New Jersey Life and Health - Final Exam Set Exam Questions With Revised Correct Answers | Already Passed!!
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Course
NEW JERSEY LIFE AND HEALTH
Institution
NEW JERSEY LIFE AND HEALTH
New Jersey Life and Health - Final
Exam Set Exam Questions With
Revised Correct Answers | Already
Passed!!
Julie has a $100,000 30-year mortgage on her new home. What
type of life insurance could she purchase that is designed to pay
off the loan balance if she dies within the 30-year per...
New Jersey Life and Health - Final
Exam Set Exam Questions With
Revised Correct Answers | Already
Passed!!
Julie has a $100,000 30-year mortgage on her new home. What
type of life insurance could she purchase that is designed to pay
off the loan balance if she dies within the 30-year period? -
ANSWER ✔ : Decreasing term insurance
EXCEPT for fraud, the time after issuance of a policy during
which an insurance company may contest a health insurance
claim due to the statements on an application is - ANSWER ✔ :
2 years
All of the following are core benefits of Medicare Supplement
Plan A EXCEPT - ANSWER ✔ : Deductible payments for the
first 60 days of hospitalization under Medicare hospitalization
under Medicare hospitalization insurance
Statements made by an insurance applicant on an application
are considered to be - ANSWER ✔ : Representations
What is the purpose of having an accelerated death benefit on a
life insurance policy? - ANSWER ✔ : It allows for cash advances
to be paid against the death benefit if the insured becomes
terminally ill
, Who assumes the investment risk in a variable insurance
contract? - ANSWER ✔ : The insurer
_____ is NOT an element of valid contract - ANSWER ✔ :
Countersignature
The automatic premium loan provision authorizes an insurer to
withdraw from a policy's cash value at the amount of - ANSWER
✔ : Past due premiums that have not been paid by the end of the
grace period
How soon can the benefit payments begin with a deferred
annuity? - ANSWER ✔ : A minimum of 12 months after date of
purchase
Which of the following MUST contain a "Statement of Policy Cost
and Benefit Information"? - ANSWER ✔ : Policy Summary
Which of these is NOT subject to income taxation under a
Modified Endowment Contract (MEC)? - ANSWER ✔ : Death
benefit
Disability Income plans which require that the insurer can
NEVER change or alter premium rates are usually considered -
ANSWER ✔ : Noncancellable
HIPPA considers which of the following as "individually
identifiable health information"? - ANSWER ✔ : A person's
health claim information
The policyholder for a group health benefit plan is considered to
be the - ANSWER ✔ : Employer
, A Medicare Supplement policy can be cancelled by the insurer
for - ANSWER ✔ : Nonpayment
As of January 1, 2007, producer's license expires - ANSWER ✔
: Every two years on the last day of the producer's birth month
An insurer has the right to recover payment made to the insured
from the negligent party. These rights are called - ANSWER ✔ :
Subrogation
A producer who intentionally makes an untrue or incomplete
statement in the course of an insurance transaction may be guilty
of - ANSWER ✔ : Misrepresentation
Which dividend option would an insurer invest the policyowner's
money and add any interest earnings as the dividends accrue? -
ANSWER ✔ : Accumulation at Interest Option
Over the course of a year, which premium payment mode is most
expensive? - ANSWER ✔ : Monthyl
Jay the producer is giving insurance advice regarding a
prospect's existing coverage. If Jay were to receive a fee for this
advice (in addition to his commission), he MUST - ANSWER ✔ :
Obtain a signed memorandum from the prospect acknowledging
the amount of compensation
If an insured's age on a life insurance policy has been misstated,
what is the insurer's liability if the insured dies? - ANSWER ✔ : A
prorated death benefit based on the amount of insurance the
insured's premiums would have been if purchased at the correct
age
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