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

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 Insurance Exam Questions and Answers

NJ Life Insurance Exam Questions with correct Answers

NJ Life Insurance Exam Questions with Correct Answers Which of the following will NOT be included in the buyer's guide? a) Explanation on how to choose the amount and type of insurance b) Basic information about life insurance policies c) Specific information about the policy d) Comparison of policy costs - Answer-c) Specific information about the policy All of the following statements about mutual insurance companies are correct EXCEPT a) Mutual companies issue policies referred to ...

NJ Life Insurance Exam Questions with Revised Answers New Update Which is true about the cash surrender non-forfeiture option? - Answer-Funds exceeding the premium paid are taxable as ordinary income If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a - Answer-Settlement option The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called - Answer-Joint and Survivor ...

NJ Life Insurance Prelicence Exam Questions and Answers HIPAA Disclosure and HIV Consent - Answer-all individually identifiable health info obtained during application must remain confidential. HIV consent form explains the purpose of the test and insurability based on test results Replacement - Answer-when any transaction will result in previous coverage will be affected Conservation - Answer-the act of keeping an existing policy or prevent from being replaced Existing insurer - Answe...

NJ Life Insurance Exam Study Set 1 Correct answers latest update What organization protects persons against failure of life and health insurance policies and annuity contracts because of the impairment or insolvency of the insurer? Select one: a. PPACA b. New Jersey Insurance Board c. New Jersey Insolvency Protection Board d. New Jersey Life and Health Guaranty Association d. New Jersey Life and Health Guaranty Association The United States v. South-Eastern Underwriters Association d...

NJ Life Insurance Exam Correct answers latest update Insurance is the ____ of risk transfer disclosure statements must be given to the applicant no later than the time the application is signed buyer's guide provides general information about the types of life insurance policies available, in language that can be understood by the average person. buyers guide must be delivered by before collecting premium or be delivered with the policy if given at least 10 days free look pe...

NJ Life Insurance Practice Exam Questions and Answers

NJ Life Insurance Exam Correct answers latest update 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 u...