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NJ Accident and Health Producer Practice Exam Fully Solved 2024.
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According to the Time Payment of Claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT: 
- if the insured is able to eventually return to work 
-if the death is suicide or due to a pre existing condition 
-when the policy is in the incontestability period 
-for claims involving periodic payments - Answer for claims involving periodic payments 
 
INSURERS MUST PAY LUMP SUM CLAIMS IMMEDIATELY AFTER RECEIVING PROOF OF LOSS 
 
What does coinsurance ...
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NJ Laws, Rules, and Regulations Study Guide Exam With Solved Solutions 2024.
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An insurer cancelled a contract with a producer on April 1st. By what date must the insurer notify the Commissioner of this action? 
A. April 30th 
B. April 5th 
C. April 11th 
D. April 15th - Answer D. April 15th 
 
An insurer goes bankrupt and is unable to pay on any of its insureds' claims. Which of the following will happen? 
A. The insureds will not be paid. 
B. The claims will be paid by a nationally-based program. 
C. The claims will be paid by the state Life and Health Guaranty Associ...
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NJ Life Final Exam Questions With Solutions Graded A+ 2024.
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Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? 
 
Financial loss value 
Human life value 
Assessment value 
Replacement value - Answer Human life value 
 
The Guaranty Association Act provides that when a Court Order of Liquidation exists, the insurer - Answer Is insolvent 
 
An individual most likely will have an insurable interest in insuring a person's life if - Answer An economic interest exists for t...
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NJ Life Insurance Final Exam And Verified Complete Answers 2024.
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Adverse Selection - Answer insuring of risks that are more prone to losses than the average risk 
 
lapse - Answer policy termination due to nonpayment of premium 
 
Insurance - Answer transfers risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals 
 
Life Insurance - Answer protects against loss associated with an insured's death, and pays a death benefit to beneficiaries upon death of the ins...
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NJ Life Insurance Test Questions And Quality Answers 2024.
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The McCarran-Ferguson Act was passed by Congress to - Answer Redefine the authority of the state and federal government to regulate the 
insurance industry 
 
The principle that insurance is not a transaction of commerce and so should be 
regulated by the state was established in: - Answer Paul v. Virginia 
 
In New Jersey, a producer who violates a New Jersey insurance law for the first time 
may be fined up to - Answer $5,000 
 
The New Jersey Banking and Insurance Commissioner has the a...
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NJ Life Producer Prep Exam And Actual Answers 2024.
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Under a Traditional IRA, interest earned is taxed - Answer upon distribution 
 
Which of these statements regarding the annuitants is CORRECT? - Answer The annuitant's life expectancy determines the annuity payment 
 
What will the beneficiary receive is annuitant dies during the accumulation period? - Answer 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? - Answe...
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NJ Life Producer Exam Questions With All Correct Answers 2024.
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Which of the following amounts must decrease in a decreasing term? - Answer Death benefit 
 
In life insurance, insurable interest must exist at the time the.. - Answer Producer writes an on a proposed insured 
 
An applicant makes an offer to the insurer when they - Answer pay an initial premium with the application 
 
Which of the following makes Universal Life insurance different from other forms of permanent insurance? - Answer Premium Schedule 
 
An insurer that shares its profits w...
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NJ Life Producer Exam Study Life Insurance Qestions Fully Solved 2024.
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Renewable Term Life Insurance - Answer An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. 
 
Fixed-amount - Answer 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: 
 
Must give public reasonable access. - Answer What hours of operation is a branch office required to have? 
 
Amount of indeptness - A...
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NJ Life Producer Midterm Exam Questions And Answers Rated A+ 2024.
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The Waiver of Cost of Insurance rider is found in what type of insurance? - Answer Universal Life 
 
If an insured continually uses the automatic premium loan option to pay the policy premium, - Answer 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? - Answer Lump sum 
 
An insured misstates her age at the time the life insurance application is taken. This misstatement m...
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PSI Life Practice Exam Questions Well Answered Graded A+ 2024.
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What kind of retirement plan can a 75-employee for profit corporation establish? - Answer Simple IRA 
 
The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - Answer Exclusion ratio 
 
Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - Answer failure to pay all claims that are reported within 90 days after a loss occurs 
 
The settlement option that al...
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