NJ Life Producer Exam 2024 Questions with Correct Answers
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Course
NJ Life Producer
Institution
NJ Life Producer
NJ Life Producer Exam 2024 Questions with Correct Answers
A producer who employs another producer must take which of the following actions? - Answer-enter into a written employment agreement with the employee producer
For a New Jersey insurance producer to charge a prospective insured for analy...
NJ Life Producer Exam 2024 Questions
with Correct Answers
A producer who employs another producer must take which of the following actions? -
Answer-enter into a written employment agreement with the employee producer
For a New Jersey insurance producer to charge a prospective insured for analyzing
coverages, there must be a reasonable relationship between the fee and.. - Answer-the
nature of the services performed
A person failing to comply with a subpoena from the Commissioner, may be charged
with.. - Answer-contempt
To be eligible for a resident producers license an individual must meet which of the
following requirements? - Answer-complete a course of education approved by the
Banking and Insurance Commissioner unless a waiver is obtained from the department
What is issued to an insurer, by the Commissioner, demonstrating it's authority to
transact insurance business in the state? - Answer-certificate of authority
When an insurer procures insurance for itself from another insurer it is called.. - Answer-
reinsurance
In order to receive fees other than commissions, a life insurance producer acting as a
consultant must first - Answer-obtain a written memorandum from the prospect stating
the amount of compensation
A producer acting as an agent may take all the following actions EXCEPT: - Answer-
Place insurance with a company the producer does not represent
A producer wishing to appeal the final order of the Commissioner would appeal to.. -
Answer-The superior court
which of the following producers does NOT need to satisfy CE credits? - Answer-
nonresident
Continuing education credit may be earned for completing which of the following
courses? - Answer-CLU designation courses
, A New Jersey producer who resides in Pennsylvania but maintains a principal place of
business in New Jersey and who has selected New Jersey as their home state is
referred to as which of the following? - Answer-resident
What is the MINIMUM age requirement for licensure as a nonresident producer? -
Answer-18
When applying for a producer's license, an applicant must have passed the state
licensing exam within how long from the date of their application for license? - Answer-
12 months
When applying for a producer's license, an applicant must have completed a pre-
licensing course of education within how long from the date of their license application?
- Answer-24 months
Which of the following amounts must decrease in a decreasing term? - Answer-Death
benefit
In life insurance, insurable interest must exist at the time the.. - Answer-Producer writes
an on a proposed insured
An applicant makes an offer to the insurer when they - Answer-pay an initial premium
with the application
Which of the following makes Universal Life insurance different from other forms of
permanent insurance? - Answer-Premium Schedule
An insurer that shares its profits with its' policyowners is known as.. - Answer-A mutual
insurer
Statements made by an applicant for insurance on the application are considered to be..
- Answer-Representations
In which of the following are proceeds left with the insurer and earnings sent to the
beneficiary? - Answer-Interest-Only
The primary purpose of an annuity is to.. - Answer-Provide income for retirement
Which of the following provisions in a life policy specifies the manner in which proceeds
will be paid to a beneficiary on the death of insured? - Answer-settlement options
An insurance producer takes an application for a life policy but does not collect the initial
premium. On delivery of policy to the proposed insured, the producer must collect the
initial premium and which of the following? - Answer-The insured's signed statement of
continued good health
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