NJ Life Insurance Practice Exam
Questions and Answers Updated
2026
WhichBofBtheBfollowingBisBaBbusinessBagreementBthatBprovidesBforBaBsurvivingBbusinessBpart
nerBtoBbuyBoutBanotherBatBhisBorBherBdeath?
SelectBone:
a.BSurvivorshipBLife
b.BBuy-SellBagreement
c.BEstateBEndowmentBLife
d.BDecreasingBTermBinsuranceB-BAnswerb.BBuy-SellBagreement
WhichBisBNOTBaBrightBofBownershipBinBaBlifeBinsuranceBpolicy?
SelectBone:
a.BReceivingBdividends
b.BUsingBtheBpolicyBasBcollateralBforBaBbankBloan
c.BChangingBirrevocableBbeneficiaries
d.BChangingBsettlementBoptionsB-BAnswerc.BChangingBirrevocableBbeneficiaries
WhichBpolicyBrequiresBpremiumBpaymentsBforBtheBlongestBperiodBofBtime?
SelectBone:
a.BRetirementBIncomeBEndowmentBinsurance
b.BLimited-PayBWholeBLifeBinsurance
c.BDecreasingBTermBinsurance
d.BWholeBLifeBinsuranceB-BAnswerd.BWholeBLifeBinsurance
, WhichBofBtheBfollowingBis/areBaBcostBsavingsBtypicallyBassociatedBwithBgroupBinsurance?
SelectBone:
a.BMasterBpolicyholderBassistsBinBpolicyBadministrationBbyBdeductingBpremiumsBfromBpayrollB
andBhelpingBwithBclaimBadministration.
b.BIndividualBunderwritesBonBonlyBthoseBwhoBdoBnotBacceptBcoverageBwithinBtheBenrollment
Bperiod.
c.BAllBofBtheBthese
d.BNoBMIBBreports,BcreditBreportsBorBinspectionBreportsBareBsubmitted.B-
BAnswerc.BAllBofBtheBthese
WhichBofBtheBfollowingBisBaBfinancialBinterestBthatBtheBpolicyownerBmustBpossessBatBtheBtim
eBthatBaBlifeBinsuranceBpolicyBisBpurchased?
SelectBone:
a.BInsurableBinterest
b.BMedicalBInterest
c.BMonetaryBInterest
d.BBusinessBInterestB-BAnswera.BInsurableBinterest
______________________isBoftenBusedBtoBprovideBfundsBforBaBfamilyBtoBpayBoffBaBmortgage
BorBotherBloans.
SelectBone:
a.BSurvivorshipBLife
b.BABBuy-SellBagreement
c.BDecreasingBTermBinsurance
d.BEstateBEndowmentBLifeB-BAnswerc.BDecreasingBTermBinsurance
Questions and Answers Updated
2026
WhichBofBtheBfollowingBisBaBbusinessBagreementBthatBprovidesBforBaBsurvivingBbusinessBpart
nerBtoBbuyBoutBanotherBatBhisBorBherBdeath?
SelectBone:
a.BSurvivorshipBLife
b.BBuy-SellBagreement
c.BEstateBEndowmentBLife
d.BDecreasingBTermBinsuranceB-BAnswerb.BBuy-SellBagreement
WhichBisBNOTBaBrightBofBownershipBinBaBlifeBinsuranceBpolicy?
SelectBone:
a.BReceivingBdividends
b.BUsingBtheBpolicyBasBcollateralBforBaBbankBloan
c.BChangingBirrevocableBbeneficiaries
d.BChangingBsettlementBoptionsB-BAnswerc.BChangingBirrevocableBbeneficiaries
WhichBpolicyBrequiresBpremiumBpaymentsBforBtheBlongestBperiodBofBtime?
SelectBone:
a.BRetirementBIncomeBEndowmentBinsurance
b.BLimited-PayBWholeBLifeBinsurance
c.BDecreasingBTermBinsurance
d.BWholeBLifeBinsuranceB-BAnswerd.BWholeBLifeBinsurance
, WhichBofBtheBfollowingBis/areBaBcostBsavingsBtypicallyBassociatedBwithBgroupBinsurance?
SelectBone:
a.BMasterBpolicyholderBassistsBinBpolicyBadministrationBbyBdeductingBpremiumsBfromBpayrollB
andBhelpingBwithBclaimBadministration.
b.BIndividualBunderwritesBonBonlyBthoseBwhoBdoBnotBacceptBcoverageBwithinBtheBenrollment
Bperiod.
c.BAllBofBtheBthese
d.BNoBMIBBreports,BcreditBreportsBorBinspectionBreportsBareBsubmitted.B-
BAnswerc.BAllBofBtheBthese
WhichBofBtheBfollowingBisBaBfinancialBinterestBthatBtheBpolicyownerBmustBpossessBatBtheBtim
eBthatBaBlifeBinsuranceBpolicyBisBpurchased?
SelectBone:
a.BInsurableBinterest
b.BMedicalBInterest
c.BMonetaryBInterest
d.BBusinessBInterestB-BAnswera.BInsurableBinterest
______________________isBoftenBusedBtoBprovideBfundsBforBaBfamilyBtoBpayBoffBaBmortgage
BorBotherBloans.
SelectBone:
a.BSurvivorshipBLife
b.BABBuy-SellBagreement
c.BDecreasingBTermBinsurance
d.BEstateBEndowmentBLifeB-BAnswerc.BDecreasingBTermBinsurance
