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

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 - Answer Human life value The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer - Answer Is insolvent An individual most likely will have an insurable interest in insuring a person's life if - Answer An economic interest exists for t...

Adverse Selection - Answer insuring of risks that are more prone to losses than the average risk lapse - Answer policy termination due to nonpayment of premium Insurance - Answer 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 - Answer protects against loss associated with an insured's death, and pays a death benefit to beneficiaries upon death of the ins...

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NJ CALA Life Final Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass

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 2024/2025 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 and health 2024 FINAL EXAM NEWEST

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 Title Producer Title Final Exam; Questions and Answers 100% Solved "A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct? A) It automatically becomes tenancy in severalty. B) It is divided, with B retaining their original interest and the balance going to A's estate. C) B holds fee simple ownership to A's share of the property D) B holds a life estate ownership to A's share of the property Corre...