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