Nj life - Study guides, Class notes & Summaries
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NJ LIFE FINAL EXAM 2024 WITH 100% CORRECT ANSWERS
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NJ LIFE FINAL EXAM 2024 WITH 100% CORRECT ANSWERS 
 
 
Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? 
 
Financial loss value 
Human life value 
Assessment value 
Replacement value - correct answer Human life value 
 
The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer - correct answer Is insolvent 
 
An individual most likely will have an insurable interest in insuri...
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NJ LIFE FINAL EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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NJ LIFE FINAL EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS 
 
 
Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? 
 
Financial loss value 
Human life value 
Assessment value 
Replacement value - Precise Answer Human life value 
 
The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer - Precise Answer Is insolvent 
 
An individual most likely will have an insurable interest i...
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NJ Life Final Exam Questions and Answers 100% Pass
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NJ Life Final Exam Questions and 
 
Answers 100% Pass 
 
Which of these is a method of determining the level of funds required for ongoing support in the 
event of the breadwinner's death? 
 
Financial loss value 
Human life value 
Assessment value 
 
Replacement value Human life value 
 
The Guaranty Association Act provides that when a Court Order of Liquidation exists, the 
insurer Is insolvent 
 
An individual most likely will have an insurable interest in insuring a person's life if An 
e...
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NJ LIFE INSURANCE TEST EXAM 2024 WITH 100% ACCURATE ANSWERS
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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 ...
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NJ Life Producer Practice Exam Questions with Answers
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NJ Life Producer Practice Exam Questions with Answers 
 
According to the Health Insurance Portability and Accountability Act (HIPPA), when can a group health policy renewal be denied? - Answer-Participation or contribution rules have been violated 
 
Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? - Answer-Submit to the replacing insurer a life of the policies to be replaced. 
 
Which market index is normally associated with an indexed ...
Too much month left at the end of the money?
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NJ LIFE INSURANCE LATEST UPDATE GRADED A+
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NJ LIFE INSURANCE LATEST UPDATE 
 
GRADED A+ 
 
Agency An insurance sales office or company 
 
agent An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf 
of the insurer. 
 
agent appointment The authorization of an agent to act for or represent an insurer 
 
aleatory A contract in which participating parties exchange unequal amounts. Insurance 
contracts are aleatory in that the amount the insured will pay in premiums is unequal to the 
amount the insurer wi...
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NJ Life Insurance Exam Study Set 1 Questions and Answers
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NJ Life Insurance Exam Study Set 1 Questions and Answers
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NJ LIFE INSURANCE TEST EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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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 ...
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NJ Life Insurance Exam Latest Update Graded A+
- Exam (elaborations) • 37 pages • 2024
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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...
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NJ Life Insurance Test Questions and Answers
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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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