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Insurance Licensing New Jersey Life Producer Sample Questions:
1. When can the beneficiary be changed in a life insurance policy?
A) The beneficiary can never be changed once the policy is issued.
B) A beneficiary change can occur upon the request of the revocable beneficiary.
C) The insurer determines specified dates within the policy to allow for changes.
D) The insured can usually change the beneficiary at any time during the policy term.
2. A group life face amount is sometimes written as an amount equal to an employee's
A) Salary.
B) Home value.
C) Age.
D) Net worth.
3. Which of the following must an agent do when replacing a life insurance policy?
A) Forward the signed and completed Disclosure Statement to the replacing insurer and not provide the applicant with a copy.
B) Obtain with the application the applicant's justification for why the replacement is suitable.
C) Submit to the replacing insurer a list of all life insurance policies or annuity contracts proposed to be replaced.
D) Notify the insurer whose policy is being replaced, but not the insurer replacing the policy.
4. What is the purpose of the Accelerated Death Benefit Rider?
A) To provide for the early payment of the death benefit for a terminally ill insured.
B) To increase the death benefit by a stated percentage.
C) To decrease the tax liability of the insured's estate.
D) To adjust the death benefit to keep up with inflation.
5. Insurance purchased on the life of a borrower to provide indemnity for a loan balance if the borrower dies is referred to as
A) Ticket life insurance.
B) Liability indemnity insurance.
C) Bank insurance.
D) Credit life insurance.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: D |



