NJ Life Producer Exam– Insurance and Laws |
Complete Exam Questions with 100% Correct
Answers.
Which of the following amounts must decrease in a decreasing term?
- CORRECT ANSWER-
Death benefit
In life insurance, insurable interest must exist at the time-the..
CORRECT ANSWER-
Producer writes an on a proposed insured
An applicant makes an offer to the insurer when they
- CORRECT ANSWER -pay an initial premium
with the application
Which of the following makes Universal Life insurance different from other forms
permanent
of
insurance?- CORRECT ANSWER -Premium Schedule
An insurer that shares its profits with its' policyowners is known
- CORRECT
as.. ANSWER-A
mutual insurer
Statements made by an applicant for insurance on the application are considered
be..- to
CORRECT ANSWER -Representations
In which of the following are proceeds left with the insurer and earnings sentbeneficiary?
to the -
CORRECT ANSWER -Interest-Only
The primary purpose of an annuity is to..
- CORRECT ANSWER -Provide income forretirement
Which of the following provisions in a life policy specifies the manner in which
proceeds will
be paid to a beneficiary on the death of insured?
- CORRECT ANSWER-settlement options
An insurance producer takes an application for a life policy but does not collect
initial
the
premium. On delivery of policy to the proposed insured, the producercollect
must the initial
premium and which of the following?- CORRECT ANSWER -The insured's signed statement of
continued good health
, A report of previously submitted life insurance applications to other insurers is known
- as:
CORRECT ANSWER -A Medical Information Bureau report
A company decides to purchase Key Employee life insurance for its vice president
operations.
of All
of the following statements are correct EXCEPT the..
- CORRECT ANSWER -Employee names the
beneficiary
Which of the following features allows an insurance policy to remain in forcespecified
for a
numberof days beyondthe premiumdue date?- CORRECT ANSWER-
Grace period provision
which of the followingpreventsthe producerfrom unilaterallyamendinga policy? -
CORRECT ANSWER-Entire contract
interestpaid on a policy loan is.. - CORRECT ANSWER-not tax deductible
An employer paid life insurance policy is called
- CORRECT ANSWER -Non- contributory group
life
A tax free exchange
of one lifeinsurancepolicy or annuity for another is called..
- CORRECT
ANSWER-1035 exchange
Which of the followinggroup lifeplans requireat least75% of theeligible members to participate?
- CORRECT ANSWER -Contributory
Two business partners own life insurance on each other. If one partner dies, which of the following
contracts will allow the other partner to buy 100 percent of the business interest?- CORRECT
ANSWER-Buy and Sell agreement
Under a traditional IRA, owners must begin to receive payments from their accounts
by the time
they reach age..
- CORRECT ANSWER -70 1/2
social security retirement benefits are determined by all of the following except?
- CORRECT
ANSWER-sex
A modificationto a life policy is called a.. - CORRECT ANSWER-Rider
the right to change a beneficiary is reserved for -the..
CORRECT ANSWER - policyownerw
Which of the following statements regarding a revocable beneficiary is CORRECT?- CORRECT
ANSWER-the policyowner may change the beneficiary without his or her knowledge or approved
R has just graduated from law school. R knows that R's future earnings will be much than
higher
they
are now, but wantsto purchasea permanentpolicy now to cover
Complete Exam Questions with 100% Correct
Answers.
Which of the following amounts must decrease in a decreasing term?
- CORRECT ANSWER-
Death benefit
In life insurance, insurable interest must exist at the time-the..
CORRECT ANSWER-
Producer writes an on a proposed insured
An applicant makes an offer to the insurer when they
- CORRECT ANSWER -pay an initial premium
with the application
Which of the following makes Universal Life insurance different from other forms
permanent
of
insurance?- CORRECT ANSWER -Premium Schedule
An insurer that shares its profits with its' policyowners is known
- CORRECT
as.. ANSWER-A
mutual insurer
Statements made by an applicant for insurance on the application are considered
be..- to
CORRECT ANSWER -Representations
In which of the following are proceeds left with the insurer and earnings sentbeneficiary?
to the -
CORRECT ANSWER -Interest-Only
The primary purpose of an annuity is to..
- CORRECT ANSWER -Provide income forretirement
Which of the following provisions in a life policy specifies the manner in which
proceeds will
be paid to a beneficiary on the death of insured?
- CORRECT ANSWER-settlement options
An insurance producer takes an application for a life policy but does not collect
initial
the
premium. On delivery of policy to the proposed insured, the producercollect
must the initial
premium and which of the following?- CORRECT ANSWER -The insured's signed statement of
continued good health
, A report of previously submitted life insurance applications to other insurers is known
- as:
CORRECT ANSWER -A Medical Information Bureau report
A company decides to purchase Key Employee life insurance for its vice president
operations.
of All
of the following statements are correct EXCEPT the..
- CORRECT ANSWER -Employee names the
beneficiary
Which of the following features allows an insurance policy to remain in forcespecified
for a
numberof days beyondthe premiumdue date?- CORRECT ANSWER-
Grace period provision
which of the followingpreventsthe producerfrom unilaterallyamendinga policy? -
CORRECT ANSWER-Entire contract
interestpaid on a policy loan is.. - CORRECT ANSWER-not tax deductible
An employer paid life insurance policy is called
- CORRECT ANSWER -Non- contributory group
life
A tax free exchange
of one lifeinsurancepolicy or annuity for another is called..
- CORRECT
ANSWER-1035 exchange
Which of the followinggroup lifeplans requireat least75% of theeligible members to participate?
- CORRECT ANSWER -Contributory
Two business partners own life insurance on each other. If one partner dies, which of the following
contracts will allow the other partner to buy 100 percent of the business interest?- CORRECT
ANSWER-Buy and Sell agreement
Under a traditional IRA, owners must begin to receive payments from their accounts
by the time
they reach age..
- CORRECT ANSWER -70 1/2
social security retirement benefits are determined by all of the following except?
- CORRECT
ANSWER-sex
A modificationto a life policy is called a.. - CORRECT ANSWER-Rider
the right to change a beneficiary is reserved for -the..
CORRECT ANSWER - policyownerw
Which of the following statements regarding a revocable beneficiary is CORRECT?- CORRECT
ANSWER-the policyowner may change the beneficiary without his or her knowledge or approved
R has just graduated from law school. R knows that R's future earnings will be much than
higher
they
are now, but wantsto purchasea permanentpolicy now to cover
