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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:

SectionObjectives
Underwriting and Policy Issuance- Risk classification
  • 1. Moral hazard and adverse selection
    • 2. Medical underwriting factors
      State Regulations (New Jersey)- Insurance laws and ethics
      • 1. Producer licensing requirements
        • 2. Unfair trade practices
          Life Insurance Fundamentals- Types of life insurance policies
          • 1. Term life insurance
            • 2. Whole life insurance
              • 3. Universal life insurance
                - Policy provisions and clauses
                • 1. Incontestability clause
                  • 2. Grace period
                    Life Insurance and Annuities- Annuity basics
                    • 1. Variable annuities
                      • 2. Fixed annuities

                        Insurance Licensing New Jersey Life Producer Sample Questions:

                        1. According to New Jersey law, copies of insurance advertisements must be maintained

                        A) On the producer's computer.
                        B) At the company's office.
                        C) By the Department of Banking and Insurance.
                        D) At the producer's office.


                        2. Generally, the maximum percentage of the face amount paid under an Accelerated Death Benefit would be

                        A) 200%.
                        B) 10%.
                        C) 100%.
                        D) 50%.


                        3. Generally, if an application is not prepaid, the effective date of coverage begins on the date the

                        A) Application is postmarked and mailed to the insurer.
                        B) Company underwriter approves the risk.
                        C) Application is signed.
                        D) Producer delivers the policy and collects a premium.


                        4. A group life contract that lapses because of nonpayment of premium will continue to cover losses incurred by the insured for

                        A) The duration of the grace period.
                        B) A maximum of 45 days after the last premium is paid.
                        C) A maximum of 30 days after the last premium is paid.
                        D) A maximum of 30 days after the grace period expires.


                        5. What does the Fair Credit Reporting Act give the consumer the right to do?

                        A) Request a copy of their credit report and an explanation of it from their agent.
                        B) Decide which credit agency the insurer can pull their information from.
                        C) Question the validity and source of any credit information collected and retained by the insurer.
                        D) Deny the insurer access to their credit report.


                        Solutions:

                        Question # 1
                        Answer: B
                        Question # 2
                        Answer: D
                        Question # 3
                        Answer: D
                        Question # 4
                        Answer: A
                        Question # 5
                        Answer: C

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