1|P age
NJ LIFE AND HEALTH INSURANCE FINAL EXAM AND
PRACTICE EXAM 2025 COMPLETE 270 QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+
How long must an insurance company keep records on life insurance
replacement activity? - CORRECT ANSWER- ✓✓-5 years
Which type of disability would be less than total impairment and equal to
permanent impairment? - CORRECT ANSWER- ✓✓-permanent partial
disability
In contrast to a guaranteed renewable policy, a noncancellable policy -
CORRECT ANSWER- ✓✓-May never raise premiuns
A securities license is required for a life insurance producer to sell - CORRECT
ANSWER- ✓✓-variable life insurance
If an insurer receives a Notice of Claim under an individual health policy, and
fails to provide proof of loss forms within 15 days, the insured must? -
CORRECT ANSWER- ✓✓-File a written proof of loss, detailling ocurrence,
character and extend of loss
An agent has committed an insurance crime that violates US Code 1033
(interstate commerce). Who would be responsible for the prosecution of this
crime? - CORRECT ANSWER- ✓✓-US Attorney
,2|P age
An agent is a(n) - CORRECT ANSWER- ✓✓-licensed producer who has a
written contract to represent an insured
A Medicare Supplement policy can be cancelled by the insurer for - CORRECT
ANSWER- ✓✓-nonpayment
When an insured changes to a more hazardous occupation, which disability
policy provision allows an insurer to adjust policy benefits and rates? -
CORRECT ANSWER- ✓✓-change of occupation
A document providing basic information about life insurance policies in
general is called a - CORRECT ANSWER- ✓✓-Buyers guide
All of these are considered key factors in underwriting life insurance EXCEPT -
CORRECT ANSWER- ✓✓-Marital Status
The type of policy where the insurer can send a notice to the insured that the
policy has been cancelled in the middle of the term is called - CORRECT
ANSWER- ✓✓-cancelable
After passing the state Producer licensing exam, application for the license
must be made within - CORRECT ANSWER- ✓✓-12 months
Joe is a Medicare participant who receives his benefits through a Managed
Health Care Plan. Which Medicare plan does he have? - CORRECT ANSWER-
✓✓-part C
,3|P age
A clause that allows an insurer the right to terminate coverage at any
anniversary date is called a(n) - CORRECT ANSWER- ✓✓-optional rewability
Which of the following would be considered a possible applicant and contract
policyholder for group health benefits? - CORRECT ANSWER- ✓✓-employeer
Within how many days must a producer notify the Department of Banking and
Insurance of a change in address? - CORRECT ANSWER- ✓✓-30
What is the elimination period of an individual disability policy? - CORRECT
ANSWER- ✓✓-time period a disable person must wait before benefits are paid
The replacement of an existing insurance policy requires notice that the
owner can return the policy within days for a full refund. - CORRECT
ANSWER- ✓✓-30
The deeds and actions of a producer indicate what kind of authority? -
CORRECT ANSWER- ✓✓-Apparent
When does a life insurance policy typically become effective? - CORRECT
ANSWER- ✓✓-when initial premiun is collected and policy is issued
A Buyer's Guide MUST - CORRECT ANSWER- ✓✓-Contain content approved by
the Commissioner
The entire contract includes the actual policy and the - CORRECT ANSWER-
✓✓-application
, 4|P age
Which of the following MUST contain a "Statement of Policy Cost and Benefit
Information"? - CORRECT ANSWER- ✓✓-Policy Summary
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of
$25. How much will she have to pay if she, not having met any of her
deductible, visits the doctor and receives a bill for $125? - CORRECT ANSWER-
✓✓-50.00
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of
$25. How much will she have to pay if she, not having met any of her
deductible, visits the doctor and receives a bill for $125? - CORRECT ANSWER-
✓✓-human life
Which of these premium payment frequencies is not typically available to a
policyowner? - CORRECT ANSWER- ✓✓-bi weekly
What happens when an insurance policy is backdated? - CORRECT ANSWER-
✓✓-the policy effective date is earlier than the present
First year commissions may be legally paid to someone holding a - CORRECT
ANSWER- ✓✓-state license and appointment wih the paying insurance
Which of the following is present when an applicant stands to lose value if the
insured dies? - CORRECT ANSWER- ✓✓-insurable interest
The Commissioner may - CORRECT ANSWER- ✓✓-Establish continuing
education requirements
NJ LIFE AND HEALTH INSURANCE FINAL EXAM AND
PRACTICE EXAM 2025 COMPLETE 270 QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+
How long must an insurance company keep records on life insurance
replacement activity? - CORRECT ANSWER- ✓✓-5 years
Which type of disability would be less than total impairment and equal to
permanent impairment? - CORRECT ANSWER- ✓✓-permanent partial
disability
In contrast to a guaranteed renewable policy, a noncancellable policy -
CORRECT ANSWER- ✓✓-May never raise premiuns
A securities license is required for a life insurance producer to sell - CORRECT
ANSWER- ✓✓-variable life insurance
If an insurer receives a Notice of Claim under an individual health policy, and
fails to provide proof of loss forms within 15 days, the insured must? -
CORRECT ANSWER- ✓✓-File a written proof of loss, detailling ocurrence,
character and extend of loss
An agent has committed an insurance crime that violates US Code 1033
(interstate commerce). Who would be responsible for the prosecution of this
crime? - CORRECT ANSWER- ✓✓-US Attorney
,2|P age
An agent is a(n) - CORRECT ANSWER- ✓✓-licensed producer who has a
written contract to represent an insured
A Medicare Supplement policy can be cancelled by the insurer for - CORRECT
ANSWER- ✓✓-nonpayment
When an insured changes to a more hazardous occupation, which disability
policy provision allows an insurer to adjust policy benefits and rates? -
CORRECT ANSWER- ✓✓-change of occupation
A document providing basic information about life insurance policies in
general is called a - CORRECT ANSWER- ✓✓-Buyers guide
All of these are considered key factors in underwriting life insurance EXCEPT -
CORRECT ANSWER- ✓✓-Marital Status
The type of policy where the insurer can send a notice to the insured that the
policy has been cancelled in the middle of the term is called - CORRECT
ANSWER- ✓✓-cancelable
After passing the state Producer licensing exam, application for the license
must be made within - CORRECT ANSWER- ✓✓-12 months
Joe is a Medicare participant who receives his benefits through a Managed
Health Care Plan. Which Medicare plan does he have? - CORRECT ANSWER-
✓✓-part C
,3|P age
A clause that allows an insurer the right to terminate coverage at any
anniversary date is called a(n) - CORRECT ANSWER- ✓✓-optional rewability
Which of the following would be considered a possible applicant and contract
policyholder for group health benefits? - CORRECT ANSWER- ✓✓-employeer
Within how many days must a producer notify the Department of Banking and
Insurance of a change in address? - CORRECT ANSWER- ✓✓-30
What is the elimination period of an individual disability policy? - CORRECT
ANSWER- ✓✓-time period a disable person must wait before benefits are paid
The replacement of an existing insurance policy requires notice that the
owner can return the policy within days for a full refund. - CORRECT
ANSWER- ✓✓-30
The deeds and actions of a producer indicate what kind of authority? -
CORRECT ANSWER- ✓✓-Apparent
When does a life insurance policy typically become effective? - CORRECT
ANSWER- ✓✓-when initial premiun is collected and policy is issued
A Buyer's Guide MUST - CORRECT ANSWER- ✓✓-Contain content approved by
the Commissioner
The entire contract includes the actual policy and the - CORRECT ANSWER-
✓✓-application
, 4|P age
Which of the following MUST contain a "Statement of Policy Cost and Benefit
Information"? - CORRECT ANSWER- ✓✓-Policy Summary
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of
$25. How much will she have to pay if she, not having met any of her
deductible, visits the doctor and receives a bill for $125? - CORRECT ANSWER-
✓✓-50.00
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of
$25. How much will she have to pay if she, not having met any of her
deductible, visits the doctor and receives a bill for $125? - CORRECT ANSWER-
✓✓-human life
Which of these premium payment frequencies is not typically available to a
policyowner? - CORRECT ANSWER- ✓✓-bi weekly
What happens when an insurance policy is backdated? - CORRECT ANSWER-
✓✓-the policy effective date is earlier than the present
First year commissions may be legally paid to someone holding a - CORRECT
ANSWER- ✓✓-state license and appointment wih the paying insurance
Which of the following is present when an applicant stands to lose value if the
insured dies? - CORRECT ANSWER- ✓✓-insurable interest
The Commissioner may - CORRECT ANSWER- ✓✓-Establish continuing
education requirements
