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Insurance Licensing New Jersey Life Producer - NJ-Life-Producer Exam Practice Test

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Total 95 questions

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Question 1

The principle that insurance is not a transaction of commerce and therefore should be regulated by the states was established by

A. Paul v. Virginia. B. The McCarran-Ferguson Act. C. Public Act 15. D. U.S. v. South-Eastern Underwriters Association.

Correct Answer: A

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Question 2

Which of the following statements is true about premium refunds resulting from the cancellation of a credit life policy?

A. They are considered earned premiums and may be retained by the creditor as loan security. B. They are prohibited by law. C. They are permitted only if they will be used to purchase replacement coverage. D. They are considered unearned premiums and must be paid to the borrower.

Correct Answer: D

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Question 3

Which of the following actions by a producer is considered an unfair method of competition?

A. Using television to advertise. B. Securing insurance for a client at a cheaper price than a competitor. C. Overstating the benefits of an insurance policy. D. Offering broader coverages than a competitor.

Correct Answer: C

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Question 4

The proposed insured's statements on a life insurance application are considered to be

A. Absolute statements. B. Warranties. C. Misrepresentations. D. Representations.

Correct Answer: D

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Question 5

A licensed life or health producer who solicits insurance in New Jersey, has not selected New Jersey as his home state, and resides and maintains the principal office in another state is defined as

A. A foreign producer. B. A reciprocal producer. C. An alien producer. D. A nonresident producer.

Correct Answer: D

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Question 6

Which rider assures the premiums will be paid on a juvenile policy until the insured child reaches a specific age?

A. Guaranteed insurability rider. B. Automatic premium loan rider. C. Waiver of premium rider. D. Payor rider.

Correct Answer: D

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Question 7

What must a company do prior to conducting an HIV-related test?

A. Notify the applicant's designated doctor. B. Notify the Department of Health. C. Provide notification to the beneficiary. D. Obtain a written authorization from the proposed insured.

Correct Answer: D

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Question 8

In order to receive fees other than commissions from a life insurance prospect, an insurance producer acting as a consultant must first

A. Present a Comparative Information form to the prospect. B. Present a Notice Regarding Replacement of Life Insurance form to the prospect. C. Obtain a signed written memorandum from the prospect stating the amount of compensation. D. Obtain a written commitment from the prospect to purchase new life insurance.

Correct Answer: C

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Question 9

An individual must be a licensed producer in order to take which of the following actions?

A. Compile the names and addresses of prospective insureds for marketing purposes. B. Discuss the effects of age or health on premiums with a prospective insured. C. Accept premiums from insureds at a recorded place of business. D. Type binders or certificates.

Correct Answer: B

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Question 10

A published advertisement for a fixed annuity must contain all of the following information EXCEPT

A. The name of the insurance company. B. Surrender period. C. That it is insured by the state. D. Minimum rate of guaranteed interest.

Correct Answer: C

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Page: 1 / 10
Total 95 questions

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