NJ Life Producer Exam Study Life Insurance Latest Update 2025-2026 215 Questions and 100% Verified Correct Answers Guaranteed A+
$1,000.00 - CORRECT ANSWER: A producer who unknowingly engages in a prohibited
trade practice, can be issued a fine not to exceed...
$5,000.00 - CORRECT ANSWER: Violation of a cease and desist order can result in a maximum fine of...
$500,000.00 - CORRECT ANSWER: If Guaranty Association assumes management of
an insolvent insurer, the amount of death benefits for which they are liable is...
$500.00 - CORRECT ANSWER: Failure to notify the Department of the opening or
closing of a branch office is subject to a fine of...
10 days - CORRECT ANSWER: The Commissioner is required to provide public notice
a minimum of how many days prior to holding a hearing to discuss a proposed rule change?
1035 Exchange - CORRECT ANSWER: A tax free exchange of one life insurance policy or annuity for another is called...
12 months - CORRECT ANSWER: A first time applicant is someone who has not been
licensed as a producer for the previous...
12 months - CORRECT ANSWER: 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?
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15 days - CORRECT ANSWER: Upon cancellation of an agency contract, with a
producer, the insurer must give how many days notice to the Commissioner?
180 Days - CORRECT ANSWER: In most circumstances, a temporary license in New
Jersey shall not be valid for a period longer than:
20-pay life - CORRECT ANSWER: A policy that provides lifetime protection for an
insured with premiums payable for 20 years is called a...
3 years - CORRECT ANSWER: Copies of policy summary and buyer's guides used with
the public must be kept on file for...
30 - CORRECT ANSWER: How many days within a Commissioner's final order does an
intervenor have to appeal a decision?
30 days - CORRECT ANSWER: A producer has up to how many days to notify the
department of an address change?
30 days - CORRECT ANSWER: How many days does a licensee need to notify the
Department when opening a branch office?
30 days - CORRECT ANSWER: If a producer is indicted of a crime, they must notify the Commissioner within...
31 Days - CORRECT ANSWER: Telemarketers must update their solicitation lists with the National Do Not Call Registry every...
5 years - CORRECT ANSWER: Copies of insurance advertisement must be kept for at
least...
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- years - CORRECT ANSWER: Insurers must maintain files of all advertisements used
in the solicitation of life insurance for a period of at least...
5 years - CORRECT ANSWER: Producers whose licenses have been revoked must
wait a minimum of how long before reapplying?
50% - CORRECT ANSWER: A producer is not allowed to obtain a license solely to write insurance on the producer's family or business. What percentage of the producer's aggregate commissions must be exceeded to be considered "controlled business"?
60 days - CORRECT ANSWER: A temporary certificate expires no more then how many
days after issuance?
70 1/2 - CORRECT ANSWER: Under a Traditional IRA, owners must begin to receive
payments from their accounts by the time they reach the age of...
9 years and 8 months - CORRECT ANSWER: A 10 year family income policy was
purchased effective April 1, 2007. The insured died August 1, 2007. The beneficiary
receives monthly income for:
90 days - CORRECT ANSWER: A business name authorization expires in
A certificate of authority - CORRECT ANSWER: The Commissioner issues what type of certificate to an insurer?
A mutual insurance company - CORRECT ANSWER: What is the proper term for a
company owned by its policy owners?
a non-qualified plan - CORRECT ANSWER: Split-Dollar Life is a...
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