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

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 Exam Questions with correct Answers

NJ Life Insurance Exam 2024 Questions and Answers Three types of term policies - Answer-level, increasing and decreasding level term insurance - Answer-most common type of term insurance level premium and death benefit annually renewable term - Answer-benefit remains level each year, guaranteed renewable each year without proof of insurance, but premium increases each year according to attained age decreasing term - Answer-level premium death benefit decreases each year commonl...

NJ Life Insurance Exam Questions and Answers

NJ LIFE PRODUCER LIFE INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. - Precise Answer Renewable Term Life Insurance The settlement option that provides for payments to be made in regular installments to a beneficiary until the principal and interest are exhausted best describes: - Precise Answer Fixed-amount What hours of operation is a branch office...

NJ Life Insurance Exam Latest Update Graded A+ Adverse Selection insuring of risks that are more prone to losses than the average risk lapse policy termination due to nonpayment of premium Insurance transfers risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals Life Insurance protects against loss associated with an insured's death, and pays a death benefit to beneficiaries upon death...

NJ - "Life Insurance Exam" Questions with correct Answers

NJ LIFE INSURANCE EXAM QUESTIONS AND ANSWERS Lapse - Answer-Termination of a policy because the premium has not been paid by the end of the grace period. Law of Large Numbers - Answer-A principle stating that the larger the number of similar exposure units considered, the more closely the losses reported will equal the underlying probability of loss. Level Premium - Answer-A policy premium that remains the same over the period of time premiums are paid. Life Expectancy - Answer-Avera...

NJ Life and Health Insurance Exam Questions and Answers