ExamFX Questions (4-6)
A producer received a group master policy and certificates for delivery to the insured. Within how many days must the policy and certificates be delivered?
10 calendar days
All of the following statements are correct regarding Credit Life Insurance EXCEPT
Benefits are paid to the borrower's beneficiary
In New Jersey, the minimum age at which a person can purchase a life insurance policy on his or her own life is
15
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 face. Which of the following is true?
Applicants can only be used in court cases if they are attached to or endorsed upon the issued policy
All of the following candidates for a resident producer license may be exempted from the examination requirement EXCEPT
A resident producer licensed for Property and Casualty insurance applying for a Life insurance License
Which of the following is TRUE about credit life insurance?
Creditor is the policyowner
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of
twisting
Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another?
twisting
All of the following are requirements for a nonresident license EXCEPT
passing the new jersey licensing examination
Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?
replacement rule
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 questions?
Surplus lines agent
The requirement that agents must account for all insurance funds collected and are not permitted to comingle those funds with their own is known as
fiduciary responsibility
If an insured requires an application in order to reinstate a policy, and if they instured requests reinstatement in writing, an application must be delivered to the insured within
30 days
During policy replacement, the replacing insurer must notify existing insurers within what time period?
5 business days
The buyer's guide and policy summary can be delivered with the policy or earlier if the policy contains an unconditional refund provision of at least
10 days
If a credit life policy lapses for nonpayment before the debt is satisfied, within how many days must the creditor either refund the premium paid or apply it against the debt?
60
Misrepresenting an insurance policy as a share of stock is an example of the following?
False advertising
Two individuals are in the same risk and age class; yet they are charged different rates for their insurance policies due to an insignificant factor. What is this called?
Discrimination