New Jersey Life and Health FINAL EXAM ALL 300 QUESTIONS AND CORRECT ANSWERS LATEST UPDATE THIS YEAR

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New Jersey Life and Health FINAL EXAM ALL 300
QUESTIONS AND CORRECT ANSWERS LATEST
UPDATE THIS YEAR


QUESTION: A _____ insurance company is one that was formed under the laws of a state other

than New Jersey - ANSWER-foreign




QUESTION: All of the following are typically included in a life insurance policy illustration

EXCEPT - ANSWER-Names of the beneficiary




QUESTION: Claims payable to a Disability Income insured, even when the insured can continue

to work, are the result of a - ANSWER-Presumptive disability




QUESTION: XYZ Corp pays the tax-deductible insurance premiums for a key employee disability

policy. Which of the following would be the appropriate tax consequence? - ANSWER-Benefits

are fully taxable




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QUESTION: What is the purpose of the Medical Information Bureau (MIB)? - ANSWER-To help

underwriters evaluate risk




QUESTION: In the advertising of Individual Life Insurance policies, an "introductory" or "special

enrollment" may not be made available until any previous enrollment period for the same

policy has been closed for at least how long? - ANSWER-Three months




QUESTION: An insurance producer is issued a _____ as evidence of authority - ANSWER-License




QUESTION: An individual can enroll in a Part C Medicare Advantage Plan at what time? -

ANSWER-When becoming eligible for Medicare




QUESTION: In accordance with New Jersey law, a Producer must remit health insurance

premiums to the insurer within what period? - ANSWER-7 business days




QUESTION: Which of the following situations would be suitable for a temporary work

authority? - ANSWER-When an applicant passes a licensing examination and answers all

background questions negatively



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QUESTION: Where would policy proceeds be paid if both the insured and primary beneficiary

were killed in the same accident? - ANSWER-Contigent beneficiary




QUESTION: When are group disability benefits considered to be tax-free to the insured? -

ANSWER-When the recipient pays the premiums




QUESTION: An agent is required to keep replacement forms on file for at LEAST _____ years -

ANSWER-5




QUESTION: When a Medicare supplement policy is purchased during the open enrollment

period - ANSWER-The policy must be issued regardless of health status




QUESTION: A Buyer's Guide MUST - ANSWER-Have it's content approved by the Insurance

Commissioner




QUESTION: A doctor who accepts Medicare Assignment agrees to which of the following? -

ANSWER-Doctor cannot charge more than Medicare's scheduled coverage


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QUESTION: Health insurance advertisements that mention statistical information are required

by New Jersey law to - ANSWER-Accurately convey all pertinent facts




QUESTION: Which of these may NOT be used in a health insurance advertisement? - ANSWER-

An insurance company's trademark instead of the company's actual name




QUESTION: Twisting is best defined as - ANSWER-Using misrepresentation to induce an insured

person to terminate an existing policy and purchase a new policy




QUESTION: Field underwriting performed by the producer involves - ANSWER-Completing the

application and collecting initial premium




QUESTION: How many months can a life insurance policy normally be backdated from the date

of application? - ANSWER-6




QUESTION: Loss of income insurance provides - ANSWER-An individual the means to replace

wages


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