Exam (elaborations)
NJ Life Insurance Exam Questions with Answers (Latest Update 2023)
- Course
- Institution
NJ Life Insurance Exam Questions with Answers (Latest Update 2023)
[Show more]
Content preview
NJ Life Insurance Exam Questions with Answers (LatestUpdate 2023)
Adverse Selection - Correct Answer ✅insuring of risks that are more prone
to losses than the average risk
lapse - Correct Answer ✅policy termination due to nonpayment of premium
Insurance - Correct Answer ✅transfers risk of loss from an individual or
business entity to an insurance company which in turn spreads the costs of
unexpected losses to many individuals
Life Insurance - Correct Answer ✅protects against loss associated with an
insured's death, and pays a death benefit to beneficiaries upon death of the
insured
solicitation of Insurance - Correct Answer ✅an attempt to persuade a
person to buy an insurance policy
Buyers Guide - Correct Answer ✅provides basic, generic information about
life insurance policies that contains language approved by the Department of
Insurance
,NJ Life Insurance Exam Questions with Answers (Latest
Update 2023)
- Explains how a buyer should go about choosing the amount and type of
insurance to buy
- Explains how a buyer can save money comparing the costs of familiar
policies
Policy Summary - Correct Answer ✅a written statement describing the
features and elements of the policy being issued
Must provide:
- name and address of agent
- full name and home office or administrative office of the insurer
- generic name of the basic policy
- each rider
Illustrations - Correct Answer ✅a presentation or depiction that includes
non guaranteed elements of a policy of individual or group life insurance
over a period of years
Life Insurance Illustration - Correct Answer ✅Distinguish between
guaranteed and projected amounts
,NJ Life Insurance Exam Questions with Answers (Latest
Update 2023)
- clearly state that an illustration is not a party of the contract
- identify those values that are not guaranteed as such
Field Underwriter - Correct Answer ✅An insurance agent who conducts an
initial policy solicitation and application. (The company's front line of
underwriting)
Application - Correct Answer ✅starting point and basic source of
information used by the company in the risk selection process
Application Part 1- General Info - Correct Answer ✅includes general
questions about the applicant such as name, address, age, birth date,
gender, income, marital status, and occupation
- inquires about the existing policies and if the proposed insurance will
replace them
Application Part 2- Medical Info - Correct Answer ✅includes information on
the prospective insureds medical background, present health, any medical
visits in recent years, medical status of living relatives and causes of death of
deceased relatives
, NJ Life Insurance Exam Questions with Answers (Latest
Update 2023)
Non-Medical Appplication - Correct Answer ✅if the amount of insurance is
relatively small, the agent and the proposed insured will complete all of the
medical information
Agents Report - Correct Answer ✅provides the agents personal
observations concerning the proposed insured.
Required Signatures - Correct Answer ✅Both the agent and the proposed
insured (usually the applicant) must sign the application.
Consequences of Incomplete Applications - Correct Answer ✅If the insurer
receives an incomplete application, the insurer must return it to the
applicant for complete
Consequences of Incomplete Applications - Correct Answer ✅If a policy is
issued with questions left unanswered, the contract will be interpreted as if
the insurer waived its rights to have an answer to the question
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Allivia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71184 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now