NJ Life Producer Exam Correct answers latest update

NJ Life Producer Exam Correct answers latest update Which of the following amounts must decrease in a decreasing term? Death benefit In life insurance, insurable interest must exist at the time the.. Producer writes an on a proposed insured An applicant makes an offer to the insurer when they pay an initial premium with the application Which of the following makes Universal Life insurance different from other forms of permanent insurance? Premium Schedule An insurer that shares its profits with its' policyowners is known as.. A mutual insurer Statements made by an applicant for insurance on the application are considered to be.. Representations In which of the following are proceeds left with the insurer and earnings sent to the beneficiary? Interest-Only The primary purpose of an annuity is to.. Provide income for retirement Which of the following provisions in a life policy specifies the manner in which proceeds will be paid to a beneficiary on the death of insured? settlement options An insurance producer takes an application for a life policy but does not collect the initial premium. On delivery of policy to the proposed insured, the producer must collect the initial premium and which of the following? The insured's signed statement of continued good health A report of previously submitted life insurance applications to other insurers is known as: A Medical Information Bureau report A company decides to purchase Key Employee life insurance for its vice president of operations. All of the following statements are correct EXCEPT the.. Employee names the beneficiary Which of the following features allows an insurance policy to remain in force for a specified number of days beyond the premium due date? Grace period provision which of the following prevents the producer from unilaterally amending a policy? Entire contract interest paid on a policy loan is.. not tax deductible An employer paid life insurance policy is called Non-contributory group life A tax free exchange of one life insurance policy or annuity for another is called.. 1035 exchange Which of the following group life plans require at least 75% of the eligible members to participate? Contributory Two business partners own life insurance on each other. If one partner dies, which of the following contracts will allow the other partner to buy 100 percent of the business interest? Buy and Sell agreement Under a traditional IRA, owners must begin to receive payments from their accounts by the time they reach age.. 70 1/2 social security retirement benefits are determined by all of the following except? sex A modification to a life policy is called a.. Rider the right to change a beneficiary is reserved for the.. policyownerw Which of the following statements regarding a revocable beneficiary is CORRECT? the policyowner may change the beneficiary without his or her knowledge or approved R has just graduated from law school. R knows that R's future earnings will be much higher than they are now, but wants to purchase a permanent policy now to cover future needs. Which of the following policies would BEST suit R's needs? modified whole life A policy that provides lifetime protection for an insured with premiums payable for 20 years is called a.. 20 pay-life All of the following are modes of payment in a life policy EXCEPT bi-weekly A payor benefit rider provides which of the following benefits? A waiver of premium should the payor die, until the insured reaches a predetermined age The termed used to indicate that a policy beneficiary cannot be changed is.. Irrevocable Which of the following states the terms of coverage during the underwriting process? the conditional receipt The provision that addresses misstatements made by applicant on an application is.. Incontestability clause The grace period in a life insurance policy begins when the premium is due which of the following would best be used for estate planning purposes? survivorship life if an insurer wants to obtain an HIV test from an applicant they must obtain the applicant's written consent standard non-forfeiture benefits include reduced paid up insurance Reinstatement of a life insurance policy requires an insured to take all of the following actions EXCEPT: make collateral assignment to the insurer A contract that promises to pay an income to an insured until their death is called? Life annuity In a life policy, a special benefit that prepays a portion of a death benefit during the lifetime of an insurer in the event of a specified illness: an acceleration of life insurance benefit All of the following are true about a stock insurance company EXCEPT: Their policy holders vote for the members of the board of directors If a policy contains a Guaranteed Insurability rider, the insured has the right to purchase: