Final Exam - New Jersey Life and Health(200+ questions with verified
answers) latest solution
Which type of long-term care benefit would be most appropriate for a stroke victim who
requires speech therapy administered at her home? - correct answerHome health care
Which of the following is NOT a federal requirement of a qualified plan? - correct
answerEmployee must be able to make unlimited contributions
Why are dividends from a mutual insurer not subject to taxation? - correct
answerBecause dividends are considered to be a return of premium
The treasurer of XYZ Insurance Company discovers that the treasurer's company is
being investigated by the Banking and Insurance Commissioner... - correct
answerMaking false financial statements
Which type of rider will waive the premium on a child's life insurance policy if the parent
paying the premium dies? - correct answerPayor benefit
Which of these premium payment frequencies is not typically available to a policy
owner? - correct answerBi-weekly
Maria the agent would like to advertise an annuity product on a highway billboard.
Which of the following must be included in the advertisement? - correct answerHer
name
Which disability policy provision would address any concerns of the value of the benefits
decreasing over time? - correct answerCost of living benefit
Which of these is NOT a characteristic of the Accelerated Death Benefit option? -
correct answerThe benefit can be offered as a rider at a specific extra cost or may be at
no cost
All of the following are included as part of a contract in the entire contract provision
EXCEPT the - correct answerChanges made by the producer
The power given to an individual producer that is not specifically addressed in his/her
contract is considered what type of authority? - correct answerImplied
Pat is insured with a life insurance policy and Karen is his primary beneficiary. They are
both involved in an automobile accident where Pat dies instantly and Karen dies 5 days
later... - correct answerCommon disaster clause
Key Person Disability Insurance pays benefits to the - correct answerEmployer
Under a disability income policy, which provision would be payable if the cause of an
injury is unexpected and accidental? - correct answerAccidental bodily injury provision
,Final Exam - New Jersey Life and Health(200+ questions with verified
answers) latest solution
What will the beneficiary receive if an annuitant dies during the accumulation period? -
correct answerThe greater of the accumulated cash value or the total premium paid
Written notice for a health claim must be given to the insurer ___ days after the
occurrence of the loss. - correct answer20
Craig submits a $500 claim for medical expenses. With a past due premium of $100,
the insurer pays $400. Which of the Uniform Optional Provisions covers this situation? -
correct answerUnpaid premium
How many employees must an employer have for a terminated employee to be eligible
for COBRA? - correct answer20
A licensed producer is required to file notice of any change of address within how many
days? - correct answer30
Advertising material for a life insurance policy does NOT need to contain which of the
following? - correct answerAgent's commission rate
What is the maximum fine for a producer violating a New Jersey Insurance law for the
first time? - correct answer$5,000
How long must an individual be unable to engage in any gainful activity due physical or
mental disability in order to qualify for Social Security Total Disability? - correct
answer12 months
Sonya applied for a health insurance policy on April 1. Her agent submitted the
information to the insurance company on April 6. She paid the premium on May 15 with
the policy indicating the effective date being May 30. On which date would Sonya have
coverage? - correct answerMay 30
Under a life insurance policy, what does the insuring clause state? - correct answerThe
insurer's obligation to pay a death benefit upon an approved death claim
Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a
year. Her health policy most likely contains a(n) - correct answerdeductible
How often must an insurance producer's license in New Jersey be renewed? - correct
answerEvery two years
Pierre the producer receives a premium for an individual health insurance policy. Pierre
MUST remit the premium to his insurer within ___ business days of receipt. - correct
answer7
, Final Exam - New Jersey Life and Health(200+ questions with verified
answers) latest solution
A life insurance policy normally contains a provision that restricts coverage in the event
of death under all of the following situations EXCEPT - correct answerfare-paying
passenger
An insurance consultant is BEST defines as a - correct answerproducer who charges
fees for advice
An insurance company needs to obtain personal information from a third party
concerning an applicant. Which law do all insurers and their producers need to comply
with? - correct answerFair Credit Reporting Act
A professional liability for which producers can be sued for mistakes of putting a policy
into effect is called - correct answerErrors and Omissions
The Commissioner issues a subpoena to a producer. The producer decides not to
respond. Which course of action must be taken by the Commissioner? - correct
answerCommissioner may impose an administrative penalty
A Medicare Supplement basic benefit is - correct answerThe first 3 pints of blood per
year
Krissa purchases a 10-year level term life insurance policy that has a death benefit of
$200,000. Which of these statements is true? - correct answerThe face amount and the
premium will remain constant over the 10-year period
What amount will be paid under a policy where the insured misstated his/her age? -
correct answerAn amount the premium would have purchased at the correct age
Within how many days must a producer notify the Department of Banking and Insurance
of a change in address? - correct answer30
Which type of coverage pays an amount per day for hospitalization directly to the
insured regardless of the insured's other health insurance? - correct answerHospital
Identity
New Jersey insurance law requires eligible individuals to make an election to continue
health insurance benefits within a MAXIMUM of _____ days after coverage termination -
correct answer60
A _____ insurance company is one that was formed under the laws of a state other than
New Jersey - correct answerforeign
All of the following are typically included in a life insurance policy illustration EXCEPT -
correct answerNames of the beneficiary
answers) latest solution
Which type of long-term care benefit would be most appropriate for a stroke victim who
requires speech therapy administered at her home? - correct answerHome health care
Which of the following is NOT a federal requirement of a qualified plan? - correct
answerEmployee must be able to make unlimited contributions
Why are dividends from a mutual insurer not subject to taxation? - correct
answerBecause dividends are considered to be a return of premium
The treasurer of XYZ Insurance Company discovers that the treasurer's company is
being investigated by the Banking and Insurance Commissioner... - correct
answerMaking false financial statements
Which type of rider will waive the premium on a child's life insurance policy if the parent
paying the premium dies? - correct answerPayor benefit
Which of these premium payment frequencies is not typically available to a policy
owner? - correct answerBi-weekly
Maria the agent would like to advertise an annuity product on a highway billboard.
Which of the following must be included in the advertisement? - correct answerHer
name
Which disability policy provision would address any concerns of the value of the benefits
decreasing over time? - correct answerCost of living benefit
Which of these is NOT a characteristic of the Accelerated Death Benefit option? -
correct answerThe benefit can be offered as a rider at a specific extra cost or may be at
no cost
All of the following are included as part of a contract in the entire contract provision
EXCEPT the - correct answerChanges made by the producer
The power given to an individual producer that is not specifically addressed in his/her
contract is considered what type of authority? - correct answerImplied
Pat is insured with a life insurance policy and Karen is his primary beneficiary. They are
both involved in an automobile accident where Pat dies instantly and Karen dies 5 days
later... - correct answerCommon disaster clause
Key Person Disability Insurance pays benefits to the - correct answerEmployer
Under a disability income policy, which provision would be payable if the cause of an
injury is unexpected and accidental? - correct answerAccidental bodily injury provision
,Final Exam - New Jersey Life and Health(200+ questions with verified
answers) latest solution
What will the beneficiary receive if an annuitant dies during the accumulation period? -
correct answerThe greater of the accumulated cash value or the total premium paid
Written notice for a health claim must be given to the insurer ___ days after the
occurrence of the loss. - correct answer20
Craig submits a $500 claim for medical expenses. With a past due premium of $100,
the insurer pays $400. Which of the Uniform Optional Provisions covers this situation? -
correct answerUnpaid premium
How many employees must an employer have for a terminated employee to be eligible
for COBRA? - correct answer20
A licensed producer is required to file notice of any change of address within how many
days? - correct answer30
Advertising material for a life insurance policy does NOT need to contain which of the
following? - correct answerAgent's commission rate
What is the maximum fine for a producer violating a New Jersey Insurance law for the
first time? - correct answer$5,000
How long must an individual be unable to engage in any gainful activity due physical or
mental disability in order to qualify for Social Security Total Disability? - correct
answer12 months
Sonya applied for a health insurance policy on April 1. Her agent submitted the
information to the insurance company on April 6. She paid the premium on May 15 with
the policy indicating the effective date being May 30. On which date would Sonya have
coverage? - correct answerMay 30
Under a life insurance policy, what does the insuring clause state? - correct answerThe
insurer's obligation to pay a death benefit upon an approved death claim
Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a
year. Her health policy most likely contains a(n) - correct answerdeductible
How often must an insurance producer's license in New Jersey be renewed? - correct
answerEvery two years
Pierre the producer receives a premium for an individual health insurance policy. Pierre
MUST remit the premium to his insurer within ___ business days of receipt. - correct
answer7
, Final Exam - New Jersey Life and Health(200+ questions with verified
answers) latest solution
A life insurance policy normally contains a provision that restricts coverage in the event
of death under all of the following situations EXCEPT - correct answerfare-paying
passenger
An insurance consultant is BEST defines as a - correct answerproducer who charges
fees for advice
An insurance company needs to obtain personal information from a third party
concerning an applicant. Which law do all insurers and their producers need to comply
with? - correct answerFair Credit Reporting Act
A professional liability for which producers can be sued for mistakes of putting a policy
into effect is called - correct answerErrors and Omissions
The Commissioner issues a subpoena to a producer. The producer decides not to
respond. Which course of action must be taken by the Commissioner? - correct
answerCommissioner may impose an administrative penalty
A Medicare Supplement basic benefit is - correct answerThe first 3 pints of blood per
year
Krissa purchases a 10-year level term life insurance policy that has a death benefit of
$200,000. Which of these statements is true? - correct answerThe face amount and the
premium will remain constant over the 10-year period
What amount will be paid under a policy where the insured misstated his/her age? -
correct answerAn amount the premium would have purchased at the correct age
Within how many days must a producer notify the Department of Banking and Insurance
of a change in address? - correct answer30
Which type of coverage pays an amount per day for hospitalization directly to the
insured regardless of the insured's other health insurance? - correct answerHospital
Identity
New Jersey insurance law requires eligible individuals to make an election to continue
health insurance benefits within a MAXIMUM of _____ days after coverage termination -
correct answer60
A _____ insurance company is one that was formed under the laws of a state other than
New Jersey - correct answerforeign
All of the following are typically included in a life insurance policy illustration EXCEPT -
correct answerNames of the beneficiary
