Nj life insurance Study guides, Class notes & Summaries

NJ Life Insurance Exam Correct answers latest update Insurance is the ____ of risk transfer disclosure statements must be given to the applicant no later than the time the application is signed buyer's guide provides general information about the types of life insurance policies available, in language that can be understood by the average person. buyers guide must be delivered by before collecting premium or be delivered with the policy if given at least 10 days free look pe...

NJ Life Insurance Exam Study Set 1 Correct answers latest update What organization protects persons against failure of life and health insurance policies and annuity contracts because of the impairment or insolvency of the insurer? Select one: a. PPACA b. New Jersey Insurance Board c. New Jersey Insolvency Protection Board d. New Jersey Life and Health Guaranty Association d. New Jersey Life and Health Guaranty Association The United States v. South-Eastern Underwriters Association d...

NJ Life Insurance Exam Correct answers latest update Adverse Selection insuring of risks that are more prone to losses than the average risk lapse policy termination due to nonpayment of premium Insurance transfers risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals Life Insurance protects against loss associated with an insured's death, and pays a death benefit to beneficiaries u...

NJ LIFE INSURANCEAgency - correct answer An insurance sales office or company agent - correct answer An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer. agent appointment - correct answer The authorization of an agent to act for or represent an insurer aleatory - correct answer A contract in which participating parties exchange unequal amounts. Insurance contracts are aleatory in that the amount the insured will pay in premiums is un...

Insurance is the ____ of risk - Answer- transfer disclosure statements must be given to the applicant no later than - Answer- the time the application is signed buyer's guide - Answer- provides general information about the types of life insurance policies available, in language that can be understood by the average person. buyers guide must be delivered by - Answer- before collecting premium or be delivered with the policy if given at least 10 days free look period policy summary -...

NJ Life Producer Exam Study Life Insurance Renewable Term Life Insurance - correct answer An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. Fixed-amount - correct answer 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: Must give public reasonable access. - correct answer What hours of operation ...

NJ Life Insurance Test Correct answers latest update The McCarran-Ferguson Act was passed by Congress to Redefine the authority of the state and federal government to regulate the insurance industry The principle that insurance is not a transaction of commerce and so should be regulated by the state was established in: Paul v. Virginia In New Jersey, a producer who violates a New Jersey insurance law for the first time may be fined up to $5,000 The New Jersey Banking and In...

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NJ Life Producer Exam Study Life InsuranceRenewable Term Life Insurance - correct answer An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. Fixed-amount - correct answer 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: Must give public reasonable access. - correct answer What hours of operation is a...