NJ Life Producer Exam Study Life Insurance
Correct answers latest update
Renewable Term Life Insurance
An insurer must renew a renewable term policy at the policyowner's request regardless of the
insurability status of the insured.
Fixed-amount
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.
What hours of operation is a branch office required to have?
Amount of indeptness
Under a Credit Life Policy, the amount of coverage shall not exceed the:
180 Days
In most circumstances, a temporary license in New Jersey shall not be valid for a period longer than:
31 Days
Telemarketers must update their solicitation lists with the National Do Not Call Registry every...
Notify the Producer whose policy is being replaced
When replacing existing life insurance, an agent MUST...
have their principle office in New Jersey
A producer who wishes to hold a Resident NJ Life Producer license, who lives in another state, must...
The ceding insurer
A insurer procuring insurance for itself from another insurer is called...
90 days
A business name authorization expires in
12 months
A first time applicant is someone who has not been licensed as a producer for the previous...
12 months
When applying for a producer's license, an applicant must have passed the State Licensing Exam
within how long from the date of their application for license?
Interest-only
In which of the following are proceeds left with the insurer and earnings sent to the beneficiary?
, Variable Life
Under what type of life insurance policy will the death benefit vary, based on the performance of an
underlying portfolio of securities?
Not Tax Deductable
Generally, premiums paid on an individual life insurance policy are:
9 years and 8 months
A 10 year family income policy was purchased effective April 1, 2007. The insured died August 1,
2007. The beneficiary receives monthly income for:
the face amount less the annual premium
John the insured dies during the grace period of his life insurance policy and had not paid the annual
premium. The insurance company is obligated to pay which of the following to the beneficiary?
Contingent beneficiaries
If the primary beneficiary dies before an insured, the individuals are paid when the insured dies are...
premium mode
The aspect of a policy that allows a policyholder to select the timing of premium payments is known
as...
Pay an amount equivalent to that which the premium would have purchased at the correct age
If an insured understates her age and this is discovered upon her death, the insurer will...
provide income for retirement
The primary purpose for an annuity is to...
premium schedule
Which of the following features makes Universal Life insurance different from other forms of
permanent insurance?
Automatic premium loan
An insured may receive protection against the unintentional lapse of his life insurance policy contract
by requesting the...
Buy and Sell agreement
An agreement to purchase a deceased partner's share of a business, using the proceeds from a life
insurance policy, is called a...
Immediate
Elisabeth retires. She purchases an annuity. One month later, she starts to receive payments from the
annuity. What type of annuity does Elisabeth have?
Correct answers latest update
Renewable Term Life Insurance
An insurer must renew a renewable term policy at the policyowner's request regardless of the
insurability status of the insured.
Fixed-amount
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.
What hours of operation is a branch office required to have?
Amount of indeptness
Under a Credit Life Policy, the amount of coverage shall not exceed the:
180 Days
In most circumstances, a temporary license in New Jersey shall not be valid for a period longer than:
31 Days
Telemarketers must update their solicitation lists with the National Do Not Call Registry every...
Notify the Producer whose policy is being replaced
When replacing existing life insurance, an agent MUST...
have their principle office in New Jersey
A producer who wishes to hold a Resident NJ Life Producer license, who lives in another state, must...
The ceding insurer
A insurer procuring insurance for itself from another insurer is called...
90 days
A business name authorization expires in
12 months
A first time applicant is someone who has not been licensed as a producer for the previous...
12 months
When applying for a producer's license, an applicant must have passed the State Licensing Exam
within how long from the date of their application for license?
Interest-only
In which of the following are proceeds left with the insurer and earnings sent to the beneficiary?
, Variable Life
Under what type of life insurance policy will the death benefit vary, based on the performance of an
underlying portfolio of securities?
Not Tax Deductable
Generally, premiums paid on an individual life insurance policy are:
9 years and 8 months
A 10 year family income policy was purchased effective April 1, 2007. The insured died August 1,
2007. The beneficiary receives monthly income for:
the face amount less the annual premium
John the insured dies during the grace period of his life insurance policy and had not paid the annual
premium. The insurance company is obligated to pay which of the following to the beneficiary?
Contingent beneficiaries
If the primary beneficiary dies before an insured, the individuals are paid when the insured dies are...
premium mode
The aspect of a policy that allows a policyholder to select the timing of premium payments is known
as...
Pay an amount equivalent to that which the premium would have purchased at the correct age
If an insured understates her age and this is discovered upon her death, the insurer will...
provide income for retirement
The primary purpose for an annuity is to...
premium schedule
Which of the following features makes Universal Life insurance different from other forms of
permanent insurance?
Automatic premium loan
An insured may receive protection against the unintentional lapse of his life insurance policy contract
by requesting the...
Buy and Sell agreement
An agreement to purchase a deceased partner's share of a business, using the proceeds from a life
insurance policy, is called a...
Immediate
Elisabeth retires. She purchases an annuity. One month later, she starts to receive payments from the
annuity. What type of annuity does Elisabeth have?
