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NJ LIFE PRODUCER EXAM (INSURANCE AND LAWS) LATEST VERSION WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|100% GUARANTEED TO PASS CONCEPTS

NJ Life Producer Exam Study Life Insurance Questions and Answers 100% Pass An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. Renewable Term Life Insurance 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: Fixed-amount What hours of operation is a branch office required to have? Must give pub...

The Waiver of Cost of Insurance rider is found in what type of insurance? - Universal Life If an insured continually uses the automatic premium loan option to pay the policy premium, - The policy will terminate when the cash value is reduced to nothing If a settlement option is not chosen by the beneficiary or policyowner, which option will be used? - Lump sum An insured misstates her age at the time the life insurance application is taken. This misstatement may result in - adjustment in t...

Under a Traditional IRA, interest earned is taxed - upon distribution Which of these statements regarding the annuitants is CORRECT? - The annuitant's life expectancy determines the annuity payment What will the beneficiary receive is annuitant dies during the accumulation period? - The greater the accumulated cash value or the total premium paid Which of the following actions is REQUIRED by an agent who is replacing an existing life insurance policy? - Submit to to the replacing insurer ...

Which of the following amounts must decrease in a decreasing term? - Death benefit In life insurance, insurable interest must exist at the time the.. - Producer writes an on a proposed insured An applicant makes an offer to the insurer when they - pay an initial premium with the application Which of the following makes Universal Life insurance different from other forms of permanent insurance? - Premium Schedule An insurer that shares its profits with its' policyowners is known as.. - A m...

NJ Life Producer Exam Questions and Answers latest version 2024( A+ GRADED 100% VERIFIED).

NJ LIFE PRODUCER EXAM (INSURANCE AND LAWS) LATEST VERSION WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|100% GUARANTEED TO PASS CONCEPTS

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - Answer A. mutual funds not paid out after paying claims and other operating costs are returned to the policy owners in the form of a dividend. if all funds ...

Powers and duties of Commissioner - Answer Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates 10 - Answer Amount of days notice before hearing Producers can be - Answer Agents, brokers or both Insurance agent - Answer a licensed insurance producer who is appointed by an insurer to sell insurance. represents the insurer not the insure...

Powers and duties of Commissioner - Answer Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - Answer 10 Retrocession - Answer When a reinsurer transfers risks it has accepted to another insurer Producers can be - Answer Agents, brokers or both Insurance agent - Answer a licensed insurance p...

Traditional Whole Life - Answer -Ordinary (Straight) Life -Limited-Pay & Single-Premium Whole Life -Adjustable Whole Life Ordinary (Straight) Life - Answer -Until 100 or Death, whichever comes first -Permanent Protection -Rates & benefits based on law of large numbers (Mortality Rate) -Guaranteed, tax-deferred interest rate -Premium level, company's risk goes down as cash value goes up -Insurer keeps the cash value if death to offset risk -Lowest net cost in long run -Client h...

Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? - Answer Home health care Which of the following is NOT a federal requirement of a qualified plan? - Answer Employee must be able to make unlimited contributions Why are dividends from a mutual insurer not subject to taxation? - Answer Because dividends are considered to be a return of premium The treasurer of XYZ Insurance Company discovers that...