NEW JERSEY LIFE INSURANCE 2026/2027 QUESTIONS
AND SOLUTIONS RATED A+
✔✔who must sign application of insurance - ✔✔Owner, insured, and agent all three
must sign
✔✔Differed compensation plans - ✔✔an example of a non qualified retirement plan
✔✔Qualified retirement plans - ✔✔Keogh, 401K, IRA
✔✔conditional receipt - ✔✔serves as proof that the agent confirmed the insurance
company will fully insure the applicant
✔✔accelerated living benefit - ✔✔pays out death benefit while alive due to illness live
threatning reason
✔✔convertible insurance - ✔✔the type of policy that can be changed from one that
doen't usually have cash value to one that does
✔✔uniform simultaneous death act - ✔✔under the common disaster clause if it can't be
determined who died first it is assumed the beneficiary
✔✔Fair credit report act - ✔✔the federal law that permits applicants for insurance to
question the validity and source of any credit info
✔✔certificate of authority - ✔✔the ability to transact insurance business in New Jersey
is garunteed to an insurer
✔✔Foreign Company - ✔✔an insurer that is incorporated in New York but authorized to
do business in New Jersey
✔✔comparable License - ✔✔to be elegeble for a nonresident producer license the
producer must hold compairable license in home state
✔✔Guaranty Association - ✔✔non profit legal entity that protects public from company
insolvency
✔✔all of the following are characteristics of credit life - ✔✔- proceeds are paid directly to
the lender
- Benifits are limited to the exact amounts of the loan
- the policy could be group or indivisual
✔✔all the following are considered to be forms of advertising - ✔✔- Materials used for
agent recruiting
AND SOLUTIONS RATED A+
✔✔who must sign application of insurance - ✔✔Owner, insured, and agent all three
must sign
✔✔Differed compensation plans - ✔✔an example of a non qualified retirement plan
✔✔Qualified retirement plans - ✔✔Keogh, 401K, IRA
✔✔conditional receipt - ✔✔serves as proof that the agent confirmed the insurance
company will fully insure the applicant
✔✔accelerated living benefit - ✔✔pays out death benefit while alive due to illness live
threatning reason
✔✔convertible insurance - ✔✔the type of policy that can be changed from one that
doen't usually have cash value to one that does
✔✔uniform simultaneous death act - ✔✔under the common disaster clause if it can't be
determined who died first it is assumed the beneficiary
✔✔Fair credit report act - ✔✔the federal law that permits applicants for insurance to
question the validity and source of any credit info
✔✔certificate of authority - ✔✔the ability to transact insurance business in New Jersey
is garunteed to an insurer
✔✔Foreign Company - ✔✔an insurer that is incorporated in New York but authorized to
do business in New Jersey
✔✔comparable License - ✔✔to be elegeble for a nonresident producer license the
producer must hold compairable license in home state
✔✔Guaranty Association - ✔✔non profit legal entity that protects public from company
insolvency
✔✔all of the following are characteristics of credit life - ✔✔- proceeds are paid directly to
the lender
- Benifits are limited to the exact amounts of the loan
- the policy could be group or indivisual
✔✔all the following are considered to be forms of advertising - ✔✔- Materials used for
agent recruiting
