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Download NJ Accident and Health Producer Exam Actual Questions and Verified Answers |A+ GRADE (2025 and more Exams Insurance law in PDF only on Docsity!
oa Life income joint and survivor settlement option guarantees... A participating insurance policy may do which of the following... What is TRUE about the cash surrender nonforfeiture option? Participating Insurance policy will... Which of the following is an example of a producer being involved in an unfair trade practice of rebating?... Rebating is defined as... An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an Who is considered authorized or admitted? Misrepresenting an insurance policy as a share of stock is an example of which of the following? Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained? Which of the following statements about a life insurance policy would be allowed in an Insurance advertisement?.. A long stretch of national economic hardship causes a 7% rate of inflation. A policyowner notices that the face value of her life insurance policy has been raised 7% as a result. Which policy rider causes this change? Cost of Living Rider Which of the following is another term for an authorized insurer? All of the following are TRUE of the federal tax advantages of a qualified plan EXCEPT If an insured continually uses the automatic premium loan option to pay the policy premium... The two types of assignments are... Guide may be delivered to the applicant no later than... An agreement between a ceding What is reinsurance? insurer and assuming insurer Within life insurance settlement option guarantees payments got the lifetime of the recipient, but also specifies a guaranteed period, during Life Income with period certain which, if the original recipient dies, the payments will continue to a designed beneficiary? Using names or titles that have tendency to misrepresent the true False Advertising nature of a policy is an example of what illegal practice? The type of settlement option which pays throughout the lifetimes of two Joint and Survivor or more beneficiaries is called..... An insurer is closing a branch office in the state. Within how many days 30 days of the office closing must the insurer notify the Department? Which of the following is an eligibility requirement for all Social Security Have attained fully insured status Disability Income benefits? Which of the following allows the insurer to relieve a minor insured from premium payments if the Payor Benefit minor's parents have died or become disabled? Variable Annuity Equity Indexed Annuity Fixed Annuity Which of the following best describes the unfair practice of defamation? shifts the investment risks from the insurer to the insured(does not have a guarantee). A fixed deferred annuity that offers the traditional guaranteed minimum interest rate and an excess interest feature that is based on the performance of an external equities market index. type of annuity that guarantees a certain rate of return making derogatory oral statements about another insurer's financial condition the period of time during which Which of the following best describes accumulated money is converted into what the annuity period is? income payments a variation of whole life insurance characterized by considerable flexibility, allows it policyowners to Universal Life determine the amount and frequency of premium payments and to adjust the policy face amount up or down to reflect changes in needs. 4/25 NJ Accident and Health Producer If a producer dies or is rendered severely disabled, an unlicensed 180 days person can contract with another insurance producer to continue this 3 Key factors in determining premiums... A producer received a group master policy and certificates for delivery to the insured. Within how many days must the policy and certificate be delivered? Under the Fair Credit Reporting Act (FCRA), individuals rejected for insurance due to information contained in a consumer report... To sell variable life insurance policies, an agent must receive all of the following EXCEPT The policyowner wants to make sure that when he dead, the life policy will mortality, interest & expense 10 calendar days must be informed of the source of the report SEC registration Interest Only Option pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Which settlement option should the policyowner choose? Interest Only Option ; 25 NJ Accident and Health Producer the insurance company retains the policy proceeds and pays interest on the proceeds to the recipient at regular intervals pays a specified amount in regular Fixed Amount Option intervals until proceeds are gone An insured receives an annual life insurance dividend check. What term best describes this arrangement? If an insured continually uses the automatic premium loan option to pay the policy premium, The rider in a whole life policy that allows the company to forgo collecting the premium if the insured is disabled is called Which of the following best describes the MIB? A domestic insurer issuing variable contracts must establish one or more Cash Option The policy will terminate when the cash value is reduced to nothing Waiver of premium It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance. separate accounts What percentage of a company's employees must take part ina 100% noncontributory group life plan? NJ Accident and Health Producer After a back injury, an insured is disabled for a year. His insurance Percentage of medical costs pad by policy carries a Disability Income the insurer Benefit rider. Which of the following benefits will he receive? Which of the following riders added to a life insurance policy can part of the death benefit to the insured to long term care cover expenses incurred in a nursing or convalescent home? ? risk is the only type that pure may be insured Who issues participating life Mutual companies insurance policies? When a life insurance death benefit estate is paid, its creates an ? Themselves and the Who do brokers represent? policyowner/insured NJ Accident and Health Producer an unincorporated organization in which members insure one another __ reciprocal is known as... What must exist for an individual to purchase life insurance on another individual? When an insurer approves coverage for more bad risks than good risks he is exposed to ? selection Who do agents represent? Which type of insurer is owned by its policyholders? the 2 MAJOR approaches used to determine the amount life insurance needed Explain the concept of actual or express authority? insurable interest adverse The insurer that sponsors them Mutual companies Human life value; needs approach when an agent's authority is defined in the agent's contract 
