NJ LIFE PRODUCER EXAM STUDY LIFE INSURANCE QUESTIONS AND ANSWERS
Renewable Term Life Insurance - (answer)An insurer must renew a renewable term policy at the
policyowner's request regardless of the insurability status of the insured.
Fixed-amount - (answer)The settlement option that provides for payments to be made in regular
installments to a beneficiary until the principal and interest are exhausted best describes:
Must give public reasonable access. - (answer)What hours of operation is a branch office required to
have?
Amount of indeptness - (answer)Under a Credit Life Policy, the amount of coverage shall not exceed the:
180 Days - (answer)In most circumstances, a temporary license in New Jersey shall not be valid for a
period longer than:
31 Days - (answer)Telemarketers must update their solicitation lists with the National Do Not Call
Registry every...
Notify the Producer whose policy is being replaced - (answer)When replacing existing life insurance, an
agent MUST...
have their principle office in New Jersey - (answer)A producer who wishes to hold a Resident NJ Life
Producer license, who lives in another state, must...
The ceding insurer - (answer)A insurer procuring insurance for itself from another insurer is called...
90 days - (answer)A business name authorization expires in
12 months - (answer)A first time applicant is someone who has not been licensed as a producer for the
previous...
, NJ LIFE PRODUCER EXAM STUDY LIFE INSURANCE QUESTIONS AND ANSWERS
12 months - (answer)When applying for a producer's license, an applicant must have passed the State
Licensing Exam within how long from the date of their application for license?
Interest-only - (answer)In which of the following are proceeds left with the insurer and earnings sent to
the beneficiary?
Variable Life - (answer)Under what type of life insurance policy will the death benefit vary, based on the
performance of an underlying portfolio of securities?
Not Tax Deductable - (answer)Generally, premiums paid on an individual life insurance policy are:
9 years and 8 months - (answer)A 10 year family income policy was purchased effective April 1, 2007.
The insured died August 1, 2007. The beneficiary receives monthly income for:
the face amount less the annual premium - (answer)John the insured dies during the grace period of his
life insurance policy and had not paid the annual premium. The insurance company is obligated to pay
which of the following to the beneficiary?
Contingent beneficiaries - (answer)If the primary beneficiary dies before an insured, the individuals are
paid when the insured dies are...
premium mode - (answer)The aspect of a policy that allows a policyholder to select the timing of
premium payments is known as...
Pay an amount equivalent to that which the premium would have purchased at the correct age -
(answer)If an insured understates her age and this is discovered upon her death, the insurer will...
provide income for retirement - (answer)The primary purpose for an annuity is to...
premium schedule - (answer)Which of the following features makes Universal Life insurance different
from other forms of permanent insurance?
Renewable Term Life Insurance - (answer)An insurer must renew a renewable term policy at the
policyowner's request regardless of the insurability status of the insured.
Fixed-amount - (answer)The settlement option that provides for payments to be made in regular
installments to a beneficiary until the principal and interest are exhausted best describes:
Must give public reasonable access. - (answer)What hours of operation is a branch office required to
have?
Amount of indeptness - (answer)Under a Credit Life Policy, the amount of coverage shall not exceed the:
180 Days - (answer)In most circumstances, a temporary license in New Jersey shall not be valid for a
period longer than:
31 Days - (answer)Telemarketers must update their solicitation lists with the National Do Not Call
Registry every...
Notify the Producer whose policy is being replaced - (answer)When replacing existing life insurance, an
agent MUST...
have their principle office in New Jersey - (answer)A producer who wishes to hold a Resident NJ Life
Producer license, who lives in another state, must...
The ceding insurer - (answer)A insurer procuring insurance for itself from another insurer is called...
90 days - (answer)A business name authorization expires in
12 months - (answer)A first time applicant is someone who has not been licensed as a producer for the
previous...
, NJ LIFE PRODUCER EXAM STUDY LIFE INSURANCE QUESTIONS AND ANSWERS
12 months - (answer)When applying for a producer's license, an applicant must have passed the State
Licensing Exam within how long from the date of their application for license?
Interest-only - (answer)In which of the following are proceeds left with the insurer and earnings sent to
the beneficiary?
Variable Life - (answer)Under what type of life insurance policy will the death benefit vary, based on the
performance of an underlying portfolio of securities?
Not Tax Deductable - (answer)Generally, premiums paid on an individual life insurance policy are:
9 years and 8 months - (answer)A 10 year family income policy was purchased effective April 1, 2007.
The insured died August 1, 2007. The beneficiary receives monthly income for:
the face amount less the annual premium - (answer)John the insured dies during the grace period of his
life insurance policy and had not paid the annual premium. The insurance company is obligated to pay
which of the following to the beneficiary?
Contingent beneficiaries - (answer)If the primary beneficiary dies before an insured, the individuals are
paid when the insured dies are...
premium mode - (answer)The aspect of a policy that allows a policyholder to select the timing of
premium payments is known as...
Pay an amount equivalent to that which the premium would have purchased at the correct age -
(answer)If an insured understates her age and this is discovered upon her death, the insurer will...
provide income for retirement - (answer)The primary purpose for an annuity is to...
premium schedule - (answer)Which of the following features makes Universal Life insurance different
from other forms of permanent insurance?
