Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| New Jersey Insurance Laws, Rules & Regulations | 20-25% | - Licensing Requirements & Procedures - Trade Practices & Unfair Trade Laws - Ethics, Fiduciary Duty & Consumer Protection - State Regulatory Framework & Jurisdiction - Policy Replacement & Disclosure Rules |
| Policy Riders, Provisions, Options & Exclusions | 20-25% | - Common Policy Riders - Policy Exclusions & Limitations - Required & Optional Policy Provisions - Beneficiary Designations & Settlement Options |
| Types of Life Insurance Policies | 20-25% | - Annuities & Retirement Products - Interest-Sensitive & Universal Life Products - Term Life Insurance - Combination Plans & Policy Variations - Traditional Whole Life Products |
| Taxes, Retirement & Advanced Concepts | 15-20% | - Social Security & Government Benefits - Business Insurance & Third-Party Ownership - Group Life Insurance - Retirement Plans & Tax Treatment |
| Application, Underwriting & Policy Delivery | 10-15% | - Policy Delivery & Legal Responsibilities - Completing the Application & Disclosure Requirements - Underwriting Process & Risk Classification - Do Not Call & Privacy Regulations |
Insurance Licensing New Jersey Life Producer Sample Questions:
Question 1
When can the beneficiary be changed in a life insurance policy?
A. A beneficiary change can occur upon the request of the revocable beneficiary.
B. The insurer determines specified dates within the policy to allow for changes.
C. The beneficiary can never be changed once the policy is issued.
D. The insured can usually change the beneficiary at any time during the policy term.
Question 2
Which of the following is not among the rights of the life insurance policyowner?
A. Revoke an absolute assignment.
B. Borrow from the cash values.
C. Assign or transfer the policy.
D. Select and change a beneficiary.
Question 3
Which of the following statements is correct about an applicant whose producer license has been denied?
A. The applicant may reapply a maximum of three times.
B. The applicant may not reapply for one year.
C. The applicant is entitled to a hearing before a committee of the applicant's peers.
D. The applicant is entitled to a hearing before the Office of Administrative Law.
Question 4
If a policyowner chooses to pay premiums for a specified number of years, this permanent life insurance policy is referred to as
A. An adjustable life policy.
B. A limited-pay policy.
C. A variable whole life policy.
D. A graded-premium whole life policy.
Question 5
The free look period for an annuity purchased from a local agent is at least
A. 15 days, and not more than 45 days, from the date of policy delivery.
B. 45 days, and not more than 60 days, from the date of policy delivery.
C. 10 days, and not more than 30 days, from the date of policy delivery.
D. 30 days, and not more than 45 days, from the date of policy delivery.
Solutions:
| Question 1 Answer: D | Question 2 Answer: A | Question 3 Answer: D | Question 4 Answer: B | Question 5 Answer: C |
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