PDF Version DemoInsurance Licensing New Jersey Life Producer Sample Questions:
1. When can the beneficiary be changed in a life insurance policy?
A) The beneficiary can never be changed once the policy is issued.
B) A beneficiary change can occur upon the request of the revocable beneficiary.
C) The insured can usually change the beneficiary at any time during the policy term.
D) The insurer determines specified dates within the policy to allow for changes.
2. An insurer who is placed under an order of liquidation by a court of competent jurisdiction is defined under the terms of the New Jersey Life and Health Insurance Guaranty Association Act as
A) An incompetent insurer.
B) A bankrupt insurer.
C) An impaired insurer.
D) An insolvent insurer.
3. A reinstatement clause outlines reinstatement conditions that include
A) A decrease in policy limits.
B) Proof of insurability.
C) Payment of outstanding loans within the year.
D) A higher premium charge.
4. Lapsed individual life insurance may be reinstated at any time within
A) 2 years.
B) 3 years.
C) 5 years.
D) 4 years.
5. Which of the following actions by a producer is considered an unfair method of competition?
A) Offering broader coverages than a competitor.
B) Securing insurance for a client at a cheaper price than a competitor.
C) Overstating the benefits of an insurance policy.
D) Using television to advertise.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: C |
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