Nj life - Study guides, Class notes & Summaries

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 Insurance Test 100% solved

NJ LIFE GUARANTEED EXAM QUESTIONS WITH VERIFIED SOLUTIONS WHICH OF THE FOLLOWING IS A PERMISSIBLE REASON FOR AN INSURANCE COMPANY TON CONTEST PAYMENT OF A CLAIM BASED ON STATEMENTS: A: the insured died to soon after applying for the policy B: the insurer has already paid out the expected amount of benefits for the year C: the application contains a correction D: the application contains material misstatements D: the application contains material misstatements Within how long of...

NJ Life Insurance Exam 2024 Questions and Answers Three types of term policies - Answer-level, increasing and decreasding level term insurance - Answer-most common type of term insurance level premium and death benefit annually renewable term - Answer-benefit remains level each year, guaranteed renewable each year without proof of insurance, but premium increases each year according to attained age decreasing term - Answer-level premium death benefit decreases each year commonl...

NJ Life Insurance Exam Questions and Answers

NJ Life Insurance Exam Questions with correct Answers

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 AND ANSWERS Lapse - Answer-Termination of a policy because the premium has not been paid by the end of the grace period. Law of Large Numbers - Answer-A principle stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the underlying probability of loss. Level Premium - Answer-A policy premium that remains the same over the period of time premiums are paid. Life Expectancy - Answer-Avera...

NJ Life Insurance Test Questions and Answers Already Passed The McCarran-Ferguson Act was passed by Congress to 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: Paul v. Virginia In New Jersey, a producer who violates a New Jersey insurance law for the first time may be fined up to $5,000 The New Jersey Banking an...

State Exam Simulator - NJ Life & Health State Exam Questions and Answers Rated A+ What is a corridor in relation to a Universal Life insurance policy? the gap between the total death benefit and the policy's cash value Major medical insurance will typically cover medical expenses that result from a negative reaction to prescribed medication Which of the following is a reinstatement condition? proof of insurability Which of the following is NOT a duty of the Commissioner? estab...