Free Insurance Licensing NJ-Life-Producer Exam Dumps Questions & Answers

The proposed insured's statements on a life insurance application are considered to be

• A.  Misrepresentations.
• B.  Representations.
• C.  Warranties.
• D.  Absolute statements.

A producer who is authorized by an insurance company to solicit, negotiate, or sell insurance contracts is acting as

• A.  An insurance consultant.
• B.  An insurance broker.
• C.  A financial consultant.
• D.  An insurance agent.

The New Jersey Banking and Insurance Commissioner has the authority to take all of the following actions EXCEPT

• A.  Create regulations to achieve the purposes of insurance laws.
• B.  Enforce insurance rules and regulations.
• C.  Amend insurance rules and regulations.
• D.  Establish insurance rate schedules.

A contract between two insurance companies that allows one company to transfer risk to a second company is known as

• A.  Reinsurance.
• B.  Coinsurance.
• C.  Excess insurance.
• D.  Surplus lines insurance.

For a New Jersey insurance producer to charge a prospective insured for analyzing insurance coverages, there must be a reasonable relationship between the fee and the

• A.  Average premium of the policies analyzed.
• B.  Nature of the services performed.
• C.  Total commission earned on the coverages purchased.
• D.  Average face amount of the policies analyzed.