NJ life and health 2024 FINAL EXAM With complete solution RATED A+

NJ life and health 2024 FINAL EXAM
With complete solution RATED A+
How long must an insurance company keep records on life insurance replacement
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activity? - 5 years
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Which type of disability would be less than total impairment and equal to permanent
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impairment? - permanent partial disability
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In contrast to a guaranteed renewable policy, a noncancellable policy - May never raise
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premiuns
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ll A securities license is required for a life insurance producer to sell - variable life insurance
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If an insurer receives a Notice of Claim under an individual health policy, and fails to
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provide proof of loss forms within 15 days, the insured must? - File a written proof of loss,
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detailling ocurrence, character and extend of loss
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An agent has committed an insurance crime that violates US Code 1033 (interstate
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commerce). Who would be responsible for the prosecution of this crime? - US Attorney
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ll An agent is a(n) - licensed producer who has a written contract to represent an insured
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ll A Medicare Supplement policy can be cancelled by the insurer for - nonpayment
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When an insured changes to a more hazardous occupation, which disability policy
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provision allows an insurer to adjust policy benefits and rates? - change of occupation
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ll A document providing basic information about life insurance policies in general is called a -
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Buyers guide
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All of these are considered key factors in underwriting life insurance EXCEPT - Marital
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Status
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The type of policy where the insurer can send a notice to the insured that the policy has
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been cancelled in the middle of the term is called - cancelable
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After passing the state Producer licensing exam, application for the license must be made
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within - 12 months
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Joe is a Medicare participant who receives his benefits through a Managed Health Care
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Plan. Which Medicare plan does he have? - part C
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, A clause that allows an insurer the right to terminate coverage at any anniversary date is
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called a(n) - optional rewability
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Which of the following would be considered a possible applicant and contract policyholder
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for group health benefits? - employeer
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Within how many days must a producer notify the Department of Banking and Insurance of
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a change in address? - 30
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What is the elimination period of an individual disability policy? - time period a disable
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person must wait before benefits are paid
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The replacement of an existing insurance policy requires notice that the owner can return
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the policy within days for a full refund. - 30
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ll The deeds and actions of a producer indicate what kind of authority? - Apparent
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When does a life insurance policy typically become effective? - when initial premiun is
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collected and policy is issued
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ll A Buyer's Guide MUST - Contain content approved by the Commissioner
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ll The entire contract includes the actual policy and the - application
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Which of the following MUST contain a "Statement of Policy Cost and Benefit
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Information"? - Policy Summary
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Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How
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much will she have to pay if she, not having met any of her deductible, visits the doctor and
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receives a bill for $125? - 50.00
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Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How
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much will she have to pay if she, not having met any of her deductible, visits the doctor and
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receives a bill for $125? - human life
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ll Which of these premium payment frequencies is not typically available to a policyowner? -
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ll llbi weekly ll




What happens when an insurance policy is backdated? - the policy effective date is earlier
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than the present
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First year commissions may be legally paid to someone holding a - state license and
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appointment wih the paying insurance
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Which of the following is present when an applicant stands to lose value if the insured
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dies? - insurable interest
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