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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Policy Riders, Provisions, Options & Exclusions20-25%- Policy Exclusions & Limitations
- Common Policy Riders
- Beneficiary Designations & Settlement Options
- Required & Optional Policy Provisions
Topic 2: Types of Life Insurance Policies20-25%- Term Life Insurance
- Interest-Sensitive & Universal Life Products
- Traditional Whole Life Products
- Combination Plans & Policy Variations
- Annuities & Retirement Products
Topic 3: New Jersey Insurance Laws, Rules & Regulations20-25%- State Regulatory Framework & Jurisdiction
- Ethics, Fiduciary Duty & Consumer Protection
- Trade Practices & Unfair Trade Laws
- Licensing Requirements & Procedures
- Policy Replacement & Disclosure Rules
Topic 4: Taxes, Retirement & Advanced Concepts15-20%- Business Insurance & Third-Party Ownership
- Retirement Plans & Tax Treatment
- Social Security & Government Benefits
- Group Life Insurance
Topic 5: Application, Underwriting & Policy Delivery10-15%- Completing the Application & Disclosure Requirements
- Underwriting Process & Risk Classification
- Do Not Call & Privacy Regulations
- Policy Delivery & Legal Responsibilities

Insurance Licensing New Jersey Life Producer Sample Questions:

Question 1

The applicant must face the possibility of losing something of value in the event of the insured's death. This principle is known as

A. Adverse selection.
B. Viatical settlement.
C. Insurable interest.
D. Indemnification.


Question 2

Which of the following statements is true regarding a Waiver of Premium Rider?

A. The policy's cash value will continue to grow, but at a slower rate because the insured is no longer paying premiums.
B. The death benefit will be reduced by the amount of the unpaid premiums.
C. The insured will automatically become eligible for Accelerated Death Benefits.
D. There will be no change in the policy's rates, benefits, or options other than that the insured no longer has to pay the premiums on the policy.


Question 3

Which of the following is a characteristic of conversion from group to permanent life insurance?

A. Proof of insurability is required.
B. Conversion must be to term insurance.
C. Conversion must be applied for within 1 month of termination.
D. Premium for the new policy will be based on the age when first covered by the group policy.


Question 4

A producer who is authorized by an insurance company to solicit, negotiate, or sell insurance contracts is acting as

A. A financial consultant.
B. An insurance broker.
C. An insurance consultant.
D. An insurance agent.


Question 5

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 mutual company.
B. A reciprocal company.
C. An assessable company.
D. A stock company.


Solutions:

Question 1
Answer: C
Question 2
Answer: D
Question 3
Answer: C
Question 4
Answer: D
Question 5
Answer: D

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