NJ LIFE GUARANTEED EXAM QUESTIONS WITH VERIFIED SOLUTIONS

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 completing an approved pre-licensing education course must a candidate submit a license application: A: 3 months B: 6 months C: 1 year D: 2 years D: 2 years what does the state life and health insurance guranty association guard against: A: overinsurance B: unfair trade practices C: insurer insolvency D: insurance fraud C: insurer insolvency in a variable life insurance policy, all of the following assets are held in the insurance company's general account EXCEPT: A: face amount reserves B: incidental benefit amounts C: cash surrender values D: mortality reserves C: cash surrender values which statement below is INCORRECT regarding the type of term insurance that fits with the applicants needs: A: applicants who may require a larger death benefit in the future should buy convertible term insurance B: applicants concerned with the increasing cost of living should purchase increasing term C: applicants wishing to pay off a mortgage should they suffer a premature death might buy a decreasing term plan D: employers looking to provide cost effective group life insurance for their employees may choose annual renewable term A: applicants who may require a larger death benefit in the future should buy convertible term insurance applicants for an individual producer license must sybmit prrof of completing certain number of hours of approved continuing education credits. how many hours are required: A: 32 B: 48 C: 18 D: 24 D: 24 an annuity owner receives the same guaranteed payment every month. what type of annuity is it: A: fixed B: immediate C: guaranteed D: single A: fixed in credit life insurance, who is responsible for paying policy premiums: A: creditors only B: borrower only C: creditor and borrower equally D: creditor and borrower proportionally B: borrower only if an insured dies, and it is discovered that the insured misstated his/her age or gender, the life insurance policy will: A: adjust the death benefit to what