NJ Life Producer Exam
1. Which of the following amounts must decrease in a decreasing term?: Death
benefit
2. In life insurance, insurable interest must exist at the time the..: Producer
writes an on a proposed insured
3. An applicant makes an offer to the insurer when they: pay an initial premium
with the application
4. Which of the following makes Universal Life insurance different from other
forms of permanent insurance?: Premium Schedule
5. An insurer that shares its profits with its' policyowners is known as..: A
mutual insurer
6. Statements made by an applicant for insurance on the application are
considered to be..: Representations
7. In which of the following are proceeds left with the insurer and earnings
sent to the beneficiary?: Interest-Only
8. The primary purpose of an annuity is to..: Provide income for retirement
9. Which of the following provisions in a life policy specifies the manner in
which proceeds will be paid to a beneficiary on the death of insured?: settlement
options
10. An insurance producer takes an application for a life policy but does not
collect the initial premium. On delivery of policy to the proposed insured, the
producer must collect the initial premium and which of the following?: The
insured's signed statement of continued good health
11. A report of previously submitted life insurance applications to other insurers
1
, is known as:: A Medical Information Bureau report
12. A company decides to purchase Key Employee life insurance for its vice
president of operations. All of the following statements are correct EXCEPT
the..: Employee names the beneficiary
13. Which of the following features allows an insurance policy to remain in
force for a specified number of days beyond the premium due date?: Grace
period provision
14. which of the following prevents the producer from unilaterally amending a
policy?: Entire contract
15. interest paid on a policy loan is..: not tax deductible
16. An employer paid life insurance policy is called: Non-contributory group life
17. A tax free exchange of one life insurance policy or annuity for another is
called..: 1035 exchange
18. Which of the following group life plans require at least 75% of the eligible
members to participate?: Contributory
19. Two business partners own life insurance on each other. If one partner
dies, which of the following contracts will allow the other partner to buy 100
percent of the business interest?: Buy and Sell agreement
20. Under a traditional IRA, owners must begin to receive payments from their
accounts by the time they reach age..: 70 1/2
21. social security retirement benefits are determined by all of the following
except?: sex
22. A modification to a life policy is called a..: Rider
23. the right to change a beneficiary is reserved for the..: policyownerw
24. Which of the following statements regarding a revocable beneficiary is
2
1. Which of the following amounts must decrease in a decreasing term?: Death
benefit
2. In life insurance, insurable interest must exist at the time the..: Producer
writes an on a proposed insured
3. An applicant makes an offer to the insurer when they: pay an initial premium
with the application
4. Which of the following makes Universal Life insurance different from other
forms of permanent insurance?: Premium Schedule
5. An insurer that shares its profits with its' policyowners is known as..: A
mutual insurer
6. Statements made by an applicant for insurance on the application are
considered to be..: Representations
7. In which of the following are proceeds left with the insurer and earnings
sent to the beneficiary?: Interest-Only
8. The primary purpose of an annuity is to..: Provide income for retirement
9. Which of the following provisions in a life policy specifies the manner in
which proceeds will be paid to a beneficiary on the death of insured?: settlement
options
10. An insurance producer takes an application for a life policy but does not
collect the initial premium. On delivery of policy to the proposed insured, the
producer must collect the initial premium and which of the following?: The
insured's signed statement of continued good health
11. A report of previously submitted life insurance applications to other insurers
1
, is known as:: A Medical Information Bureau report
12. A company decides to purchase Key Employee life insurance for its vice
president of operations. All of the following statements are correct EXCEPT
the..: Employee names the beneficiary
13. Which of the following features allows an insurance policy to remain in
force for a specified number of days beyond the premium due date?: Grace
period provision
14. which of the following prevents the producer from unilaterally amending a
policy?: Entire contract
15. interest paid on a policy loan is..: not tax deductible
16. An employer paid life insurance policy is called: Non-contributory group life
17. A tax free exchange of one life insurance policy or annuity for another is
called..: 1035 exchange
18. Which of the following group life plans require at least 75% of the eligible
members to participate?: Contributory
19. Two business partners own life insurance on each other. If one partner
dies, which of the following contracts will allow the other partner to buy 100
percent of the business interest?: Buy and Sell agreement
20. Under a traditional IRA, owners must begin to receive payments from their
accounts by the time they reach age..: 70 1/2
21. social security retirement benefits are determined by all of the following
except?: sex
22. A modification to a life policy is called a..: Rider
23. the right to change a beneficiary is reserved for the..: policyownerw
24. Which of the following statements regarding a revocable beneficiary is
2
