Nj life insurance test - Study guides, Class notes & Summaries

NJ Life Producer Exam Correct answers latest update Which of the following amounts must decrease in a decreasing term? Death benefit In life insurance, insurable interest must exist at the time the.. Producer writes an on a proposed insured An applicant makes an offer to the insurer when they pay an initial premium with the application Which of the following makes Universal Life insurance different from other forms of permanent insurance? Premium Schedule An insurer that...

NJ LIFE INSURANCE TEST EXAM 2024 WITH 100% ACCURATE ANSWERS The principle that insurance is not a transaction of commerce and so should be regulated by the states was established by the A. the McCarran-Ferguson Act. B. Public Act 15. C. Paul v. Virginia. D. U.S. v. South Eastern Underwriters Association - correct answer ANSWER HERE A. The McCarran-Ferguson Act A contract between two insurance companies that allows one company to transfer risk to a second company is known as ...

NJ LIFE INSURANCE TEST EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS The McCarran-Ferguson Act was passed by Congress to - Precise Answer Redefine the authority of the state and federal government to regulate the insurance industry The principle that insurance is not a transaction of commerce and so should be regulated by the state was established in: - Precise Answer Paul v. Virginia In New Jersey, a producer who violates a New Jersey insurance law for the first time may be fined ...

NJ Life Insurance Test Questions and Answers A reinstatement clause outlines reinstatement conditions that include - Answer-A. a higher premium charge. B. payment of outstanding loans within the year. C. proof of insurability. D. a decrease in policy limits. Answer C All of the following are characteristics of the Accelerated Death Benefit option EXCEPT - Answer-A. the maximum benefit is a percentage of the face amount of insurance, and there may also be a dollar limit B. s...

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NJ Life Insurance Test Questions and Answers Already Passed The McCarran-Ferguson Act was passed by Congress to Redefine the authority of the state and federal government to regulate the insurance industry The principle that insurance is not a transaction of commerce and so should be regulated by the state was established in: Paul v. Virginia In New Jersey, a producer who violates a New Jersey insurance law for the first time may be fined up to $5,000 The New Jersey Banking an...

NJ Life Insurance Test Questions and Answers All Correct The purpose of advertising regulation is to - Answer-Assure full and truthful disclosure to the public In a credit insurance policy, who is the beneficiary? - Answer-The creditor Insurance advertising in local newspapers is regulated by the: - Answer-New Jersey Department of Banking and Insurance Credit life insurance may be issued to a borrower in which of the following forms? - Answer-Group term life A creditor collects paym...

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NJ Life Insurance Test Questions with All Correct Answers A producer who knowingly engages in a prohibited trade practice, can be issued a fine not to exceed - Answer-$5,000 for the first offense; $10,000 for each subsequent offenses A producer who unknowingly engages in a prohibited trade practice, can be issued a fine not to exceed - Answer-$1,000 If an insurer or producer violates a cease and desist order, the Commissioner could assess a penalty not to exceed - Answer-$5,000 Maki...

NJ Life Insurance Test Questions with Answers Who has the right to change the beneficiary? - Answer-the policyowner Can a policyowner change the revocable beneficiary without their knowledge or consent? - Answer-yes What is the benefit of a modified whole life plan? - Answer-a lower premium in the beginning years of the contract; permanent policy What is a 20 pay life policy? - Answer-a policy that provides lifetime protection for an insured with premiums payable for 20 years What ...

NJ Life Insurance Practice Test Questions and Answers Grace Period - Answer-When the cash value account of a universal life policy reaches zero and the policy owner doesn't make a premium payment Cash values at age 65 when converting a term policy to a whole life policy at attained age - Answer-Lower than if ordinary life had been purchases at original age Deferred annuity pays a death benefit to beneficiary - Answer-when the annuitant dies before receiving any annuity payments TSAs a...