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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Objectives |
| Life Insurance and Annuities | - Annuity basics
- 1. Fixed annuities
- 2. Variable annuities
|
| State Regulations (New Jersey) | - Insurance laws and ethics
- 1. Unfair trade practices
- 2. Producer licensing requirements
|
| 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
|
| Underwriting and Policy Issuance | - Risk classification
- 1. Medical underwriting factors
- 2. Moral hazard and adverse selection
|
Insurance Licensing New Jersey Life Producer Sample Questions:
Which of the following statements is correct about penalties imposed by the New Jersey Banking and Insurance Commissioner for violations of insurance regulations?
- A. The Commissioner must provide written notice and an opportunity for a hearing before imposing a penalty.
- B. Only a court of law can impose penalties.
- C. The Commissioner may impose penalties on producers but not on insurance companies.
- D. The Commissioner may not impose further penalties on a producer who already has been penalized by a criminal court.
Answer: A
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A producer who is authorized by an insurance company to solicit, negotiate, or sell insurance contracts is acting as
- A. An insurance broker.
- B. A financial consultant.
- C. An insurance consultant.
- D. An insurance agent.
Answer: D
The New Jersey Banking and Insurance Commissioner has the authority to take all of the following actions EXCEPT
- A. Create regulations to achieve the purposes of insurance laws.
- B. Amend insurance rules and regulations.
- C. Establish insurance rate schedules.
- D. Enforce insurance rules and regulations.
Answer: C
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An insurance producer sends an invitation for a seminar on college funding. According to New Jersey law, what must be contained in the mailer if the producer intends to solicit insurance at the seminar?
- A. The address of the producer.
- B. The producer's name as it appears on the license.
- C. A personal biography.
- D. The producer's license number.
Answer: B
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Which of the following is not among the rights of the life insurance policyowner?
- A. Revoke an absolute assignment.
- B. Borrow from the cash values.
- C. Select and change a beneficiary.
- D. Assign or transfer the policy.
Answer: A
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