New Jersey laws,rules and regulations

Credit Life Insurance

A special type of coverage written to pay off the balance of a loan in the event of the death of the debtor.

The initial amount of credit life insurance may not exceed

-- The amount to be repaid under the contract

An insurer must keep all sales material for at least

5 years

Insurer must maintain copies of notice regarding replacement and the comparative information form, policy summary, and all sales materials until the next regular examination by the department of Banking and insurance or for at least

5 years

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 A. 15 days B. 30 days C. 7 days D. 10 days

D. 10 days

Which of the following documents must be provided to the policyowner or applicant during a policy replacement ?

Notice Regarding Replacement

How must a replacing producer respond to an applicant wishing to replace existing life insurance

The producer must provide the applicant with a notice of regarding replacement signed by Borge the applicant and the producer

In New Jersey, the public is protected by a notice of discontinuance when a policy is discontinued for nonpayment of premiums. When a policy is discontinued all the following are required

Ceasing to collect premium payments from group participants unless the group policyholder remains fully responsible - written notice to the policy holder A reminder of the date of discontinuance

an insurance company and insured Are settling a lawsuit involving a life insurance policy. Insurable you said the application would help establish material facts in the case.

Applications come over used in court cases if they are attached to endorsed upon the issued policy

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? A. the lender will not recover this money B. the federal government will pay the balance to the lender C. if the lender has credit insurance, this amount will be paid to the lender D. the state government will pay the balance to the lender

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

During replacement of life insurance, a replacing insurer must do which of the following?

Obtain a list of all life insurance policies that will be replaced

A life insurance policy against 5 different perils. If the policy owner wants to cancel the coverage of one of those perils, can that be done

Only if the policy specifies that a separate premium for that peril coverage is separately cancelable.

Credit Life Insurance

The benefits are not paid to the borrows beneficiary

It's small employer owns a group of health insurance policy. The employer does not pay the premium but the premium due date and fails again to pay by the end of the grace period.which is true?

The insurer will pay all the losses through the end of the grace period

A group of 15 skydivers meet at a seminar and begin talking about life insurance during a break. Because it is expensive to get individual life insurance, they decide to band together to form a small group so that they will be eligible. They apply for small group life insurance and are rejected. Why?

The purpose of the group was to purchase life insurance.