exam

If a producer has been convicted of a crime, he or she must notify the Commissioner within

30 days

An insurance company and insured are settling a lawsuit involving a life insurance policy. The insurer believes that the application would help to establish material facts in the case. Which of the following is true?

Applications can only be used in court cases if they are attached to or endorsed upon the issued policy.

Which of the following is NOT typically excluded from life policies?

Death due to plane crash for a fare-paying passenger

What does "level" refer to in level term insurance?

Face amount

What is the purpose of a conditional receipt?

It is intended to provide coverage on a date earlier than the date of the issuance of the policy.

Which two terms are associated directly with the way an annuity is funded?

Single payment or periodic payments

Which of the following is a person or organization that is allowed to write business in New Jersey for insurance companies that do not possess a certificate of authority in New Jersey, if no authorized insurers in New Jersey offer the specific type of insurance in question?

Surplus lines agent

Which of the following is TRUE regarding variable annuities?

The annuitant assumes the risks on investment.

If an insured continually uses the automatic premium loan option to pay the policy premium,

The policy will terminate when the cash value is reduced to nothing.

Which of the following is included in the term "insurance-related conduct"?

Transmitting funds between producers and the insurance company

Which of the following types of policies allows for a flexible premium and a variable investment component?

Variable universal life insurance

Who does an insurance agent represent?

insurer