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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Policy Riders, Provisions, Options, and Exclusions | - Policy Provisions and Options - Policy Riders - Policy Exclusions |
| Completing the Application, Underwriting, and Delivering the Policy | - Policy Delivery - Application Process - Underwriting |
| Retirement and Other Insurance Concepts | - Retirement Plans - Life Insurance Needs Analysis - Qualified Plans |
| State Laws, Rules, and Regulations | - New Jersey Insurance Regulations - Producer Licensing Requirements - Ethics and Consumer Protection - Marketing Practices |
| Types of Policies | - Interest-Sensitive Life Products - Annuities - Traditional Whole Life Products - Term Life Insurance - Combination Plans and Variations |
Insurance Licensing New Jersey Life Producer Sample Questions:
Question 1
The principle that insurance is not a transaction of commerce and therefore should be regulated by the states was established by
A. U.S. v. South-Eastern Underwriters Association.
B. Public Act 15.
C. The McCarran-Ferguson Act.
D. Paul v. Virginia.
Question 2
What does the Fair Credit Reporting Act give the consumer the right to do?
A. Question the validity and source of any credit information collected and retained by the insurer.
B. Decide which credit agency the insurer can pull their information from.
C. Deny the insurer access to their credit report.
D. Request a copy of their credit report and an explanation of it from their agent.
Question 3
The proposed insured's statements on a life insurance application are considered to be
A. Representations.
B. Warranties.
C. Absolute statements.
D. Misrepresentations.
Question 4
Which of the following is true concerning the use of HIV-related tests in life insurance underwriting?
A. Insurers do not need to obtain the proposed insured's informed consent prior to testing.
B. Insurers must obtain the proposed insured's written informed consent prior to testing.
C. They are not permitted.
D. Insurers need only obtain the proposed insured's verbal informed consent prior to testing.
Question 5
The 1944 U.S. v. South-Eastern Underwriters Association case determined that
A. Insurance is commerce and should be subject to state regulation.
B. Individuals who transact insurance business are subject to the same regulations as investment brokers.
C. Insurance is commerce and should be subject to federal regulation.
D. Insurance companies that transact insurance business are subject to the same regulations as banks and savings and loan associations.
Solutions:
| Question 1 Answer: D | Question 2 Answer: A | Question 3 Answer: A | Question 4 Answer: B | Question 5 Answer: C |


