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Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Types of Life Insurance Policies | 20-25% | - Annuities & Retirement Products - Traditional Whole Life Products - Term Life Insurance - Interest-Sensitive & Universal Life Products - Combination Plans & Policy Variations |
| New Jersey Insurance Laws, Rules & Regulations | 20-25% | - Ethics, Fiduciary Duty & Consumer Protection - Licensing Requirements & Procedures - Policy Replacement & Disclosure Rules - Trade Practices & Unfair Trade Laws - State Regulatory Framework & Jurisdiction |
| Application, Underwriting & Policy Delivery | 10-15% | - Policy Delivery & Legal Responsibilities - Do Not Call & Privacy Regulations - Underwriting Process & Risk Classification - Completing the Application & Disclosure Requirements |
| Policy Riders, Provisions, Options & Exclusions | 20-25% | - Policy Exclusions & Limitations - Beneficiary Designations & Settlement Options - Required & Optional Policy Provisions - Common Policy Riders |
| Taxes, Retirement & Advanced Concepts | 15-20% | - Business Insurance & Third-Party Ownership - Group Life Insurance - Retirement Plans & Tax Treatment - Social Security & Government Benefits |
Insurance Licensing New Jersey Life Producer Sample Questions:
Question 1
The free look period for an annuity purchased from a local agent is at least
A. 45 days, and not more than 60 days, from the date of policy delivery.
B. 30 days, and not more than 45 days, from the date of policy delivery.
C. 10 days, and not more than 30 days, from the date of policy delivery.
D. 15 days, and not more than 45 days, from the date of policy delivery.
Question 2
What is the result of an insurer approving an incomplete application?
A. The insurer waives the right to that information and must honor the contract.
B. The agent can at any time during the term of the policy complete the application.
C. The insured must complete the application after the policy has been issued.
D. The death benefit will be subject to review upon the death of the insured.
Question 3
Which of the following statements is correct about life insurance proceeds paid to a named beneficiary?
A. They are subject to excise taxes.
B. They must be paid in a lump sum.
C. They are exempt from claims of the insured's creditors.
D. They are held until the insured's will is probated.
Question 4
If a life policy is replaced by a new life policy, all of the following forms are needed EXCEPT
A. A statement signed by the agent.
B. A statement signed by the applicant.
C. A Policy Summary.
D. A complete dividend history of the policy to be replaced.
Question 5
Generally, if an application is not prepaid, the effective date of coverage begins on the date the
A. Producer delivers the policy and collects a premium.
B. Company underwriter approves the risk.
C. Application is postmarked and mailed to the insurer.
D. Application is signed.
Solutions:
| Question 1 Answer: C | Question 2 Answer: A | Question 3 Answer: C | Question 4 Answer: D | Question 5 Answer: A |






