Free Access to InsuranceLicensing.NJ-Life-Producer.v2026-06-09.q33 with Valid Practice Test (Page 3)

Question 6

The policy feature that makes universal life different from whole life insurance policies is its

A.Fixed face amount.
B.Flexible premium schedule.
C.Assignment options.
D.Settlement options.

Question 7

Lapsed individual life insurance may be reinstated at any time within

A.2 years.
B.3 years.
C.4 years.
D.5 years.

Question 8

What does the Fair Credit Reporting Act give the consumer the right to do?

A.Question the validity and source of any credit information collected and retained by the insurer.
B.Deny the insurer access to their credit report.
C.Decide which credit agency the insurer can pull their information from.
D.Request a copy of their credit report and an explanation of it from their agent.

Question 9

An insurance company that terminates a producer's agency contract is required to file a written notice of the termination with the Banking and Insurance Department at which of the following times?

A.Immediately.
B.A maximum of 7 days after the termination date.
C.A maximum of 15 days after the termination date.
D.A maximum of 30 days after the termination date.

Question 10

Jerry purchased a life insurance policy and deliberately misstated his age in order to reduce his premium payment. The insurer did not discover Jerry's misrepresentation until a claim was filed on the policy when Jerry was killed in a car accident. In this situation, it is likely that the insurer will

A.Deny payment of policy proceeds based on Jerry's material misrepresentation of age at the inception of the policy.
B.Collect all proper back premiums, plus interest based on Jerry's true age, from the policy proceeds.
C.Decrease the cash surrender value of the policy by the amount of premium that should have been paid.
D.Decrease the amount of proceeds to whatever the premium paid would have purchased at the correct age.

Question 6

Question 7

Question 8

Question 9

Question 10

Download PDF File