Nj Life

Question 1

A buyers guide and policy summary

Answer 1

Must be delivered with or prior to policy delivery; if policy does not contain a 10 day free look. A buyers guide and policy summary must be given to the applicant at least seven days before the initial premium is accepted.

Question 2

Insurance advertisements and a local newspaper are regulated by which department in New Jersey

Answer 2

Dobi department of banking and insurance

Question 3

Who is responsible for regulating insurance advertising and

Answer 3

New Jersey Department of banking and insurance DOBI

Question 4

What can an insurance producer use to provide as evidence of authority?

Answer 4

License

Question 5

The purpose of the New Jersey temporary disability benefits law is to

Answer 5

provide non-occupational disability benefits

Question 6

All health plans that provide coverage to family members of the insured must provide coverage for the insured’s newborn from

Answer 6

moment of birth and for 31 days

Question 7

Health insurance advertisements that mention the statistical information are required by New Jersey law to

Answer 7

Accurately, convey all pertinent facts

Question 8

An advertisement shall not use a trade name, name of Insurance, parent company service, slogan, or other symbol without disclosing the name of the insurer

Answer 8

disclosing the name of the insurer (agent’s name)

Question 9

Who would make the final determination on whether or not an insurance advertisement is misleading NJ

Answer 9

Banking and insurance commissioner

Question 10

The replacement of an existing insurance policy requires notice that the owner can return the policy within how many days for a full

Answer 10

Life insurance policies and annuity contract must provide a minimum free period of 10 days upon policy delivery during which time policy owner can obtain a full refund. The maximum free look period is typically 30 days.

Question 11

What is the purpose of advertising regulations?

Answer 11

To ensure full and truthful disclosures to the public

Question 12

How long is the contestable period for health insurance policy sold in New Jersey

Answer 12

Two years; only fraudulent miss statements in the application may be used to avoid the policy or deny any claim at this point 

Question 13

During a replacement of individual life insurance and agent must furnish notice regarding replacement of Life Insurance to

Answer 13

The applicant aka hey written comparison and summary statement at the request of the policyholder to follow instructions regarding replacement as obtained from the appointing insure

Question 14

Hey buyers guide must

Answer 14

Be approved by the insurance commissioner and normally provides information on deciding on how much life insurance to buy comparing life insurance policy rates as well as a comparison of life insurance policy requirements

Question 15

24. Continuing education credit are required to be completed by a producer every

Answer 15

two years to keep their license active; three of those credit must be in ethics; non-resident producers are exam so long as they complete their home state requirements

Question 16

What should the policy summary contain?

Answer 16

A statement of policy cost and benefit information which provides specific information about the provisions, benefits, and coverage of policy applied for

Question 17

When is a temporary insurance license provided?

Answer 17

These can be issued in cases where a producer has become disabled or dies, which requires a replacement to service the producers business. It can also be provided to producers that are actively serving in the military. These licenses are valid for 180 days

Question 18

How long is a producer required to maintain transaction records for business completed

Answer 18

For a period of five years full incorrect transaction records mess be kept for any business done by them

Question 19

How can I produce Survey voluntarily terminate their insurance license?

Answer 19

They returning their license to the banking and insurance department at any time before expiration to obtain or reinstate their license during the same license. They need a new license application.

Question 20

What is the maximum fine for a producer violating New Jersey insurance law?

Answer 20

$5000 for the first violation and 10,000 for each subsequent violation

Question 21

Advertising material for a life insurance policy does not need to contain, which of the following? Agents, commission rate, the parent company’s name, statements that dividends are not guaranteed, whether spokesperson is paid.

Answer 21

Agents, commission rate. The parent company’s name needs to be disclosed, statements that dividends are not guaranteed if applicable is required, whether spokesperson is paid must be indicated

Question 22

A Medicare supplement policy can be canceled by the insurance for

Answer 22

Nonpayment

Question 23

How often must an insurance producer’s license in New Jersey be renewed?

Answer 23

Every two years and the last day of the producers birthday month, requiring a fee renewal, application and proof of completion of continuing education, exceptions exist for military service, active or other extenuating circumstances via waiver only via Internet

Question 24

Group health insurance may be offered to all these groups in Jersey except private employer, city, government, college seminar, participants, small employer

Answer 24

College seminar participant because unmarried children under the age of 19 are considered dependents unless they’re full-time students which are then considered dependent up until age 23

Question 25

When a new life insurance is to be purchased, the solicitation will be considered a replacement transaction if borrowing amounts exceed

Answer 25

25% of the policies loan value and it comes from an existing policy as cash value in order to use that money for a new policy

Question 26

With the exception of fraud, the time after a policy has been issued during which, in ensure may contest a health insurance claim due to statements on the application is

Answer 26

Two years

Question 27

Health insurance advertisements are required to contain, which of the following? Insurance companies trademark, insurance companies name, AM best rating, current standing with the BBB 

Answer 27

Insurance company’s name

Question 28

What does an insurance producer need to obtain from a prospect to receive anything other than a commission before providing information as a consultant?

Answer 28

Written memorandum stating the amount of compensation

Question 29

Knowingly making misleading statements that would cause an insured to lapse assign or terminate an insurance policy in order to switch companies is an example of

Answer 29

Twisting; which is an unfair trade practice of replacing an insurance policy from one insured to another based on misrepresentation

Question 30

Under the New Jersey continuation of benefits, law not to extend coverage is required within how many days of a qualifying event?

Answer 30

Under the New Jersey continuation of benefits, law noticed to extend coverage is required within 30 days of qualifying event and no later than 60 days after the end of coverage

Question 31

Define agent

Answer 31

A licensed producer who has a written contract to represent an insurer

Question 32

Which of the following actions is required by an agent who is replacing an existing Life Insurance policy?

Answer 32

Submit to the replacing insurer a list of the policies to be replaced

Question 33

A written statement describing the elements of a policy is called a buyers guide, policy summary, policy guide, buyers summary

Answer 33

Policy summary, which is designed to summarize the coverage of a specific contract 

Question 34

All Medicare supplement policies is contain, which provision

Answer 34

Pre-existing conditions must be covered after six months from the effective date of coverage

Question 35

Under New Jersey law, what may the insurer required to determine the exact cost of death if death appears accidental

Answer 35

Autopsy

Question 36

Which of these may not be used in health insurance advertising a celebrity endorsement, a statement that highlights coverage amount, a paid testimonial, and insurance companies trademark instead of the companies actual name

Answer 36

An insurance companies trademark instead of the companies actual name

Question 37

New Jersey insurance law requires eligible individuals to make an election to continue health insurance benefits within X amount of days after coverage termination

Answer 37

60 days no later than

Question 38

Which type of beneficiary should be named of the insured wants to give explicit directions and how the policy proceeds should be paid? In individual group class Estate.

Answer 38

Individual

Question 39

Health insurance will typically cover, which of the following perils? Death due to illness, injury due to accident, death due to accident, dismemberment.

Answer 39

Injury due to accident; the two perils covered by health insurance or accident and sickness

Question 40

Group health plans made in eye participation based upon

Answer 40

Members part-time employment status; full-time employees are typically eligible

Question 41

The deeds and actions of a producer indicate what kind of authority? Express apparent, implied, conditional.

Answer 41

Apparent authority is the appearance or assumption of authority based on the actions works or deeds of the producer

Question 42

A provision that allows a policy owner to temporarily give up ownership rights to secure a loan is called

Answer 42

Collateral assignment

Question 43

Which of the following areas do errors commonly occur on applications and for which the incontestable causes not apply marital status, age, address, income

Answer 43

Age and gender can be contested anytime

Question 44

In the health insurance policy, when should the written notice of claim be given to the insurer?

Answer 44

Written notice of a claim must be given within 20 days after a covered loss or as soon as reasonably possible within 90 days

Question 45

Which type of clause describes the following statement, we have issued the policy and consideration of the representation in your applications and payment of the first term premium

Answer 45

Consideration clause

Question 46

What is the primary purpose of a rating service company such as AMV?

Answer 46

Determine financial strength of an insurance company

Question 47

The principle of insure will interest in regards to a life. Insurance contract is accurately described by.

Answer 47

The love and affection of individuals related by blood or law

Question 48

Andre modified endowment contract. What are the likely tax consequences?

Answer 48

Pre-debt distributions will become taxable

Question 49

Andre modified endowment contract. What are the likely tax consequences?

Answer 49

Pre-debt distributions will become taxable

Question 50

Index whole life insurance contains the securities component that acts as

Answer 50

A hedge against inflation

Question 51

A policy owner purchases a standard whole life policy with a 500,000 death benefit when he was 30. His agent told him the policy would paid up if he reached age 100. The cash value of the policy equals 250,000 but policy owner dies at age 60 the death benefit would be?

Answer 51

500,000

Question 52

A branch office certificate must be filed at least how many days before it conducting business at the specified branch

Answer 52

30 days

Question 53

In Life Insurance , replacing companies must keep records of all replacement materials and file for how long

Answer 53

Five years or until the next regular examination by the commissioner

Question 54

And Life Insurance replacing companies must keep records of all replacement materials and file for how long?

Answer 54

Five years or until the next regular examination by the commissioner

Question 55

All of the following are examples of a business continuation plan except: key person insurance, cross purchase agreement, stock redemption plan, deferred compensation

Answer 55

Deferred compensation

Question 56

Ivy policy owner exercises a non-furniture option by using his life policies, cash value to purchase an extended term insurance option when the term insurance expires

Answer 56

All of the protection when the charm insurance expires in an extended term option, there is no more protection

Question 57

A customer owns an insurance policy that is renewable. Only at the option of the insurance company has policy is considered to be.

Question 58

Which of these is not considered to be a non-forfeiture option in a whole life insurance policy? Interest only, reduce paid up insurance, extended term, cash surrender

Answer 58

Interest only; in whole life insurance policy. All are forfeiture options except interest only.

Question 59

A clause that allows an insurer the right to terminate coverage at any anniversary date is called

Answer 59

Optionally renewability clause which allows an insurer to terminate coverage at any anniversary or premium due date

Question 60

A life insurance policy, owner does not have the right to

Answer 60

Revoke an absolute assignment

Question 61

A life insurance policy, owner does not have the right to

Answer 61

Revoke an absolute assignment

Question 62

The type of policy were the insurer can send a notice to the insured that the policy has been canceled in the middle of the term called

Answer 62

Cancelable

Question 63

The two major actions required for a policyholder to comply with the reinstatement clause

Answer 63

Provide evidence of insurability pay past due premiums

Question 64

Underwriters can acquire information from all of the following sources except… Medical information bureau and MIB consumer report attending physicians statements genetic testing

Answer 64

Genetic testing

Question 65

Within how many days must a producer notify with the department of banking and insurance of a change of address

Answer 65

30; a producer must submit the department of banking and insurance written notification of an address change with a maximum of 30 days after the change

Question 66

Which of the following is contain a statement of policy cost, and benefit information

Answer 66

Policy summary

Question 67

Which of the following would be a valid reason why policy payment would be higher than the standard premium

Answer 67

The insured does not meet establish underwriting requirements

Question 68

Which situation accurately describes a reduced paid of forfeiture option 

Answer 68

Policy has a decreased face amount with a reduced paid up non-forfeiture option. The policy will have a decreased face amount.

Question 69

If a producer receives a premium for an individual health insurance policy, they must remit the premium to their insure within how many days of receipt

Answer 69

7

Question 70

Hey, customer has a benefit at work that enables him to defer his current receipt of income and habit paid at a later date when they will probably be in a lower tax bracket which benefit fits the description

Answer 70

Deferred compensation option

Question 71

A customer has disability insurance through his employer the employer pay 75% of the premium and Jonas pays the other 25%. What is their tax liability for any benefits paid from the disability plan?

Answer 71

Taxes must be paid in 75% of the benefits received

Question 72

What kind of life insurance policy covers two or more people with a death benefit payable upon the last person’s death?

Answer 72

Last survivor, Life Insurance

Question 73

Which of the following protects the policy owner from a misrepresentation caused by an innocent mistake

Answer 73

Incontestable clause

Question 74

An agent is required to keep replacement forms and file for the last …years

Answer 74

5

Question 75

Aus and insurance producers license in New Jersey be renewed

Answer 75

Every two years with 24 credit hours of instruction three of which are ethics

Question 76

The replacement of an existing insurance policy requires notice that the owner can return the policy within how many days for a full

Answer 76

The free look for a replacement policy is 30 days

Question 77

If an agent has not collected the initial premium on a health policy

Answer 77

The contract is not enforced until the initial premium has been paid

Question 78

Which of the following with disqualify companies retirement plan from receiving favorable

Answer 78

A retirement plan will not qualify for favorable tax treatment if it’s temporary

Question 79

Replacement regulation is designed to protect

Answer 79

Policy owners from misrepresentation and loss of benefits

Question 80

The automatic premium loan provision, authorizes an insurer to withdraw from a policies, cash value the amount of

Answer 80

Past due premiums that have not been paid by the end of the Grace period

Question 81

Who would make the final determination on whether or not an insurance advertisement is misleading

Answer 81

New Jersey banking and insurance commissioner

Question 82

Never buy an existing insurance to prevent replacement and continue existing Life Insurance policies enforce is known as

Answer 82

Conservation

Question 83

In regards to a life insurance contract, which of the following statements is not true regarding the concept of insurable interest

Answer 83

CHERYL interest can be established sufficiently by sentimental attachment alone

Question 84

After passing the New Jersey insurance license examination in person is required to apply for a producer license within

Answer 84

12 months

Question 85

After passing the New Jersey insurance license examination in person is required to apply for a producer license within

Answer 85

12 months

Question 86

When the word Insurance appears in a producers business, the same, which of the following words cannot be approved: corporation, agency, brokerage, company

Answer 86

Company; The name of the insurer will be clearly identified in any advertisement, but it shall not use a trade name name of ensures, parent company, service mark slogan, or other symbol cannot use colors, words or physical materials, which are similar to government programs or agencies. Must be kept for five years

Question 87

A producer must notify the commissioner within how many days of a felony conviction

Answer 87

30

Question 88

All of the following are included as part of a contract in the entire contract provision except : writers, application, changes made by the producer, policy

Answer 88

Changes made by the producer

Question 89

All of the following are functions of an insuring class except: safe conditions under which the policy will pay, outlines the kinds of benefits provided, primarily describes the free look period, provides policy, scope and limits of coverage.

Answer 89

Primarily describes the free look. All others are functions of an insuring clause.

Question 90

All of the following are considered to be non-forfeiture options available to a policy owner except extended term insurance, surrender, reduction of premium, reduce paid up insurance

Answer 90

Reduction of premium all of these are for non-forfeiture options except reduction of premium

Question 91

An agent has committed an insurance crime that violates US code 1033 interstate commerce who would be responsible for the prosecution of this

Answer 91

US Attorney General

Question 92

And insurance company needs to obtain personal information from a third-party concerning an applicant which law do all insurer and their pro producers need to comply with

Answer 92

The fair credit reporting act

Question 93

Who is responsible for assembling the policy forms for insureds? State insurance department, NAIC, insurance carriers, insurance producers.

Answer 93

Insurance carriers 

Question 94

A permanent life insurance policy where the policy owner pays premiums for a specified number of years is called

Answer 94

Limited pay policy, which is a permanent life insurance policy where the policy owner pays premiums for a specified number of years

Question 95

In New Jersey and insurer is required to maintain files of all publish and printed advertisements for

Answer 95

Five years from the date of last use

Question 96

Which of these writers will pay that benefit if the insured spouse dies

Answer 96

Family term insurance writer provides a death benefit of the spouse of the insured dies

Question 97

In an insurance contract, the element that shows each party giving something value is called

Answer 97

Consideration the element of an insurance contract, which demonstrates that each party is giving something of value

Question 98

Insurance premium is determined by each of the following factors except Mortality, interest, expenses, liquidity

Answer 98

Liquidity

Question 99

A waiver of premium writer allows an insured to waive premium payments if the insured is

Answer 99

Completely impermanent disabled

Question 100

A non-participating policy will

Answer 100

Not pay dividends

Question 101

Andre modified endowment contract. What are the likely tax consequences?

Answer 101

Pre-death distributions will become taxable

Question 102

A whole life insurance policy accumulates cash value that becomes

Answer 102

A policy loan value which the insured may borrow against

Question 103

Which of these will have the highest monthly payout upon annuitization? Life with. Certain, joint and survivor, life, straight life, joint life.

Answer 103

Straight life annuity will have the highest monthly payout

Question 104

A life insurance policy that has premium fully paid up within a stated time Period is called.

Answer 104

Limited payment insurance

Question 105

All of these, these are valid options for an adjustable life policy, except The policies premium can be increased or decreased, the policies death benefit can be increased or decreased, a non-forfeiture option can be used to increase the death benefit, the policies protection. Can be modified.

Answer 105

A non-forfeiture option can be used to increase the death. Benefit is not an option for an adjustable life policy.

Question 106

Which of the following must contain a statement of policy cost, and benefit information

Answer 106

Policy summary

Question 107

Which type of policy combines the flexibility of a universal life policy within investment choices

Answer 107

Variable universal life policy; when the structure and flexibility of a universal life policy are combined with investment choices, the result is a variable universal life policy

Question 108

The replacement of an existing insurance policy requires notice that the owner can return the policy within how many days for a full refund

Answer 108

30 days is the free look for a replacement policy

Question 109

A partial surrender is allowed in which of the following life policies

Answer 109

Universal life