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NJ Life Producer Exam Questions and Answers Graded A+
Question : Renewable Term Life Insurance
CORRECT ANSWER : An insurer must renew a renewable
term policy at the policyowner's request regardless of the insurability status of the insured.
Question : 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:
CORRECT ANSWER : Fixed-amount
Question : What hours of operation is a branch office required to
have?
CORRECT ANSWER : Must give public reasonable access.
Question : Under a Credit Life Policy, the amount of coverage
shall not exceed the:
CORRECT ANSWER : Amount of indeptness
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Question : In most circumstances, a temporary license in New
Jersey shall not be valid for a period longer than:
CORRECT ANSWER : 180 Days
Question : Telemarketers must update their solicitation lists with
the National Do Not Call Registry every...
CORRECT ANSWER : 31 Days
Question : When replacing existing life insurance, an agent
MUST...
CORRECT ANSWER : Notify the Producer whose policy is
being replaced
Question : A producer who wishes to hold a Resident NJ Life
Producer license, who lives in another state, must...
CORRECT ANSWER : have their principle office in New
Jersey
Question : A insurer procuring insurance for itself from another
insurer is called...
CORRECT ANSWER : The ceding insurer
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Question : A business name authorization expires in
CORRECT ANSWER : 90 days
Question : A first time applicant is someone who has not been
licensed as a producer for the previous...
CORRECT ANSWER : 12 months
Question : When applying for a producer's license, an applicant
must have passed the State Licensing Exam within how long from the date of their application for license?
CORRECT ANSWER : 12 months
Question : In which of the following are proceeds left with the
insurer and earnings sent to the beneficiary?
CORRECT ANSWER : Interest-only
Question : Under what type of life insurance policy will the
death benefit vary, based on the performance of an underlying portfolio of securities?
CORRECT ANSWER : Variable Life
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Question : Generally, premiums paid on an individual life
insurance policy are:
CORRECT ANSWER : Not Tax Deductable
Question : A 10 year family income policy was purchased
effective April 1, 2007. The insured died August 1, 2007. The
beneficiary receives monthly income for:
CORRECT ANSWER : 9 years and 8 months
Question : John the insured dies during the grace period of his
life insurance policy and had not paid the annual premium. The insurance company is obligated to pay which of the following to the beneficiary?
CORRECT ANSWER : the face amount less the annual
premium
Question : If the primary beneficiary dies before an insured, the
individuals are paid when the insured dies are...