ch 6 nj laws rules regulations pertinent to life only

By how many days does the discontinuance of a group insurance policy reduce the time limit for providing notice of claim or proof of loss?

0

in nj the minimum age at which a person can purchase a life insurance policy on his own life

15

Which of the following scenarios would not be covered by insurance?

A. client M purchases life insurance on herself prior to committing suicide

Which of the following types of insurance policies is most commonly used in credit life insurance?

A. decreasing term

Proceeds form life insurance policies are protected from the beneficiary's debts under all of the following circumstances EXCEPT

C. some of the premiums were paid in attempt to defraud creditors

An individual wants to purchase a life insurance policy. His agent asks if the transaction will involve replacing any existing life insurance policies. If the customer replies, "Yes," which of the following best describes the agent's next step?

The agent must provide a replacement notice to the applicant

A group of 15 skydivers met at a seminar and began talking about life insurance during a break. Because it was expensive to get individual life insurance, they decided to band together to form a small group so that they could qualify for group life insurance. After they applied for group life insurance, they were rejected. Why?

The purpose of the group was to purchase life insurance.

the initial amount of credit life insurance may not exceed

the amount to be repaid under the contract

Which of the following is true regarding the insurance amount in a credit life policy?

creditor can only insurer the debtor for the amount owed

A person takes out a loan in order to pay off his house. He dies several years later, having paid off only a small portion of the debt. Which of the following is true?

if the lender has credit insurance, this amount will be paid to the lender