New Jersey Life and Health Updated Actual Question
and Answer (2026/2027) | 100% Verified Answers
• A partial is allowed in which of the following life policies? -✓✓ Universal life
• An example of a tax-qualified retirement plan would be a(n) -✓✓ defined
contribution plan
• What type of policy provides coverage for specific types of illnesses
(cancer,stroke,etc)? -✓✓ Dread disease insurance
• Bill the producer is collecting the initial premium on a health policy. Which of
the following statements is true? -✓✓ The contract is not in force without the
initial premium being paid
• What is an insurance policy's grace period? -✓✓ Period of time after the premium
is due but the policy remains in force
• The authority granted to a licensed producer is provided via the -✓✓ Law of
Agency
• All of these are characteristics of a universal life insurance policy EXCEPT -✓✓
Fixed surrender value
• Which type of business insurance is meant to cover the costs of continuing to do
business while the owner is disabled? -✓✓ Business overhead expense policy
, • A professional liability for which producers can be sued for mistakes of putting a
policy into effect is called -✓✓ errors and omissions
• How many employees must an employer have for a terminated employee to be
eligible for COBRA? -✓✓ 20
• Which of the following would disqualify a company's retirement plan from
receiving favorable tax treatment? -✓✓ It is temporary
• Peter has a policy where 80% to 90% of the premium is invested in traditional
fixed income securities and the remainder of the premium is invested in contracts
tied to a stipulated stock index. What kind of policy is this? -✓✓ Equity index
whole life
• Benefits provided by a Medicare Supplement policy must NOT -✓✓ duplicate
Medicare benefits
• Under a Traditional IRA, interest earned is taxed -✓✓ upon distribution
• Field underwriting performed by the producer involves -✓✓ completing the
application and collecting initial premium
• Which of these statements about Medicaid is CORRECT? -✓✓ Funded by
federal, state, and local taxes
• A change in an insurance application requires -✓✓ an initial made by the
applicant
and Answer (2026/2027) | 100% Verified Answers
• A partial is allowed in which of the following life policies? -✓✓ Universal life
• An example of a tax-qualified retirement plan would be a(n) -✓✓ defined
contribution plan
• What type of policy provides coverage for specific types of illnesses
(cancer,stroke,etc)? -✓✓ Dread disease insurance
• Bill the producer is collecting the initial premium on a health policy. Which of
the following statements is true? -✓✓ The contract is not in force without the
initial premium being paid
• What is an insurance policy's grace period? -✓✓ Period of time after the premium
is due but the policy remains in force
• The authority granted to a licensed producer is provided via the -✓✓ Law of
Agency
• All of these are characteristics of a universal life insurance policy EXCEPT -✓✓
Fixed surrender value
• Which type of business insurance is meant to cover the costs of continuing to do
business while the owner is disabled? -✓✓ Business overhead expense policy
, • A professional liability for which producers can be sued for mistakes of putting a
policy into effect is called -✓✓ errors and omissions
• How many employees must an employer have for a terminated employee to be
eligible for COBRA? -✓✓ 20
• Which of the following would disqualify a company's retirement plan from
receiving favorable tax treatment? -✓✓ It is temporary
• Peter has a policy where 80% to 90% of the premium is invested in traditional
fixed income securities and the remainder of the premium is invested in contracts
tied to a stipulated stock index. What kind of policy is this? -✓✓ Equity index
whole life
• Benefits provided by a Medicare Supplement policy must NOT -✓✓ duplicate
Medicare benefits
• Under a Traditional IRA, interest earned is taxed -✓✓ upon distribution
• Field underwriting performed by the producer involves -✓✓ completing the
application and collecting initial premium
• Which of these statements about Medicaid is CORRECT? -✓✓ Funded by
federal, state, and local taxes
• A change in an insurance application requires -✓✓ an initial made by the
applicant
