Insurance chapter exam
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
