LIFE PRODUCER FINAL PAPER 2026 EXAM
Q AND A STUDY GUIDE COMPLETE
QUESTIONS AND ANSWERS
●● Which of these statements regarding the annuitants is CORRECT?.
Answer: The annuitant's life expectancy determines the annuity payment
●● What will the beneficiary receive is annuitant dies during the
accumulation period?.
Answer: The greater the accumulated cash value or the total premium
paid
●● Which of the following actions is REQUIRED by an agent who is
replacing an existing life insurance policy?.
Answer: Submit to to the replacing insurer a list of the policies to be
replaced
●● All pre-licensing course completion certificate are valid for a period
of ?.
Answer: 2 years
●● A partial surrender is allowed in which of the following life
policies?.
,Answer: Universal life
●● What happens to interest earned if the annuitant dies before the
payout start date?.
Answer: It is taxable
●● How are annuities given favorable tax treatment?.
Answer: gains are taxed at distribution
●● Fixed period settlement options are considered to be a form of a(n).
Answer: annuity
●● Matt is applying for life insurance and requests a double indemnity
rider. A double indemnity benefit will be payable to Matt's beneficiary if
Matt.
Answer: dies instantly from a car accident
●● A modified insurance contract which accumulates cash values higher
than the IRS will allow.
Answer: A life insurance contract which accumulates cash values higher
than the IRS will allow
●● A(n) _____ insurance company is one that was formed under the
laws of a state other than New Jersey..
, Answer: Foreign
●● An example of a tax-qualified retirement plan would be a(n).
Answer: defined contribution plan
●● How soon can the benefit payments begin with a deferred annuity?.
Answer: a minimum of 12 months after date of purchase
●● A securities license is required for a life insurance producer to sell.
Answer: Variable Life Insurance
●● A whole life insurance policy accumulates cash value that becomes.
Answer: the policy loan value which the insured may borrow against
●● The coverage, conditions, and limitations in the master policy of a
group contract can be found in which document?.
Answer: Certificate of coverage and benefits
●● Which of the following policies does NOT build cash value?.
Answer: term
●● When the word "insurance" appears in a producer's business name,
which of the following words cannot be approved?.
Q AND A STUDY GUIDE COMPLETE
QUESTIONS AND ANSWERS
●● Which of these statements regarding the annuitants is CORRECT?.
Answer: The annuitant's life expectancy determines the annuity payment
●● What will the beneficiary receive is annuitant dies during the
accumulation period?.
Answer: The greater the accumulated cash value or the total premium
paid
●● Which of the following actions is REQUIRED by an agent who is
replacing an existing life insurance policy?.
Answer: Submit to to the replacing insurer a list of the policies to be
replaced
●● All pre-licensing course completion certificate are valid for a period
of ?.
Answer: 2 years
●● A partial surrender is allowed in which of the following life
policies?.
,Answer: Universal life
●● What happens to interest earned if the annuitant dies before the
payout start date?.
Answer: It is taxable
●● How are annuities given favorable tax treatment?.
Answer: gains are taxed at distribution
●● Fixed period settlement options are considered to be a form of a(n).
Answer: annuity
●● Matt is applying for life insurance and requests a double indemnity
rider. A double indemnity benefit will be payable to Matt's beneficiary if
Matt.
Answer: dies instantly from a car accident
●● A modified insurance contract which accumulates cash values higher
than the IRS will allow.
Answer: A life insurance contract which accumulates cash values higher
than the IRS will allow
●● A(n) _____ insurance company is one that was formed under the
laws of a state other than New Jersey..
, Answer: Foreign
●● An example of a tax-qualified retirement plan would be a(n).
Answer: defined contribution plan
●● How soon can the benefit payments begin with a deferred annuity?.
Answer: a minimum of 12 months after date of purchase
●● A securities license is required for a life insurance producer to sell.
Answer: Variable Life Insurance
●● A whole life insurance policy accumulates cash value that becomes.
Answer: the policy loan value which the insured may borrow against
●● The coverage, conditions, and limitations in the master policy of a
group contract can be found in which document?.
Answer: Certificate of coverage and benefits
●● Which of the following policies does NOT build cash value?.
Answer: term
●● When the word "insurance" appears in a producer's business name,
which of the following words cannot be approved?.
