Life Insurance CH.6 (NJ Laws, Rules, and Regulations Pertinent to Life Only)

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

0 days

The buyers 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

During policy replacement, the replacing insurer must notify existing insurers within what time period?

5 business days

An insurer must keep all sales materials for at least how long?

5 years

If a credit life policy lapses for non-payment before the debt is satisfied, within how many days must the creditor either refund the premium paid or apply it against the debt?

60 days

All of the following statements are correct regarding credit life insurance EXCEPT

Benefits are paid to the borrowers beneficiary

Which of the following is true about credit life insurance?

Creditor is the policy owner (also beneficiary)

Which of the following is not allowed in credit life insurance

Creditor requiring that a debtor buys insurance from a certain insurer

Misrepresenting an insurance policy as a share of a stock is an example of which of the following?

False advertising

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 true regarding the insurance amount in a credit life policy?

The creditor can only insure the debtor for the amount owed

Which of the following entities is held responsible for the contents of an insurers advertisement on Local TV station?

The insurance company

A small employer owns a group health insurance policy. The employer neglects to pay the premium by the payment due date. The employer fails to pay the premium yet again by the end of the grace period. Which of the following will happen?

The policy will terminate

If an insurer requires an application in order to renew a life insurance policy, it is the insurer's responsibility to send one to the insured

Within 30 days of the insured request

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

the producer must provide the applicant with a Notice Regarding Replacement


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