NJ HEALTH AND ACCIDENT INSURANCE EXAM AND
PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE
300 QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Health Insurance - CORRECT ANSWER Insurance that
protects against financial loss due to sickness or accidental
bodily injury.
Disability Insurance - CORRECT ANSWER Insurance that
provides coverage for lost income in the event of a disability
that prevents work.
Medical Expense Insurance - CORRECT ANSWER Insurance
that pays benefits for nonsurgical doctors' fees incurred
during a hospital stay.
Interim Coverage - CORRECT ANSWER A short-term
insurance policy purchased when an individual is between
jobs or waiting for a new policy to take effect.
Accidental Death and Dismemberment Insurance (AD&D) -
CORRECT ANSWER Insurance that provides a lump-sum
benefit in the event of accidental death or dismemberment.
Nonparticipating Plan - CORRECT ANSWER An insurance
plan where the insured does not share in the company's
divisible surplus.
,Participating Plan - CORRECT ANSWER An insurance plan
where the policy owner receives shares of the company's
divisible surplus.
NJ LAW:
What are the duties/responsibilities of the Commissioner? -
CORRECT ANSWER - enforcing and administering all laws
pertaining to insurance
- make rules and regulations to help administer insurance
code
- conduct examinations, administer oaths, question
licensees, and issue subpoenas
If the Commissioner finds that the producer has committed
the alleged acts or practice, they can order the producer.....
- CORRECT ANSWER - cease and desist from committing the
act or engaging in the practice
- be fined up to $1000
- be fined up to $5000 if the person knew they were violating
the law
What is the maximum fine imposed by the Commissioner on
a suspended Producer for their first offense? - CORRECT
ANSWER up to $5000
mutual insurers - CORRECT ANSWER - owned by
policyholders
- mutual company does not have permanent capital stock
- governing body elected by policyholders
,Who may receive temporary work authority? - CORRECT
ANSWER - those who submitted a licensing application and
fee
- expires after 60 days
twisting - CORRECT ANSWER misrepresentation or
incomplete comparison to induce a person to lapse, forfeit,
or surrender insurance
Within how many days must an insurer respond to an inquiry
from the Department? - CORRECT ANSWER 15 days
New Jersey Life and Health Insurance Guaranty Association
- CORRECT ANSWER - protects the policyowner, insureds,
and beneficiaries if an insurer becomes impaired or
insolvent and unable to perform its contractual obligations
An insured cannot bring suit after how many years have
passed since filing proof of loss? - CORRECT ANSWER 3
years
How long does the insured have to submit proof of loss? -
CORRECT ANSWER 90 days
How soon must a policyowner give written notice of claim to
the insurer? - CORRECT ANSWER 20 days or as soon as
reasonably possible
How long does the pre-existing condition exclusion last? -
CORRECT ANSWER up to 24 months
, what benefits must be included for treatment of alcoholism?
- CORRECT ANSWER - inpatient or outpatient care in a
licensed hospital
- treatment at a detoxification facility
- confinement as an inpatient or outpatient at a residential
treatment facility
a group health insurance plan may exclude pre-existing
conditions for up to how long after the effective date of
coverage? - CORRECT ANSWER 12 months, or 18 months for
late enrollees
How long is the extension of benefits under group plans? -
CORRECT ANSWER extension of at least 12 months for major
medical/comprehensive medical/HMO plans
if a person violates the solicitation regulations, the
commissioner may - CORRECT ANSWER impose a penalty of
up to $2,000 for each violation, or revoke/suspend a person's
license or certificate of authority
What does Medicare supplement policy do? - CORRECT
ANSWER - fills the gap and picks up where Medicare
coverage leaves off
- sold by private insurance companies
- covers most, if not all, of the coinsurance and deductible
amounts and also pay for various health services not
covered by Medicare
- must allow for suspension of benefits and premiums at the
policyholder's request for up to 24 months
PRACTICE EXAM NEWEST ACTUAL EXAM COMPLETE
300 QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Health Insurance - CORRECT ANSWER Insurance that
protects against financial loss due to sickness or accidental
bodily injury.
Disability Insurance - CORRECT ANSWER Insurance that
provides coverage for lost income in the event of a disability
that prevents work.
Medical Expense Insurance - CORRECT ANSWER Insurance
that pays benefits for nonsurgical doctors' fees incurred
during a hospital stay.
Interim Coverage - CORRECT ANSWER A short-term
insurance policy purchased when an individual is between
jobs or waiting for a new policy to take effect.
Accidental Death and Dismemberment Insurance (AD&D) -
CORRECT ANSWER Insurance that provides a lump-sum
benefit in the event of accidental death or dismemberment.
Nonparticipating Plan - CORRECT ANSWER An insurance
plan where the insured does not share in the company's
divisible surplus.
,Participating Plan - CORRECT ANSWER An insurance plan
where the policy owner receives shares of the company's
divisible surplus.
NJ LAW:
What are the duties/responsibilities of the Commissioner? -
CORRECT ANSWER - enforcing and administering all laws
pertaining to insurance
- make rules and regulations to help administer insurance
code
- conduct examinations, administer oaths, question
licensees, and issue subpoenas
If the Commissioner finds that the producer has committed
the alleged acts or practice, they can order the producer.....
- CORRECT ANSWER - cease and desist from committing the
act or engaging in the practice
- be fined up to $1000
- be fined up to $5000 if the person knew they were violating
the law
What is the maximum fine imposed by the Commissioner on
a suspended Producer for their first offense? - CORRECT
ANSWER up to $5000
mutual insurers - CORRECT ANSWER - owned by
policyholders
- mutual company does not have permanent capital stock
- governing body elected by policyholders
,Who may receive temporary work authority? - CORRECT
ANSWER - those who submitted a licensing application and
fee
- expires after 60 days
twisting - CORRECT ANSWER misrepresentation or
incomplete comparison to induce a person to lapse, forfeit,
or surrender insurance
Within how many days must an insurer respond to an inquiry
from the Department? - CORRECT ANSWER 15 days
New Jersey Life and Health Insurance Guaranty Association
- CORRECT ANSWER - protects the policyowner, insureds,
and beneficiaries if an insurer becomes impaired or
insolvent and unable to perform its contractual obligations
An insured cannot bring suit after how many years have
passed since filing proof of loss? - CORRECT ANSWER 3
years
How long does the insured have to submit proof of loss? -
CORRECT ANSWER 90 days
How soon must a policyowner give written notice of claim to
the insurer? - CORRECT ANSWER 20 days or as soon as
reasonably possible
How long does the pre-existing condition exclusion last? -
CORRECT ANSWER up to 24 months
, what benefits must be included for treatment of alcoholism?
- CORRECT ANSWER - inpatient or outpatient care in a
licensed hospital
- treatment at a detoxification facility
- confinement as an inpatient or outpatient at a residential
treatment facility
a group health insurance plan may exclude pre-existing
conditions for up to how long after the effective date of
coverage? - CORRECT ANSWER 12 months, or 18 months for
late enrollees
How long is the extension of benefits under group plans? -
CORRECT ANSWER extension of at least 12 months for major
medical/comprehensive medical/HMO plans
if a person violates the solicitation regulations, the
commissioner may - CORRECT ANSWER impose a penalty of
up to $2,000 for each violation, or revoke/suspend a person's
license or certificate of authority
What does Medicare supplement policy do? - CORRECT
ANSWER - fills the gap and picks up where Medicare
coverage leaves off
- sold by private insurance companies
- covers most, if not all, of the coinsurance and deductible
amounts and also pay for various health services not
covered by Medicare
- must allow for suspension of benefits and premiums at the
policyholder's request for up to 24 months
