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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Types of Life Insurance Policies | 20-25% | - Interest-Sensitive & Universal Life Products - Term Life Insurance - Traditional Whole Life Products - Annuities & Retirement Products - Combination Plans & Policy Variations |
| Topic 2: New Jersey Insurance Laws, Rules & Regulations | 20-25% | - Licensing Requirements & Procedures - Policy Replacement & Disclosure Rules - Ethics, Fiduciary Duty & Consumer Protection - State Regulatory Framework & Jurisdiction - Trade Practices & Unfair Trade Laws |
| Topic 3: Policy Riders, Provisions, Options & Exclusions | 20-25% | - Required & Optional Policy Provisions - Beneficiary Designations & Settlement Options - Policy Exclusions & Limitations - Common Policy Riders |
| Topic 4: Taxes, Retirement & Advanced Concepts | 15-20% | - Group Life Insurance - Business Insurance & Third-Party Ownership - Social Security & Government Benefits - Retirement Plans & Tax Treatment |
| Topic 5: Application, Underwriting & Policy Delivery | 10-15% | - Do Not Call & Privacy Regulations - Underwriting Process & Risk Classification - Completing the Application & Disclosure Requirements - Policy Delivery & Legal Responsibilities |
Insurance Licensing New Jersey Life Producer Sample Questions:
1. Which of the following retirement plans is not restricted to contribution limits set by the IRS?
A) Individual Retirement Plan.
B) 401(k).
C) Individual annuity.
D) Roth IRA.
2. One of the major tax advantages of life insurance is that
A) The beneficiary generally does not pay income tax on the proceeds.
B) Annual earnings are not taxed on a state or federal level.
C) Employer contributions to an employee's life insurance policy are tax deductible to the employee.
D) The distribution of the annual earnings is tax free.
3. Generally, the maximum percentage of the face amount paid under an Accelerated Death Benefit would be
A) 100%.
B) 10%.
C) 50%.
D) 200%.
4. 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 address of the producer.
B) A personal biography.
C) The producer's license number.
D) The producer's name as it appears on the license.
5. Which of the following is true concerning the use of HIV-related tests in life insurance underwriting?
A) Insurers must obtain the proposed insured's written informed consent prior to testing.
B) Insurers need only obtain the proposed insured's verbal informed consent prior to testing.
C) They are not permitted.
D) Insurers do not need to obtain the proposed insured's informed consent prior to testing.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: A |
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