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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: New Jersey Insurance Laws, Rules & Regulations | 20-25% | - Trade Practices & Unfair Trade Laws - Policy Replacement & Disclosure Rules - State Regulatory Framework & Jurisdiction - Ethics, Fiduciary Duty & Consumer Protection - Licensing Requirements & Procedures |
| Topic 2: Policy Riders, Provisions, Options & Exclusions | 20-25% | - Required & Optional Policy Provisions - Policy Exclusions & Limitations - Beneficiary Designations & Settlement Options - Common Policy Riders |
| Topic 3: Taxes, Retirement & Advanced Concepts | 15-20% | - Retirement Plans & Tax Treatment - Group Life Insurance - Social Security & Government Benefits - Business Insurance & Third-Party Ownership |
| Topic 4: Application, Underwriting & Policy Delivery | 10-15% | - Do Not Call & Privacy Regulations - Underwriting Process & Risk Classification - Policy Delivery & Legal Responsibilities - Completing the Application & Disclosure Requirements |
| Topic 5: Types of Life Insurance Policies | 20-25% | - Annuities & Retirement Products - Interest-Sensitive & Universal Life Products - Term Life Insurance - Traditional Whole Life Products - Combination Plans & Policy Variations |
Insurance Licensing New Jersey Life Producer Sample Questions:
1. An insurance producer sends an invitation for a seminar on college funding. According to New Jersey law, what must be contained in the mailer if the producer intends to solicit insurance at the seminar?
A) The producer's name as it appears on the license.
B) A personal biography.
C) The producer's license number.
D) The address of the producer.
2. A life insurance policy most often becomes effective when the
A) Policy is actually issued.
B) Premium is collected and policy is issued.
C) Agent and individual agree on coverage.
D) Application is submitted.
3. Which of the following is a characteristic of conversion from group to permanent life insurance?
A) Premium for the new policy will be based on the age when first covered by the group policy.
B) Conversion must be to term insurance.
C) Proof of insurability is required.
D) Conversion must be applied for within 1 month of termination.
4. Which of the following represents a reduced paid-up nonforfeiture option?
A) A full share of expense loading must be included in the premium on the reduced coverage.
B) The new policy will have a decreased face amount.
C) Further premiums must be paid on the reduced policy.
D) The new protection is for the same amount as the original policy.
5. A reinstatement clause outlines reinstatement conditions that include
A) A decrease in policy limits.
B) Proof of insurability.
C) Payment of outstanding loans within the year.
D) A higher premium charge.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: B |
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