NJ LIFE PRODUCER EXA M, PRACTICE
EXAM AND STUDYGUIDE NEWEST
COMPLETE 500 QUESTIO NS AND
CORRECT DETAILED ANS WERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
Question : An endorsement found in an insurance plan which
modifies the provisions of the policy is called a
Correct Answer: Rider
Question : Tonya has replaced her whole life policy with an
annuity without incurring a tax penalty. This transaction is called the
Correct Answer: 1035 Exchange
Question : What is the primary reason for buying an annuity?
Correct Answer: Provide future economic security
Question : Replacement regulation is designed to protect
Correct Answer: Policyowners from misrepresentations and
loss of benefits
Question : A life insurance claim which involves a per capita
distribution of policy proceeds would be payable to the
Correct Answer: named living primary beneficiaries
Question : Which of the following is not part of an insurance
contract
Correct Answer: Certification of Authority
Question : An interest-sensitive life insurance policyowner
may be able to withdraw the policy's cash value interest free.The provision that allows this is called
Correct Answer: Partial Surrendered
Question : A debtor may receive Credit Life insurance in
which of the following forms
Correct Answer: Group Term Life
Question : Level premium permanent insurance accumulates
a reserve that will eventually
Correct Answer: Equal the face amount of the policy.
Question : A roth ira owner must be at least what age in order
to make tax-free withdrawals, owner should be
Correct Answer: 59 ½ and owned account for a minimum of
- years.
Question : The principle of insurable interest in regards to a
life insurance contract is accurately described in which statement;
Correct Answer: Insurable interest can be based on the love
and affection of individuals related by blood or law.
Question : A life insurance policyowner does NOT have the
right to
Correct Answer: revoke an absolute assignment.
Question : Which of the following must contain a statement
of policy cost and benefit information;
Correct Answer: Policy Summary
Question : All of these are considered sources of
underwriting information for life or health insurance except;
Correct Answer: Disclosure authorization response.
Question : Within how many days must a Traditional IRA be
rolled over to another IRA in order to avoid tax consequence;
Correct Answer: 60 Days
Question : A policy owner can receive an immediate payment
before the insured dies by using a(n);
Correct Answer: Viatical settlement contract.
Question : The replacement of an existing insurance policy
requires notice that the owner can return the policy within
Correct Answer: 30 days for a full refund.
Question : All of these are common exclusions to a life
insurance policy EXCEPT
Correct Answer: Accidental death
Military service Aviation Hazardous occupations
Question : The conversion privilege under a group life plan
allows an employee to convert to a(n)
Correct Answer: individual plan upon employment
termination.
Question : Which of the following is considered to be the
period when the accumulated value in an annuity is paid out is the
Correct Answer: Annuitization phase.
Question : Which type of rider will waive the premium on a
child's life insurance policy if the parent paying the premium dies
