NJ Life Producer Exam Study Life Insurance
Questions and Answers
1. An insurer must renew a renewable term policy at the
policyowner's request regardless of the insurability status of the insured.
ANS Renewable Term Life Insurance
2. 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
ANS Fixed-amount
3. What hours of operation is a branch office required to have?
ANS Must give public reasonable access.
4. Under a Credit Life Policy, the amount of coverage shall not exceed
the
ANS Amount of indeptness
5. In most circumstances, a temporary license in New Jersey shall
not be valid for a period longer than
ANS 180 Days
6. Telemarketers must update their solicitation lists with the
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,National Do Not Call Registry every...
ANS 31 Days
7. When replacing existing life insurance, an agent MUST...
ANS Notify the Producer whose policy is being replaced
8. A producer who wishes to hold a Resident NJ Life Producer license,
who lives in another state, must...
ANS have their principle office in New Jersey
9. A insurer procuring insurance for itself from another insurer is
called...
ANS The ceding insurer
10. A business name authorization expires in
ANS 90 days
11. A first time applicant is someone who has not been licensed
as a producer for the previous...
ANS 12 months
12. 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?
ANS 12 months
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, 13. In which of the following are proceeds left with the insurer
and earnings sent to the beneficiary?
ANS Interest-only
14. Under what type of life insurance policy will the death benefit
vary, based on the performance of an underlying portfolio of
securities?
ANS Variable Life
15. Generally, premiums paid on an individual life insurance policy
are
ANS Not Tax Deductable
16. A 10 year family income policy was purchased effective April
1, 2007. The insured died August 1, 2007. The beneficiary receives
monthly income for
ANS 9 years and 8 months
17. 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?
ANS the face amount less the annual premium
18. If the primary beneficiary dies before an insured, the
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Questions and Answers
1. An insurer must renew a renewable term policy at the
policyowner's request regardless of the insurability status of the insured.
ANS Renewable Term Life Insurance
2. 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
ANS Fixed-amount
3. What hours of operation is a branch office required to have?
ANS Must give public reasonable access.
4. Under a Credit Life Policy, the amount of coverage shall not exceed
the
ANS Amount of indeptness
5. In most circumstances, a temporary license in New Jersey shall
not be valid for a period longer than
ANS 180 Days
6. Telemarketers must update their solicitation lists with the
1/
17
,National Do Not Call Registry every...
ANS 31 Days
7. When replacing existing life insurance, an agent MUST...
ANS Notify the Producer whose policy is being replaced
8. A producer who wishes to hold a Resident NJ Life Producer license,
who lives in another state, must...
ANS have their principle office in New Jersey
9. A insurer procuring insurance for itself from another insurer is
called...
ANS The ceding insurer
10. A business name authorization expires in
ANS 90 days
11. A first time applicant is someone who has not been licensed
as a producer for the previous...
ANS 12 months
12. 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?
ANS 12 months
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, 13. In which of the following are proceeds left with the insurer
and earnings sent to the beneficiary?
ANS Interest-only
14. Under what type of life insurance policy will the death benefit
vary, based on the performance of an underlying portfolio of
securities?
ANS Variable Life
15. Generally, premiums paid on an individual life insurance policy
are
ANS Not Tax Deductable
16. A 10 year family income policy was purchased effective April
1, 2007. The insured died August 1, 2007. The beneficiary receives
monthly income for
ANS 9 years and 8 months
17. 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?
ANS the face amount less the annual premium
18. If the primary beneficiary dies before an insured, the
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