Exam (elaborations)
NJ CALA Life Final Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass
- Course
- Institution
NJ CALA Life Final Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass
[Show more]
Content preview
NJ CALA Life Final Exam.pdf file:///C:/Users/HP/Desktop/SSSSSSS/NJ%20CALA%20Life%20FinNJ Life Final Exam Questions & Verified Answers
1. Which of these is a method of determining the level of funds required forongoing
support in the event of the breadwinner's death?
Financial loss value
Human life value
Assessment value
Replacement value
Answer Human life value
2. The Guaranty Association Act provides that when a Court Order of Liquida-tion exists,
the insurer
Answer Is insolvent
3. An individual most likely will have an insurable interest in insuring a per-son's life if
Answer An economic interest exists for the continuance of the insured's life
1 of 34 8/30/2024, 3:31
,NJ CALA Life Final Exam.pdf file:///C:/Users/HP/Desktop/SSSSSSS/NJ%20CALA%20Life%20Fin
4. An error was made on Mary's life insurance application. Which of the following
areas are errors commonly made on applications for which theincontestable clause
does NOT apply?
Marital status
Age
Address
Income
Answer Age
5. Before conducting an HIV related test, an insurer is REQUIRED to obtainwritten
authorization from the
Answer Proposed insured
6. One of the roles of the Banking and Insurance Commissioner is to
Answer Establishcontinuing education requirements
2 of 34 8/30/2024, 3:31
,NJ CALA Life Final Exam.pdf file:///C:/Users/HP/Desktop/SSSSSSS/NJ%20CALA%20Life%20Fin
7. 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 theamount of insurance the insured's premiums
would have been if purchased at the age at the correct
8. Under a group life policy, the insurer will issue an individual to thepolicyowner for
delivery to each person insured
Answer Certificate
9. Jerry voluntarily terminated his producer's license. If he changes his mind,his license
may be reinstated during the same license period if
Answer He completesa new license application
10. A producer has recently died and leaves behind a spouse. In order for the producer's
insurance business to continue, the Department of Banking and Insurance may issue to
the producer's spouse a(n)
Answer Temporary insurancelicense
3 of 34 8/30/2024, 3:31
,NJ CALA Life Final Exam.pdf file:///C:/Users/HP/Desktop/SSSSSSS/NJ%20CALA%20Life%20Fin
11. In what part of an insurance policy are policy benefits found?
Answer Declarations
12. A securities license is required for a life insurance producer to sell
Answer Variablelife insurance
13. Barbara's policy includes a rider which allows her to purchase additionalinsurance
at specific dates or events without evidence of insurability. This rider is called a(n)
Answer Guaranteed insurability rider
14. Which type of life insurance is normally associated with a Payor Benefitrider?
Answer Juvenile Insurance
15. The conversion privilege under a group life plan allows an employee toconvert to
a(n)
Answer Individual plan upon employment termination
4 of 34 8/30/2024, 3:31
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 TIPSCORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now