NJ Life Insurance Exam Questions with Answers (Latest
Update 2023)
Accelerated Death Benefit doesn't cover? - ANSWER Common disaster
Reinstatement clause outlines reinstatement conditions that include what? -
ANSWER Proof of insurability
Dividend options - ANSWER cash-check issued, accumulation at interest-taxable,
paid-up additions increasing death benefit
If a wife receives income for 10 years after her husband dies, then the entire proceed
is paid out, this is? - ANSWER fixed period
Allows proceeds to remain with company and earnings to be paid to beneficiary on a
monthly basis? - ANSWER interest only
Policy loan proceeds are... - ANSWER not taxable income
What is not restricted in contribution limit by the IRS? - ANSWER Individual
Retirement plan (individual annuity)
Official name for Social Security? - ANSWER OASDI
US vs. South-Eastern Underwriters Association - ANSWER Interstate commerce
subject to federal regulation
McCarren-Ferguson Act - ANSWER Federal will not intervene unless a state fails
In how long does DOBI need to take to send notice to revoke a license? - ANSWER
30 days
How long is a temporary certificate? - ANSWER 60 days after passing the exam
If your license is lost? - ANSWER notify DOBI within 30 days
Qualified to earn continuing education credit? - ANSWER CLU designation course
Qualified to Continuing Education? - ANSWER General insurance course at
accredited college
A voluntary terminated producer license may be reinstated during same period if? -
ANSWER Completed CE course
24hr CE waived to? - ANSWER Non-resident producer
Notice of appointment termination notice to DOBI within? - ANSWER 15 Days
Update 2023)
Accelerated Death Benefit doesn't cover? - ANSWER Common disaster
Reinstatement clause outlines reinstatement conditions that include what? -
ANSWER Proof of insurability
Dividend options - ANSWER cash-check issued, accumulation at interest-taxable,
paid-up additions increasing death benefit
If a wife receives income for 10 years after her husband dies, then the entire proceed
is paid out, this is? - ANSWER fixed period
Allows proceeds to remain with company and earnings to be paid to beneficiary on a
monthly basis? - ANSWER interest only
Policy loan proceeds are... - ANSWER not taxable income
What is not restricted in contribution limit by the IRS? - ANSWER Individual
Retirement plan (individual annuity)
Official name for Social Security? - ANSWER OASDI
US vs. South-Eastern Underwriters Association - ANSWER Interstate commerce
subject to federal regulation
McCarren-Ferguson Act - ANSWER Federal will not intervene unless a state fails
In how long does DOBI need to take to send notice to revoke a license? - ANSWER
30 days
How long is a temporary certificate? - ANSWER 60 days after passing the exam
If your license is lost? - ANSWER notify DOBI within 30 days
Qualified to earn continuing education credit? - ANSWER CLU designation course
Qualified to Continuing Education? - ANSWER General insurance course at
accredited college
A voluntary terminated producer license may be reinstated during same period if? -
ANSWER Completed CE course
24hr CE waived to? - ANSWER Non-resident producer
Notice of appointment termination notice to DOBI within? - ANSWER 15 Days
