Insurance chapter exam

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New Jersey life and health guarantee association Protects life insurance death benefit claims up to

$500,000

What is the maximum fine for a producer violating a New Jersey insurance law for the first time?

$5000 With $10,000 for each subsequent Offense

After an annuity contract has been delivered by the producer, the free look period is a MINIMUM of

10 days but not more than 30 days

Once the accident and health insurance policy has been in force for ___________ years the policy may not be contested by the ensure

2

Carmen's individual life insurance policy has recently lapsed. She may reinstate her policy within ________ years

3

A branch office registration form is required to be filled at least _________ days before selling insurance out of that branch

30 days

A newborn is required to be covered for ____ days from the moment of birth

30 days

The replacement of an existing Insurance policy requires notice that the owner can return the policy within blank days for a full refund

30 days

New Jersey insurance law requires eligible individuals to make an election to continue health insurance benefits within a MAXIMUM of ___ days after coverage termination.

60

A health insurer must be provided with written proof of loss ___ days after the date of loss.

90

In life insurance replacing companies must keep records of all replacement materials on file for how long?

Five years or until the next regular examination by the commissioner

The New Jersey life and health insurance guaranty association is

Funded by assessments on member companies

Health insurance advertisements that mention statistical information are required by New Jersey law to

Accurately convey all pertinent facts

Employer sponsored group health insurance provides coverage for which of the following?

Alcoholism

Which of these may not be used in a health insurance advertisement?

And insurance companies trademark instead of the actual name

Who would make the final determination on whether or not an insurance advertisement is misleading?

Banking and insurance commissioner

How long must an insurance company keep records on life insurance replacement activity?

At least five years

Which of the following are retained at the expense of an insurance buyer to give advice on insurance needed by the buyer?

Brokers and consultants

Which of the following designations is regulated by the department of banking and insurance?

Certified insurance counselor

The commissioner issues a subpoena to a producer. The producer Decides not to respond. Which course of action must be taken by the commissioner?

Commissioner may impose an administrative penalty

A Buyer's Guide MUST

have it's content approved by the commissioner

Circumstances requires an individual to be licensed producer

Discussing premiums with a potential insured

An insurance company may only pay a sales commission to

Individual licensed by the state

An agent is

Licensed producer who has written contract to represent and insurer

All of the following are typically included in life insurance policy illustration except

Names of the beneficiaries

When replacing group insurance, the replacing policy must cover on going claims from the former policies under which of the following

No loss no gain law

A Medicare supplement policy can be canceled by the insurer for

Nonpayment

Producer license to miles are appealed out of hearing before?

Office of Administrative law

Reinstatement of an individual health insurance plan requires

Pay me a premium and evidence of insurability required

Which of the following must contain a statement of policy cost and benefit information?

Policy summary

Replacement regulation is designed to protect

Policyowners from misrepresentations and loss of benefits

All Medicare Supplement policies MUST contain which provision?

Pre-existing conditions may only be excluded from coverage for maximum of six months

And insurance consultant is best defined as

Producer who charges Fees for advice

The New Jersey temporary disability benefits law

Provides non-occupational disability benefits

Which of the following is the process by which one life insurance contract is terminated or changed substantially and another is written in its place?

Replacement

The marketing Medicare supplements is regulated to prevent all of the following except

Replacement of any existing coverage

If the commissioner determines that an individual has engaged in an act violating state insurance laws, the commissioner may issue an order requiring the violator to

Stop engaging in those acts

Johan the producer charged a fee to a sales prospect for analyzing insurance coverages. According to New Jersey law, a reasonable relationship must exist between the fee and the

Substance of the services performed

A producer has recently died and leaves behind a spouse. In order for the producers insurance business to continue, the department of banking and insurance meet issue to the producer spouse

Temporary insurance license

Which of the following sells reinsurance?

The assuming insurer

In the advertising of life insurance policies an introductory or special enrollment may not be made available until any previous enrollment period for the same policy has been closed for at least how long?

Three months or 90 days

Insures are required to keep copies of policy summaries and buyers guides on file for at least

Three years after the documents are used

mandatory coverage for all group health care service contracts?

Treatment for alcoholism

How long is the contestable period for health insurance policy sold in New Jersey?

Two years

An agent has committed and insurance crime that violates US code 1033 interstate commerce. Who would be responsible for the prosecution of this crime?

US Attorney General

Twisting is best defined as

Using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy

A buyers guide and policy summary

What must be presented before an applicant submits a premium?

Which of the following situations would be suitable for a temporary work authority?

When an applicant passes a licensing exam and answers all background questions negatively


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