About Prep4sures Insurance Licensing NJ-Life-Producer Exam
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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Taxes, Retirement & Advanced Concepts | 15-20% | - Social Security & Government Benefits - Retirement Plans & Tax Treatment - Group Life Insurance - Business Insurance & Third-Party Ownership |
| Policy Riders, Provisions, Options & Exclusions | 20-25% | - Common Policy Riders - Beneficiary Designations & Settlement Options - Policy Exclusions & Limitations - Required & Optional Policy Provisions |
| Types of Life Insurance Policies | 20-25% | - Annuities & Retirement Products - Traditional Whole Life Products - Interest-Sensitive & Universal Life Products - Term Life Insurance - Combination Plans & Policy Variations |
| New Jersey Insurance Laws, Rules & Regulations | 20-25% | - Policy Replacement & Disclosure Rules - State Regulatory Framework & Jurisdiction - Trade Practices & Unfair Trade Laws - Licensing Requirements & Procedures - Ethics, Fiduciary Duty & Consumer Protection |
| Application, Underwriting & Policy Delivery | 10-15% | - Do Not Call & Privacy Regulations - Completing the Application & Disclosure Requirements - Underwriting Process & Risk Classification - Policy Delivery & Legal Responsibilities |
Insurance Licensing New Jersey Life Producer Sample Questions:
An insurance company, owned by its stockholders who have contributed to its capital and surplus and to whom dividends are paid, is known as
- A. An assessable company.
- B. A reciprocal company.
- C. A stock company.
- D. A mutual company.
Correct Answer: C 🗳️
Explanation: Only visible for Prep4sures members. You can sign-up / login (it's free).
The New Jersey Banking and Insurance Commissioner has the authority to take all of the following actions EXCEPT
- A. Establish insurance rate schedules.
- B. Create regulations to achieve the purposes of insurance laws.
- C. Amend insurance rules and regulations.
- D. Enforce insurance rules and regulations.
Correct Answer: A 🗳️
Explanation: Only visible for Prep4sures members. You can sign-up / login (it's free).
The replacement of an existing policy requires all of the following EXCEPT
- A. Notice that the owner can return the policy within 90 days for a full refund.
- B. Notification of the proposed replacement to the insurer whose policies are intended to be replaced.
- C. A complete comparison of the existing policy to the new policy.
- D. Notification of what constitutes a replacement.
Correct Answer: A 🗳️
Explanation: Only visible for Prep4sures members. You can sign-up / login (it's free).
One of the major tax advantages of life insurance is that
- A. The distribution of the annual earnings is tax free.
- B. Annual earnings are not taxed on a state or federal level.
- C. Employer contributions to an employee's life insurance policy are tax deductible to the employee.
- D. The beneficiary generally does not pay income tax on the proceeds.
Correct Answer: D 🗳️
Explanation: Only visible for Prep4sures members. You can sign-up / login (it's free).
Generally, if an application is not prepaid, the effective date of coverage begins on the date the
- A. Application is signed.
- B. Company underwriter approves the risk.
- C. Producer delivers the policy and collects a premium.
- D. Application is postmarked and mailed to the insurer.
Correct Answer: C 🗳️
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