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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:

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

                        Insurance Licensing New Jersey Life Producer Sample Questions:

                        The premium mode defines the

                        • A. Frequency of the premium payment.
                        • B. Premium limit.
                        • C. Premium amount.
                        • D. Method of premium payment.
                        Reveal Solution  Discussion  0

                        Correct Answer: A  🗳️

                        Explanation: Only visible for TestKingIT members. You can sign-up / login (it's free).

                        A policyowner cannot change the beneficiary if he has named

                        • A. A revocable beneficiary.
                        • B. An irrevocable beneficiary.
                        • C. A spouse.
                        • D. A permanent beneficiary.
                        Reveal Solution  Discussion  0

                        Correct Answer: B  🗳️

                        Explanation: Only visible for TestKingIT members. You can sign-up / login (it's free).

                        Which type of insurance policy is characterized by premiums that are fully paid up within a stated period, after which no further premiums are required?

                        • A. Basic installment insurance.
                        • B. Limited payment life insurance.
                        • C. Lump sum insurance.
                        • D. Prepaid premium insurance.
                        Reveal Solution  Discussion  0

                        Correct Answer: B  🗳️

                        Explanation: Only visible for TestKingIT members. You can sign-up / login (it's free).

                        The settlement option that allows proceeds to remain with the insurer and the earnings to be paid to the beneficiary on a monthly basis is called

                        • A. Interest only.
                        • B. Fixed period.
                        • C. Lump sum.
                        • D. Fixed amount.
                        Reveal Solution  Discussion  0

                        Correct Answer: A  🗳️

                        Explanation: Only visible for TestKingIT members. You can sign-up / login (it's free).

                        If a life policy is replaced by a new life policy, all of the following forms are needed EXCEPT

                        • A. A Policy Summary.
                        • B. A statement signed by the agent.
                        • C. A statement signed by the applicant.
                        • D. A complete dividend history of the policy to be replaced.
                        Reveal Solution  Discussion  0

                        Correct Answer: D  🗳️

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