NJ Life Producer Exam | 2024 Questions
& Answers | 100% Correct | Verified
Under a Traditional IRA, interest earned is taxed - ✔✔upon distribution
Which of these statements regarding the annuitants is CORRECT? - ✔✔The annuitant's life expectancy
determines the annuity payment
What will the beneficiary receive is annuitant dies during the accumulation period? - ✔✔The greater the
accumulated cash value or the total premium paid
Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance
policy? - ✔✔Submit to to the replacing insurer a list of the policies to be replaced
All pre-licensing course completion certificate are valid for a period of ? - ✔✔2 years
A partial surrender is allowed in which of the following life policies? - ✔✔Universal life
What happens to interest earned if the annuitant dies before the payout start date? - ✔✔It is taxable
How are annuities given favorable tax treatment? - ✔✔gains are taxed at distribution
Fixed period settlement options are considered to be a form of a(n) - ✔✔annuity
Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit will
be payable to Matt's beneficiary if Matt - ✔✔dies instantly from a car accident
A modified insurance contract which accumulates cash values higher than the IRS will allow - ✔✔A life
insurance contract which accumulates cash values higher than the IRS will allow
, A(n) _____ insurance company is one that was formed under the laws of a state other than New Jersey. -
✔✔Foreign
An example of a tax-qualified retirement plan would be a(n) - ✔✔defined contribution plan
How soon can the benefit payments begin with a deferred annuity? - ✔✔a minimum of 12 months after
date of purchase
A securities license is required for a life insurance producer to sell - ✔✔Variable Life Insurance
A whole life insurance policy accumulates cash value that becomes - ✔✔the policy loan value which the
insured may borrow against
The coverage, conditions, and limitations in the master policy of a group contract can be found in which
document? - ✔✔Certificate of coverage and benefits
Which of the following policies does NOT build cash value? - ✔✔term
When the word "insurance" appears in a producer's business name, which of the following words cannot
be approved? - ✔✔company
An example of an unfair method of competition is - ✔✔overstating the benefits of an insurance company
Under a Modified Endowment Contract, what are the likely tax consequences? - ✔✔Pre-death
distributions will become taxable
When a decreasing term policy is purchased, it contains a decreasing death benefit and - ✔✔level
premiums
& Answers | 100% Correct | Verified
Under a Traditional IRA, interest earned is taxed - ✔✔upon distribution
Which of these statements regarding the annuitants is CORRECT? - ✔✔The annuitant's life expectancy
determines the annuity payment
What will the beneficiary receive is annuitant dies during the accumulation period? - ✔✔The greater the
accumulated cash value or the total premium paid
Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance
policy? - ✔✔Submit to to the replacing insurer a list of the policies to be replaced
All pre-licensing course completion certificate are valid for a period of ? - ✔✔2 years
A partial surrender is allowed in which of the following life policies? - ✔✔Universal life
What happens to interest earned if the annuitant dies before the payout start date? - ✔✔It is taxable
How are annuities given favorable tax treatment? - ✔✔gains are taxed at distribution
Fixed period settlement options are considered to be a form of a(n) - ✔✔annuity
Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit will
be payable to Matt's beneficiary if Matt - ✔✔dies instantly from a car accident
A modified insurance contract which accumulates cash values higher than the IRS will allow - ✔✔A life
insurance contract which accumulates cash values higher than the IRS will allow
, A(n) _____ insurance company is one that was formed under the laws of a state other than New Jersey. -
✔✔Foreign
An example of a tax-qualified retirement plan would be a(n) - ✔✔defined contribution plan
How soon can the benefit payments begin with a deferred annuity? - ✔✔a minimum of 12 months after
date of purchase
A securities license is required for a life insurance producer to sell - ✔✔Variable Life Insurance
A whole life insurance policy accumulates cash value that becomes - ✔✔the policy loan value which the
insured may borrow against
The coverage, conditions, and limitations in the master policy of a group contract can be found in which
document? - ✔✔Certificate of coverage and benefits
Which of the following policies does NOT build cash value? - ✔✔term
When the word "insurance" appears in a producer's business name, which of the following words cannot
be approved? - ✔✔company
An example of an unfair method of competition is - ✔✔overstating the benefits of an insurance company
Under a Modified Endowment Contract, what are the likely tax consequences? - ✔✔Pre-death
distributions will become taxable
When a decreasing term policy is purchased, it contains a decreasing death benefit and - ✔✔level
premiums
