NJ Life Final Exam Questions and Answers 100% Pass

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 economic interest exists for the continuance of the insured's life An error was made on Mary's life insurance application. Which of the following areas are errors commonly made on applications for which the incontestable clause does NOT apply? Marital status Age Address Income Age Before conducting an HIV related test, an insurer is REQUIRED to obtain written authorization from the Proposed insured One of the roles of the Banking and Insurance Commissioner is to Establish continuing education requirements If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the age at the correct Under a group life policy, the insurer will issue an individual _____ to the policyowner for delivery to each person insured Certificate Jerry voluntarily terminated his producer's license. If he changes his mind, his license may be reinstated during the same license period if He completes a new license application A producer has recently died and leaves behind a spouse. In order for the producer's insurance business to continue, the Department of Banking and Insurance may issue to the producer's spouse a(n) Temporary insurance license In what part of an insurance policy are policy benefits found? Declarations A securities license is required for a life insurance producer to sell Variable life insurance Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability.