New Jersey Life Producer Exam Newest /New Jersey Life
Producer Exam Preparation /New Jersey Life Producer
Practice Exam With Complete Questions And Correct
Detailed Answers |Already Graded A+
Fraternal Benefit Society has each of the following characteristics
EXCEPT - 100 correct answer as-Exist for profit
Karen is a producer who has obtained personal information about
a client without having a legitimate reason to do so. Under the
McCarran-Ferguson Act, what is the minimum penalty for this? -
100 correct answer as-10,000
What is the primary purpose of rating service company such as
A.M Best? - 100 correct answer as-determine financial
strength of an insurance company
An insurer's claim settlement practices are regulated by the - 100
correct answer as-state insurance departments
Ken is a producer who has obtained Consumer Information
Reports under false pretenses. Under the Fair Credit Reporting
Act, what is the maximum penalty that may be imposed on Ken? -
100 correct answer as-5,000
An insurer's ability to make unpredictable payouts to policyowners
is called - 100 correct answer as-liquidity
,Which of the following is NOT considered advertising? - 100
correct answer as-a rating from a rating service company,
such as A.M. Best
The Do Not Call Registry offers exemptions for calls placed from
all of the following EXCEPT - 100 correct answer as-
insurance sales calls
A nonparticipating policy will - 100 correct answer as-not
pay dividends
A nonparticipating company is sometimes called an - 100
correct answer as-stock insurer
A plan in which an employer pays insurance benefits from a fund
derived from the employers current revenues is called - 100
correct answer as-A self-funded plan
The Fair Credit and Reporting Act's main purpose is to - 100
correct answer as-protect consumers with guidelines
regarding credit reporting and distribution
Why are dividends from a mutual insurer not subject to taxation? -
100 correct answer as-because dividends are considered to
be a return of premium
A type of insurer that is owned by its policyowners is called - 100
correct answer as-mutual
,What kind of life insurance policy issued by a mutual insurer
provides a return of divisible surplus? - 100 correct answer
as-participating life insurance policy
ABC Insurance Company transfers part of their risk to XYZ
Insurance Company. This situation is called - 100 correct
answer as-reinsurance
A life insurance company has transferred some of its risk to
another insurer. The insurer assuming the risk is called the - 100
correct answer as-reinsurer
An _______ company is owned by its shareholders. - 100
correct answer as-stock
What is considered to be the primary reason for buying life
insurance? - 100 correct answer as-provided death benefits
All of the following are elements of an insurance policy EXCEPT -
100 correct answer as-claim forms
Which type of clause describes the following statement: "We have
issued the policy in consideration of the representations in your
applications and payment of the first-term premium". - 100
correct answer as-consideration clause
The authority granted to a licensed producer is provided via the -
100 correct answer as-Law of Agency
, The term which describes the fact that both parties of a contract
may NOT receive the same value is referred to as - 100
correct answer as-Aleatory
Who is responsible for assembling the policy forms for insureds -
100 correct answer as-insurance carriers
what makes an insurance policy a unilateral contract? - 100
correct answer as-only insurer is legally bound
According to life insurance contract law, insurable interest exists -
100 correct answer as-at the time of application
When the principal gives the agent authority in writing, it's referred
to as - 100 correct answer as-express authority
In an insurance contract, the applicant's "consideration" is the -
100 correct answer as-statements made in the application
and the premium
Which of the following BEST describes a conditional insurance
contract? - 100 correct answer as-A contract that requires
certain conditions or acts by the insured individual
Under a contract of adhesion, - 100 correct answer as-the
terms must be accepted or rejected in full
The power given to an individual producer that is not specifically
addressed in his/her contract is considered what type of
authority? - 100 correct answer as-implied
Producer Exam Preparation /New Jersey Life Producer
Practice Exam With Complete Questions And Correct
Detailed Answers |Already Graded A+
Fraternal Benefit Society has each of the following characteristics
EXCEPT - 100 correct answer as-Exist for profit
Karen is a producer who has obtained personal information about
a client without having a legitimate reason to do so. Under the
McCarran-Ferguson Act, what is the minimum penalty for this? -
100 correct answer as-10,000
What is the primary purpose of rating service company such as
A.M Best? - 100 correct answer as-determine financial
strength of an insurance company
An insurer's claim settlement practices are regulated by the - 100
correct answer as-state insurance departments
Ken is a producer who has obtained Consumer Information
Reports under false pretenses. Under the Fair Credit Reporting
Act, what is the maximum penalty that may be imposed on Ken? -
100 correct answer as-5,000
An insurer's ability to make unpredictable payouts to policyowners
is called - 100 correct answer as-liquidity
,Which of the following is NOT considered advertising? - 100
correct answer as-a rating from a rating service company,
such as A.M. Best
The Do Not Call Registry offers exemptions for calls placed from
all of the following EXCEPT - 100 correct answer as-
insurance sales calls
A nonparticipating policy will - 100 correct answer as-not
pay dividends
A nonparticipating company is sometimes called an - 100
correct answer as-stock insurer
A plan in which an employer pays insurance benefits from a fund
derived from the employers current revenues is called - 100
correct answer as-A self-funded plan
The Fair Credit and Reporting Act's main purpose is to - 100
correct answer as-protect consumers with guidelines
regarding credit reporting and distribution
Why are dividends from a mutual insurer not subject to taxation? -
100 correct answer as-because dividends are considered to
be a return of premium
A type of insurer that is owned by its policyowners is called - 100
correct answer as-mutual
,What kind of life insurance policy issued by a mutual insurer
provides a return of divisible surplus? - 100 correct answer
as-participating life insurance policy
ABC Insurance Company transfers part of their risk to XYZ
Insurance Company. This situation is called - 100 correct
answer as-reinsurance
A life insurance company has transferred some of its risk to
another insurer. The insurer assuming the risk is called the - 100
correct answer as-reinsurer
An _______ company is owned by its shareholders. - 100
correct answer as-stock
What is considered to be the primary reason for buying life
insurance? - 100 correct answer as-provided death benefits
All of the following are elements of an insurance policy EXCEPT -
100 correct answer as-claim forms
Which type of clause describes the following statement: "We have
issued the policy in consideration of the representations in your
applications and payment of the first-term premium". - 100
correct answer as-consideration clause
The authority granted to a licensed producer is provided via the -
100 correct answer as-Law of Agency
, The term which describes the fact that both parties of a contract
may NOT receive the same value is referred to as - 100
correct answer as-Aleatory
Who is responsible for assembling the policy forms for insureds -
100 correct answer as-insurance carriers
what makes an insurance policy a unilateral contract? - 100
correct answer as-only insurer is legally bound
According to life insurance contract law, insurable interest exists -
100 correct answer as-at the time of application
When the principal gives the agent authority in writing, it's referred
to as - 100 correct answer as-express authority
In an insurance contract, the applicant's "consideration" is the -
100 correct answer as-statements made in the application
and the premium
Which of the following BEST describes a conditional insurance
contract? - 100 correct answer as-A contract that requires
certain conditions or acts by the insured individual
Under a contract of adhesion, - 100 correct answer as-the
terms must be accepted or rejected in full
The power given to an individual producer that is not specifically
addressed in his/her contract is considered what type of
authority? - 100 correct answer as-implied
