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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% | - Policy Replacement & Disclosure Rules - Trade Practices & Unfair Trade Laws - Ethics, Fiduciary Duty & Consumer Protection - State Regulatory Framework & Jurisdiction - Licensing Requirements & Procedures |
| Topic 2: Policy Riders, Provisions, Options & Exclusions | 20-25% | - Required & Optional Policy Provisions - Common Policy Riders - Policy Exclusions & Limitations - Beneficiary Designations & Settlement Options |
| Topic 3: Taxes, Retirement & Advanced Concepts | 15-20% | - Social Security & Government Benefits - Retirement Plans & Tax Treatment - Group Life Insurance - Business Insurance & Third-Party Ownership |
| Topic 4: Types of Life Insurance Policies | 20-25% | - Interest-Sensitive & Universal Life Products - Traditional Whole Life Products - Combination Plans & Policy Variations - Term Life Insurance - Annuities & Retirement Products |
| Topic 5: Application, Underwriting & Policy Delivery | 10-15% | - Underwriting Process & Risk Classification - Policy Delivery & Legal Responsibilities - Completing the Application & Disclosure Requirements - Do Not Call & Privacy Regulations |
Insurance Licensing New Jersey Life Producer Sample Questions:
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) Indemnification.
B) Insurable interest.
C) Adverse selection.
D) Viatical settlement.
2. The replacement of an existing policy requires all of the following EXCEPT
A) Notification of what constitutes a replacement.
B) Notification of the proposed replacement to the insurer whose policies are intended to be replaced.
C) Notice that the owner can return the policy within 90 days for a full refund.
D) A complete comparison of the existing policy to the new policy.
3. Which of the following statements is correct about an applicant whose producer license has been denied?
A) The applicant is entitled to a hearing before a committee of the applicant's peers.
B) The applicant may reapply a maximum of three times.
C) The applicant may not reapply for one year.
D) The applicant is entitled to a hearing before the Office of Administrative Law.
4. Which of the following is not among the rights of the life insurance policyowner?
A) Select and change a beneficiary.
B) Assign or transfer the policy.
C) Revoke an absolute assignment.
D) Borrow from the cash values.
5. An immediate annuity is designed to make its first benefit payment to the annuitant typically
A) In the form of a lump sum payment.
B) One month from the annuity's purchase date.
C) Only after all cash surrender values, with interest, have been calculated.
D) When the accumulation period, of at least 24 months, ends.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: B |


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