NJ Life and Health XCEL questions
(Post course exam) Complete
Solutions
Medicare B also know as - ANSWER-Medical Insurance
In whole life the accumulation of cash value becomes - ANSWER-a policy loan the
insured may borrow against
The role of federal government was expanded when medicaid was established by
allowing states to what? - ANSWER-receive matching funds to expand public
assistance programs
insurance company located in another country is - ANSWER-alien
insurance companies can only pay sales commission to those - ANSWER-licensed
by the state
The commissioner determines an individual has engaged in an act violation state
insurance laws, what can he order - ANSWER-stop engaging in those acts
what is medicaid funded by - ANSWER-Federal, state, and local taxes
Who is retained at the expense of the insurance buyer to give advice on insurance
needed - ANSWER-Brokers and Consultants
Insurance company out of the practicing state is what? - ANSWER-foreign
when does enrollment period begin for medicare supplements - ANSWER-3 months
after 65th birthday
If a you withdraw from accumulated cash value then what happens - ANSWER-net
death benefits will be reduced if the loan is not paid back
what does a life insurance policy guarantee to beneficiary upon insureds death -
ANSWER-specific amount of money
who is paid on a fee for service basis - ANSWER-provider
what must be included in medicare supplement policies - ANSWER-pre-existing
conditions may only be excluded from coverage for max of 6 months
what does the commissioner do when a subpoena is not responded to - ANSWER-
impose administrative penalty
if a client keeps an existing policy but borrows more than _____ of its cash value in
order to use the money for anew policy, replacement has occurred - ANSWER-25%
, what settlement option involves insurer holding proceeds and paying monthly
earnings to beneficiary - ANSWER-interest only
Tax treatment for contributions to Roth IRA - ANSWER-contributions are not tax
delectable
what is not taken into consideration when determining applicants life insurance
needs - ANSWER-automobile
what type of life policy allows a insured to pay up the policy early by using policy
dividends - ANSWER-paid-up dividend option
penalty for violating cease and desist order - ANSWER-$5000
branch office registration required to be filled at least ____ days before selling
insurance out of the branch - ANSWER-30
what option would be chosen if a policy owners money was invested and add any
interest earnings as the dividends accrue - ANSWER-accumulation at interest option
newborn required to be covered for how many days after born - ANSWER-30
unfair trade practices can impose how much for each violation - ANSWER-$5000
what is process for a producer voluntarily terminating his/her license - ANSWER-
return license to the banking and insurance department
what does the new jersey temporary disability benefits law provide - ANSWER-non-
occupational disability benefits
once health and accident policy has been in place for ___ years it may not be
contested - ANSWER-2
double indemnity provision in life insurance pertains to insureds death caused by -
ANSWER-accident
who is responsible for assembling policy forms for insured - ANSWER-insurance
carriers
why does MEC receive different tax treatment than other life insurance policies -
ANSWER-it is an investment vehicle
noncollectable policy may - ANSWER-never raise premiums
lapsed individual life insurance may be reinstated at anytime withing ______ years -
ANSWER-3
what is not included in the "entire contract" - ANSWER-changes made by the
producer
(Post course exam) Complete
Solutions
Medicare B also know as - ANSWER-Medical Insurance
In whole life the accumulation of cash value becomes - ANSWER-a policy loan the
insured may borrow against
The role of federal government was expanded when medicaid was established by
allowing states to what? - ANSWER-receive matching funds to expand public
assistance programs
insurance company located in another country is - ANSWER-alien
insurance companies can only pay sales commission to those - ANSWER-licensed
by the state
The commissioner determines an individual has engaged in an act violation state
insurance laws, what can he order - ANSWER-stop engaging in those acts
what is medicaid funded by - ANSWER-Federal, state, and local taxes
Who is retained at the expense of the insurance buyer to give advice on insurance
needed - ANSWER-Brokers and Consultants
Insurance company out of the practicing state is what? - ANSWER-foreign
when does enrollment period begin for medicare supplements - ANSWER-3 months
after 65th birthday
If a you withdraw from accumulated cash value then what happens - ANSWER-net
death benefits will be reduced if the loan is not paid back
what does a life insurance policy guarantee to beneficiary upon insureds death -
ANSWER-specific amount of money
who is paid on a fee for service basis - ANSWER-provider
what must be included in medicare supplement policies - ANSWER-pre-existing
conditions may only be excluded from coverage for max of 6 months
what does the commissioner do when a subpoena is not responded to - ANSWER-
impose administrative penalty
if a client keeps an existing policy but borrows more than _____ of its cash value in
order to use the money for anew policy, replacement has occurred - ANSWER-25%
, what settlement option involves insurer holding proceeds and paying monthly
earnings to beneficiary - ANSWER-interest only
Tax treatment for contributions to Roth IRA - ANSWER-contributions are not tax
delectable
what is not taken into consideration when determining applicants life insurance
needs - ANSWER-automobile
what type of life policy allows a insured to pay up the policy early by using policy
dividends - ANSWER-paid-up dividend option
penalty for violating cease and desist order - ANSWER-$5000
branch office registration required to be filled at least ____ days before selling
insurance out of the branch - ANSWER-30
what option would be chosen if a policy owners money was invested and add any
interest earnings as the dividends accrue - ANSWER-accumulation at interest option
newborn required to be covered for how many days after born - ANSWER-30
unfair trade practices can impose how much for each violation - ANSWER-$5000
what is process for a producer voluntarily terminating his/her license - ANSWER-
return license to the banking and insurance department
what does the new jersey temporary disability benefits law provide - ANSWER-non-
occupational disability benefits
once health and accident policy has been in place for ___ years it may not be
contested - ANSWER-2
double indemnity provision in life insurance pertains to insureds death caused by -
ANSWER-accident
who is responsible for assembling policy forms for insured - ANSWER-insurance
carriers
why does MEC receive different tax treatment than other life insurance policies -
ANSWER-it is an investment vehicle
noncollectable policy may - ANSWER-never raise premiums
lapsed individual life insurance may be reinstated at anytime withing ______ years -
ANSWER-3
what is not included in the "entire contract" - ANSWER-changes made by the
producer
