Final Exam - New Jersey Life and
Health
_____ is NOT an detail of valid contract - ANS-Countersignature
A _____ insurance agency is one which was shaped beneath the legal guidelines of a state
aside from New Jersey - ANS-foreign
A 10% excise tax is normally carried out to an early withdrawal from an IRA. According to
HIPPA, this tax will not be applied if the withdrawal is used for medical costs that exceed
_____ of the person's adjusted gross earnings - ANS-7.5%
A beneficiary exchange can occur: - ANS-Normally at any time in the course of the coverage
time period
A beneficiary has simply received a declare fee for a life coverage policy. Which of the
following is TRUE regarding the federal profits tax? - ANS-No federal profits tax is owed on
lifestyles coverage proceeds
A branch workplace registration shape is needed to be filed at least _____ days earlier than
promoting coverage out of that branch - ANS-30
A Buyer's Guide MUST - ANS-Have it's content accredited by means of the Insurance
Commissioner
A clause that lets in an insurer the right to terminate insurance at any anniversary date is
known as - ANS-Optional renewability clause
A debtor might also acquire Credit Life insurance wherein of the subsequent forms? -
ANS-Group Term Life
A incapacity earnings policy can save you an insured from earning a higher profits than if
he/she were running by means of using - ANS-Benefit limits
A doctor who accepts Medicare Assignment concurs to which of the following? - ANS-Doctor
can not fee extra than Medicare's scheduled insurance
A price for service medical insurance plan will usually cowl - ANS-A ailment
A assured issue coverage coverage has no - ANS-Medical underwriting
,A medical health insurance coverage that permits an insurer to exchange the policyowner's
rates, however NOT cancel the coverage is called - ANS-Guaranteed renewable coverage
A fitness insurer need to be provided with written evidence of loss _____ days after the date
of loss - ANS-ninety
A licensed producer is needed to document notice of any exchange of address inside what
number of days? - ANS-30
A existence coverage coverage commonly carries a provision that restricts coverage within
the occasion of death under all of the following conditions EXCEPT - ANS-fare-paying
passenger
A existence coverage policy that has premiums absolutely paid up within a stated term is
known as - ANS-Limited price insurance
A lifestyles insurance policy which contains coins values that vary in line with its funding
performance of stocks is referred to as - ANS-Adjustable Whole Life
A life coverage coverage written on one contract for 2 human beings in which it is payable
upon the primary demise is referred to as - ANS-Joint
A constrained payment entire life policy gives - ANS-Lifetime safety
A long-time period care coverage generally presents all of the following ranges of care
EXCEPT - ANS-Acute care
A master agreement and certificates of coverage may be found in which sort of policy? -
ANS-Group
A Medicare Supplement primary benefit is - ANS-The first three pints of blood consistent
with 12 months
A medicare complement plan may be canceled by the insurer - ANS-For nonpayment of
charges
A Medicare Supplement policy may be cancelled by the insurer for - ANS-Nonpayment
A new child is needed to be included for _____ days from the moment of beginning -
ANS-30
A non-contributory medical health insurance plan enables the insurer keep away from -
ANS-Adverse choice
A individual who is a nonsmoker, of common weight, and in tremendous fitness could
maximum probably be wherein chance class? - ANS-Preferred
, A pharmacy advantage covers pharmaceuticals derived from a list referred to as - ANS-Drug
formulary
A plan wherein an corporation pays coverage advantages from a fund derived from the
organisation's cutting-edge sales is known as - ANS-A self-funded plan
A coverage proprietor may exercising which of those dividend alternatives that uses the
dividend to pay all or part of the following premium due? - ANS-Reduction of top class
dividend option
A policyowner suffers an injury that renders him incapable of acting one or greater critical
activity obligations. Any lower in income as a consequence of this harm would make him
eligible for advantages underneath which provision? - ANS-Partial disability
A producer has these days died and leaves behind a partner. In order for the producer's
insurance commercial enterprise to retain, the Department of Banking and Insurance may
additionally difficulty to the manufacturer's partner a - ANS-Temporary coverage license
A producer ought to notify the Commissioner inside _____ days of a felony conviction -
ANS-30
A manufacturer who deliberately makes an unfaithful or incomplete announcement within the
course of an insurance transaction can be responsible of - ANS-Misrepresentation
A manufacturer who sells an individual life insurance coverage in New Jersey MUST deliver
to the policyowner - ANS-Policy Summary and Buyer's Guide
A manufacturer's secretary who solicits possibilities on the phone - ANS-Must be licensed as
a manufacturer
A expert legal responsibility for which producers can be sued for errors of setting a coverage
into impact is known as - ANS-Errors and Omissions
A provision in a whole lifestyles policy that lets in a policy owner to terminate the policy in go
back for a discounted paid-up policy of the identical kind is referred to as -
ANS-Nonforfeiture provision
A Renewable Term Life insurance coverage may be renewed - ANS-At a predetermined date
or age, regardless of the insured's health
A securities license is required for a life coverage producer to promote - ANS-Variable
existence coverage
A unmarried premium cash price coverage can be described as - ANS-A policy that is paid
up after simplest one charge
A type of group that has a charter and bylaws and has been prepared for functions other
than acquiring coverage is known as - ANS-Association or hard work group
Health
_____ is NOT an detail of valid contract - ANS-Countersignature
A _____ insurance agency is one which was shaped beneath the legal guidelines of a state
aside from New Jersey - ANS-foreign
A 10% excise tax is normally carried out to an early withdrawal from an IRA. According to
HIPPA, this tax will not be applied if the withdrawal is used for medical costs that exceed
_____ of the person's adjusted gross earnings - ANS-7.5%
A beneficiary exchange can occur: - ANS-Normally at any time in the course of the coverage
time period
A beneficiary has simply received a declare fee for a life coverage policy. Which of the
following is TRUE regarding the federal profits tax? - ANS-No federal profits tax is owed on
lifestyles coverage proceeds
A branch workplace registration shape is needed to be filed at least _____ days earlier than
promoting coverage out of that branch - ANS-30
A Buyer's Guide MUST - ANS-Have it's content accredited by means of the Insurance
Commissioner
A clause that lets in an insurer the right to terminate insurance at any anniversary date is
known as - ANS-Optional renewability clause
A debtor might also acquire Credit Life insurance wherein of the subsequent forms? -
ANS-Group Term Life
A incapacity earnings policy can save you an insured from earning a higher profits than if
he/she were running by means of using - ANS-Benefit limits
A doctor who accepts Medicare Assignment concurs to which of the following? - ANS-Doctor
can not fee extra than Medicare's scheduled insurance
A price for service medical insurance plan will usually cowl - ANS-A ailment
A assured issue coverage coverage has no - ANS-Medical underwriting
,A medical health insurance coverage that permits an insurer to exchange the policyowner's
rates, however NOT cancel the coverage is called - ANS-Guaranteed renewable coverage
A fitness insurer need to be provided with written evidence of loss _____ days after the date
of loss - ANS-ninety
A licensed producer is needed to document notice of any exchange of address inside what
number of days? - ANS-30
A existence coverage coverage commonly carries a provision that restricts coverage within
the occasion of death under all of the following conditions EXCEPT - ANS-fare-paying
passenger
A existence coverage policy that has premiums absolutely paid up within a stated term is
known as - ANS-Limited price insurance
A lifestyles insurance policy which contains coins values that vary in line with its funding
performance of stocks is referred to as - ANS-Adjustable Whole Life
A life coverage coverage written on one contract for 2 human beings in which it is payable
upon the primary demise is referred to as - ANS-Joint
A constrained payment entire life policy gives - ANS-Lifetime safety
A long-time period care coverage generally presents all of the following ranges of care
EXCEPT - ANS-Acute care
A master agreement and certificates of coverage may be found in which sort of policy? -
ANS-Group
A Medicare Supplement primary benefit is - ANS-The first three pints of blood consistent
with 12 months
A medicare complement plan may be canceled by the insurer - ANS-For nonpayment of
charges
A Medicare Supplement policy may be cancelled by the insurer for - ANS-Nonpayment
A new child is needed to be included for _____ days from the moment of beginning -
ANS-30
A non-contributory medical health insurance plan enables the insurer keep away from -
ANS-Adverse choice
A individual who is a nonsmoker, of common weight, and in tremendous fitness could
maximum probably be wherein chance class? - ANS-Preferred
, A pharmacy advantage covers pharmaceuticals derived from a list referred to as - ANS-Drug
formulary
A plan wherein an corporation pays coverage advantages from a fund derived from the
organisation's cutting-edge sales is known as - ANS-A self-funded plan
A coverage proprietor may exercising which of those dividend alternatives that uses the
dividend to pay all or part of the following premium due? - ANS-Reduction of top class
dividend option
A policyowner suffers an injury that renders him incapable of acting one or greater critical
activity obligations. Any lower in income as a consequence of this harm would make him
eligible for advantages underneath which provision? - ANS-Partial disability
A producer has these days died and leaves behind a partner. In order for the producer's
insurance commercial enterprise to retain, the Department of Banking and Insurance may
additionally difficulty to the manufacturer's partner a - ANS-Temporary coverage license
A producer ought to notify the Commissioner inside _____ days of a felony conviction -
ANS-30
A manufacturer who deliberately makes an unfaithful or incomplete announcement within the
course of an insurance transaction can be responsible of - ANS-Misrepresentation
A manufacturer who sells an individual life insurance coverage in New Jersey MUST deliver
to the policyowner - ANS-Policy Summary and Buyer's Guide
A manufacturer's secretary who solicits possibilities on the phone - ANS-Must be licensed as
a manufacturer
A expert legal responsibility for which producers can be sued for errors of setting a coverage
into impact is known as - ANS-Errors and Omissions
A provision in a whole lifestyles policy that lets in a policy owner to terminate the policy in go
back for a discounted paid-up policy of the identical kind is referred to as -
ANS-Nonforfeiture provision
A Renewable Term Life insurance coverage may be renewed - ANS-At a predetermined date
or age, regardless of the insured's health
A securities license is required for a life coverage producer to promote - ANS-Variable
existence coverage
A unmarried premium cash price coverage can be described as - ANS-A policy that is paid
up after simplest one charge
A type of group that has a charter and bylaws and has been prepared for functions other
than acquiring coverage is known as - ANS-Association or hard work group
