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Insurance Licensing New Jersey Life Producer Sample Questions:
1. Why would a policyowner purchase a term rider for their existing policy?
A) To guarantee the premium amount throughout the life of the policy.
B) To add additional death benefits.
C) To reduce the premium payment period.
D) To provide protection in case the insurer refused to pay the benefits of the policy.
2. A producer who is authorized by an insurance company to solicit, negotiate, or sell insurance contracts is acting as
A) An insurance broker.
B) An insurance agent.
C) A financial consultant.
D) An insurance consultant.
3. In New Jersey, an insurance company formed in New Jersey with offices in New York is a
A) Alien insurer.
B) Mutual insurer.
C) Foreign insurer.
D) Domestic insurer.
4. An insurance company that terminates a producer's agency contract is required to file a written notice of the termination with the Banking and Insurance Department at which of the following times?
A) A maximum of 30 days after the termination date.
B) Immediately.
C) A maximum of 7 days after the termination date.
D) A maximum of 15 days after the termination date.
5. A type of life insurance policy that provides for payment of the face amount at the end of the specified period if the insured is still alive is
A) A juvenile trust.
B) A universal life insurance policy.
C) An endowment policy.
D) A modified life insurance policy.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: C |



