NJ LIFE PRODUCER PRACTICE
EVALUATION SCRIPT 2026 DETAILED
QUESTIONS WITH ACCURATE CERTIFIED
ANSWERS ALREADY PASSED GRADED A+
⩥ aleatory contract. Answer: (uneven) You will never pay as much in
premium as what you get in coverage
⩥ peril. Answer: died of a certain way
⩥ Hazard. Answer: cause of loss
⩥ Variable Universal Life. Answer: requires FINRA license
⩥ the difference between insure vs. insured. Answer: Insure (must pay
policy benefit "the company") insured (the customer)
⩥ S & P 500. Answer: Equity index annuity would have a minimum
guaranteed interest rate, but may have a higher rate of return
⩥ who must sign application of insurance. Answer: Owner, insured, and
agent all three must sign
, ⩥ Differed compensation plans. Answer: an example of a non qualified
retirement plan
⩥ Qualified retirement plans. Answer: Keogh, 401K, IRA
⩥ conditional receipt. Answer: serves as proof that the agent confirmed
the insurance company will fully insure the applicant
⩥ accelerated living benefit. Answer: pays out death benefit while alive
due to illness live threatning reason
⩥ convertible insurance. Answer: the type of policy that can be changed
from one that doen't usually have cash value to one that does
⩥ uniform simultaneous death act. Answer: under the common disaster
clause if it can't be determined who died first it is assumed the
beneficiary
⩥ Fair credit report act. Answer: the federal law that permits applicants
for insurance to question the validity and source of any credit info
⩥ certificate of authority. Answer: the ability to transact insurance
business in New Jersey is garunteed to an insurer
EVALUATION SCRIPT 2026 DETAILED
QUESTIONS WITH ACCURATE CERTIFIED
ANSWERS ALREADY PASSED GRADED A+
⩥ aleatory contract. Answer: (uneven) You will never pay as much in
premium as what you get in coverage
⩥ peril. Answer: died of a certain way
⩥ Hazard. Answer: cause of loss
⩥ Variable Universal Life. Answer: requires FINRA license
⩥ the difference between insure vs. insured. Answer: Insure (must pay
policy benefit "the company") insured (the customer)
⩥ S & P 500. Answer: Equity index annuity would have a minimum
guaranteed interest rate, but may have a higher rate of return
⩥ who must sign application of insurance. Answer: Owner, insured, and
agent all three must sign
, ⩥ Differed compensation plans. Answer: an example of a non qualified
retirement plan
⩥ Qualified retirement plans. Answer: Keogh, 401K, IRA
⩥ conditional receipt. Answer: serves as proof that the agent confirmed
the insurance company will fully insure the applicant
⩥ accelerated living benefit. Answer: pays out death benefit while alive
due to illness live threatning reason
⩥ convertible insurance. Answer: the type of policy that can be changed
from one that doen't usually have cash value to one that does
⩥ uniform simultaneous death act. Answer: under the common disaster
clause if it can't be determined who died first it is assumed the
beneficiary
⩥ Fair credit report act. Answer: the federal law that permits applicants
for insurance to question the validity and source of any credit info
⩥ certificate of authority. Answer: the ability to transact insurance
business in New Jersey is garunteed to an insurer
