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NJ-Life-Producer Practice Questions

New Jersey Life Producer Exam

Last Update 4 days ago
Total Questions : 93

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Question # 21

Lapsed individual life insurance may be reinstated at any time within

Options:

A.  

2 years.

B.  

3 years.

C.  

4 years.

D.  

5 years.

Discussion 0
Question # 22

Which of the following statements is correct about life insurance proceeds paid to a named beneficiary?

Options:

A.  

They are exempt from claims of the insured’s creditors.

B.  

They are subject to excise taxes.

C.  

They are held until the insured’s will is probated.

D.  

They must be paid in a lump sum.

Discussion 0
Question # 23

Which of the following statements is correct about an employment agreement between two producers?

Options:

A.  

It is nonbinding.

B.  

It must be in writing.

C.  

It must be witnessed by two disinterested parties.

D.  

A copy must be filed with each producer’s attorney.

Discussion 0
Question # 24

Generally, the maximum percentage of the face amount paid under an Accelerated Death Benefit would be

Options:

A.  

10%.

B.  

50%.

C.  

100%.

D.  

200%.

Discussion 0
Question # 25

Sam had a $100,000 five-year, nonrenewable level term life insurance policy with his wife as the beneficiary. Sam dies eight years after the inception date of the policy. How much will be paid to Sam’s wife?

Options:

A.  

Nothing.

B.  

$40,000.

C.  

$60,000.

D.  

$100,000.

Discussion 0
Question # 26

Which of the following transactions would not be subject to income tax under a Modified Endowment Contract (MEC)?

Options:

A.  

Policy withdrawals.

B.  

Dividend surrenders.

C.  

Policy loans.

D.  

The death benefit.

Discussion 0
Question # 27

The free look period for an annuity purchased from a local agent is at least

Options:

A.  

10 days, and not more than 30 days, from the date of policy delivery.

B.  

15 days, and not more than 45 days, from the date of policy delivery.

C.  

30 days, and not more than 45 days, from the date of policy delivery.

D.  

45 days, and not more than 60 days, from the date of policy delivery.

Discussion 0
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