent An individual most likely will have an insurable interest i...

NJ Life Final Exam Questions and Answers 100% Pass Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? Financial loss value Human life value Assessment value Replacement value Human life value The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer Is insolvent An individual most likely will have an insurable interest in insuring a person's life if An e...

NJ LIFE INSURANCE TEST EXAM 2024 WITH 100% ACCURATE ANSWERS The principle that insurance is not a transaction of commerce and so should be regulated by the states was established by the A. the McCarran-Ferguson Act. B. Public Act 15. C. Paul v. Virginia. D. U.S. v. South Eastern Underwriters Association - correct answer ANSWER HERE A. The McCarran-Ferguson Act A contract between two insurance companies that allows one company to transfer risk to a second company is known as ...

NJ Life Producer Practice Exam Questions with Answers According to the Health Insurance Portability and Accountability Act (HIPPA), when can a group health policy renewal be denied? - Answer-Participation or contribution rules have been violated Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? - Answer-Submit to the replacing insurer a life of the policies to be replaced. Which market index is normally associated with an indexed ...

NJ LIFE INSURANCE LATEST UPDATE GRADED A+ Agency An insurance sales office or company agent An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer. agent appointment The authorization of an agent to act for or represent an insurer aleatory A contract in which participating parties exchange unequal amounts. Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the amount the insurer wi...

NJ Life Insurance Exam Study Set 1 Questions and Answers

NJ LIFE INSURANCE TEST EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS The McCarran-Ferguson Act was passed by Congress to - Precise Answer Redefine the authority of the state and federal government to regulate the insurance industry The principle that insurance is not a transaction of commerce and so should be regulated by the state was established in: - Precise Answer Paul v. Virginia In New Jersey, a producer who violates a New Jersey insurance law for the first time may be fined ...

NJ Life Insurance Exam Latest Update Graded A+ 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 upon death...

NJ Life Insurance Test Questions and Answers A reinstatement clause outlines reinstatement conditions that include - Answer-A. a higher premium charge. B. payment of outstanding loans within the year. C. proof of insurability. D. a decrease in policy limits. Answer C All of the following are characteristics of the Accelerated Death Benefit option EXCEPT - Answer-A. the maximum benefit is a percentage of the face amount of insurance, and there may also be a dollar limit B. s...