NJ Life producer Exam Questions with Answers
The employee usually has a period of ___ days after terminating from the group life in order to exercise the conversion option. During this time, the employee is still covered under the original group policy. - Answer-31
If the master contract is ter...
NJ Life producer Exam Questions
with Answers
The employee usually has a period of ___ days after terminating from the group life in
order to exercise the conversion option. During this time, the employee is still covered
under the original group policy. - Answer-31
If the master contract is terminated, every individual who has been on the plan for at
least ___ will be allowed to convert to individual permanent insurance of the same
coverage. - Answer-5 years
When an employer pays all of the premiums, the plan is referred to as a __ plan. -
Answer-Noncontributory
Under a noncontributory plan, an insurer will require that __% of the eligible employees
be included in the plan. - Answer-100
When the premiums for group insurance are shared between the employer and
employees, the plan is referred to as a __ plan. - Answer-contributory
The licensee must advise the Department in writing of the closing of any branch office
within ____ of the closing, and return the branch office certificate at that time. - Answer-
30 calendar days
All policies, certificates or other evidence of insurance that are received by an insurance
producer must be delivered to the insured within ___ of the receipt by the producer. -
Answer-10 calendar days
A producer has ___ to reply in writing to any inquiry of the Department related to the
business insurance. - Answer-15 calendar days
Claims must be reported to the insurer no later than ___ after the receipt of notice of
claim by the producer. - Answer-5 business days
All premiums must be remitted to the insurer within ___ after receipt of funds. - Answer-
5 business days
All completed receipt books must be retained for a minimum of ___ years from the date
of completion. All other books and records of each account must be maintained for a
period of ____ years after the termination of coverage. - Answer-5,5
, The person in violation of the Standards of Conduct has ___ from the service of the
notice to request a hearing in writing. - Answer-20 calendar days
The penalty for violation the New Jersey Insurance Fraud Prevention Act is up to ___
for the first violation, ___ for the second violation, and __ for each subsequent violation.
- Answer-$5k, 10k, 15k
The New Jersey Life and Health Guaranty Association - Answer-Created to protect
policyowners, insureds, and beneficiaries under life insurance policies, health insurance
policies, annuity contracts, and supplemental contracts when insurers fail to perform
contractual obligations due to financial impairment.
How is the New Jersey Life and Health Guaranty Association funded? - Answer-By its
members
It is a fair trade practice to make any statement that an insurer's policies are guaranteed
by the existence of the Insurance Guaranty Association. T/F - Answer-F - unfair
Most insurance companies strive to complete the process within a __-day period,
assuming that there are no delays. - Answer-21
How long is the free look period? - Answer-10 days
Replacing insurers must notify any existing insurer within ___ days that a replacement
may be in order for an existing policy, and mail a copy of the illustration or policy
summary for the replacement policy. - Answer-5 business
How long is the free look period for replacement policies? - Answer-30 days
How long do you have to keep copies of the Notes Regarding Replacement and other
relevant documents? - Answer-5 years
Each insurer must maintain a complete file of disclosure documents at its home office
for a period of _____ following the date of its last authorized use. - Answer-3 years
All advertisements must be maintained on file by the insurer for a period of ___ from
their last use. - Answer-5 years
Twisting - Answer-a misrepresentation, or incomplete or fraudulent comparison of
insurance policies that persuades an insured/owner, to his or her detriment, to cancel,
lapse, switch policies, or take out a policy with another insurer.
The minimum age at which an individual can purchase a life insurance policy or an
annuity contract is __. - Answer-15
Payments to minors who are at least 15 years old may not exceed $__ in any 1
calendar year from a single insurer. - Answer-2000
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