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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Retirement and Other Insurance Concepts | - Life Insurance Needs Analysis - Retirement Plans - Qualified Plans |
| Topic 2: Types of Policies | - Combination Plans and Variations - Traditional Whole Life Products - Interest-Sensitive Life Products - Term Life Insurance - Annuities |
| Topic 3: State Laws, Rules, and Regulations | - New Jersey Insurance Regulations - Ethics and Consumer Protection - Producer Licensing Requirements - Marketing Practices |
| Topic 4: Completing the Application, Underwriting, and Delivering the Policy | - Policy Delivery - Underwriting - Application Process |
| Topic 5: Policy Riders, Provisions, Options, and Exclusions | - Policy Provisions and Options - Policy Riders - Policy Exclusions |
Insurance Licensing New Jersey Life Producer Sample Questions:
1. Which of the following information maintained by the Banking and Insurance Department on a producer is available to the public?
A) Revocation of professional certifications held by the producer.
B) The names of the insurance companies represented by the producer.
C) Criminal complaints against the producer.
D) Medical disability information.
2. 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) A reciprocal company.
B) A mutual company.
C) An assessable company.
D) A stock company.
3. What is the result of an insurer approving an incomplete application?
A) The insurer waives the right to that information and must honor the contract.
B) The agent can at any time during the term of the policy complete the application.
C) The death benefit will be subject to review upon the death of the insured.
D) The insured must complete the application after the policy has been issued.
4. In order to receive fees other than commissions from a life insurance prospect, an insurance producer acting as a consultant must first
A) Present a Notice Regarding Replacement of Life Insurance form to the prospect.
B) Present a Comparative Information form to the prospect.
C) Obtain a written commitment from the prospect to purchase new life insurance.
D) Obtain a signed written memorandum from the prospect stating the amount of compensation.
5. A life insurance policy most often becomes effective when the
A) Agent and individual agree on coverage.
B) Policy is actually issued.
C) Premium is collected and policy is issued.
D) Application is submitted.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: D | Question # 5 Answer: C |



