Nj life insurance Study guides, Class notes & Summaries

NJ Life Producer Exam (Insurance and Laws) Questions With 100% Correct Answers.

NJ Life Insurance Exam Questions with Answers (Latest Update 2023)

NJ Life Producer Exam Study Life Insurance Questions and Answers 100% Pass An insurer must renew a renewable term policy at the policyowner's request regardless of the insurability status of the insured. Renewable Term Life Insurance The settlement option that provides for payments to be made in regular installments to a beneficiary until the principal and interest are exhausted best describes: Fixed-amount What hours of operation is a branch office required to have? Must give pu...

NJ Life Producer Exam Study Life Insurance/105 Questions and Answers

NJ LIFE PRODUCER EXAM (INSURANCE AND LAWS) LATEST VERSION WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|100% GUARANTEED TO PASS CONCEPTS

NJ LIFE INSURANCE TEST EXAM 2024 WITH 100% ACCURATE ANSWERS The principle that insurance is not a transaction of commerce and so should be regulated by the states was established by the A. the McCarran-Ferguson Act. B. Public Act 15. C. Paul v. Virginia. D. U.S. v. South Eastern Underwriters Association - correct answer ANSWER HERE A. The McCarran-Ferguson Act A contract between two insurance companies that allows one company to transfer risk to a second company is known as ...

NJ LIFE INSURANCE LATEST UPDATE GRADED A+ Agency An insurance sales office or company agent An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer. agent appointment The authorization of an agent to act for or represent an insurer aleatory A contract in which participating parties exchange unequal amounts. Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the amount the insurer wi...

NJ Life Insurance Exam Latest Update Graded A+ Adverse Selection insuring of risks that are more prone to losses than the average risk lapse policy termination due to nonpayment of premium Insurance transfers risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals Life Insurance protects against loss associated with an insured's death, and pays a death benefit to beneficiaries upon death...

NJ Life Insurance Test Questions and Answers Already Passed The McCarran-Ferguson Act was passed by Congress to Redefine the authority of the state and federal government to regulate the insurance industry The principle that insurance is not a transaction of commerce and so should be regulated by the state was established in: Paul v. Virginia In New Jersey, a producer who violates a New Jersey insurance law for the first time may be fined up to $5,000 The New Jersey Banking an...

NJ LIFE INSURANCEAgency - correct answer An insurance sales office or company agent - correct answer An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer. agent appointment - correct answer The authorization of an agent to act for or represent an insurer aleatory - correct answer A contract in which participating parties exchange unequal amounts. Insurance contracts are aleatory in that the amount the insured will pay in premiums is un...