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Insurance Licensing NJ-Life-Producer Exam Overview:
| Certification Vendor: | New Jersey Department of Banking and Insurance (NJDOBI) |
|---|---|
| Exam Name: | New Jersey Life Producer Licensing Exam |
| Exam Number: | NJ-Life-Producer |
| Available Languages: | English |
| Related Certifications: | New Jersey Accident & Health Producer License New Jersey Life & Health Producer License |
| Passing Score: | 70% |
| Exam Price: | $47 USD |
| Exam Format: | Multiple Choice |
| Certificate Validity Period: | 2 years |
| Exam Duration: | 210 minutes |
| Real Exam Qty: | 83 |
| Recommended Training: | A.D. Banker - Approved Pre-Licensing Courses ExamFX - New Jersey Insurance Training |
| Exam Registration: | PSI Services LLC - New Jersey Insurance Exam Registration New Jersey Department of Banking and Insurance |
| Sample Questions: | Insurance Licensing NJ-Life-Producer Sample Questions |
| Exam Way: | Computer-based; available at PSI test centers or remote online proctored |
| Pre Condition: | Minimum 18 years old; 20 hours of approved pre-licensing education; pass pre-licensing course certification exam; background check & fingerprinting required |
| Official Syllabus URL: | https://www.nj.gov/dobi/inslic.htm |
Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Application, Underwriting & Policy Delivery | 10-15% | - Do Not Call & Privacy Regulations - Underwriting Process & Risk Classification - Completing the Application & Disclosure Requirements - Policy Delivery & Legal Responsibilities |
| Topic 2: Taxes, Retirement & Advanced Concepts | 15-20% | - Group Life Insurance - Business Insurance & Third-Party Ownership - Retirement Plans & Tax Treatment - Social Security & Government Benefits |
| Topic 3: Policy Riders, Provisions, Options & Exclusions | 20-25% | - Common Policy Riders - Policy Exclusions & Limitations - Required & Optional Policy Provisions - Beneficiary Designations & Settlement Options |
| Topic 4: Types of Life Insurance Policies | 20-25% | - Traditional Whole Life Products - Annuities & Retirement Products - Combination Plans & Policy Variations - Term Life Insurance - Interest-Sensitive & Universal Life Products |
| Topic 5: New Jersey Insurance Laws, Rules & Regulations | 20-25% | - Licensing Requirements & Procedures - Ethics, Fiduciary Duty & Consumer Protection - Policy Replacement & Disclosure Rules - State Regulatory Framework & Jurisdiction - Trade Practices & Unfair Trade Laws |
Insurance Licensing New Jersey Life Producer Sample Questions:
The replacement of an existing policy requires all of the following EXCEPT
- A. Notice that the owner can return the policy within 90 days for a full refund.
- B. Notification of what constitutes a replacement.
- C. Notification of the proposed replacement to the insurer whose policies are intended to be replaced.
- D. A complete comparison of the existing policy to the new policy.
Correct Answer: A 🗳️
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The New Jersey Banking and Insurance Commissioner has the authority to take all of the following actions EXCEPT
- A. Enforce insurance rules and regulations.
- B. Create regulations to achieve the purposes of insurance laws.
- C. Establish insurance rate schedules.
- D. Amend insurance rules and regulations.
Correct Answer: C 🗳️
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The purpose of advertising regulations is to
- A. Assure full and truthful disclosure to the public.
- B. Ensure that the insurance company is supervising its agents properly.
- C. Ensure that the prospect has all the required information to make an informed decision.
- D. Assure that spokespersons are properly compensated.
Correct Answer: A 🗳️
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What is the result of an insurer approving an incomplete application?
- A. The agent can at any time during the term of the policy complete the application.
- B. The insurer waives the right to that information and must honor the contract.
- 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.
Correct Answer: B 🗳️
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Which of the following statements is true about premium refunds resulting from the cancellation of a credit life policy?
- A. They are considered unearned premiums and must be paid to the borrower.
- B. They are prohibited by law.
- C. They are permitted only if they will be used to purchase replacement coverage.
- D. They are considered earned premiums and may be retained by the creditor as loan security.
Correct Answer: A 🗳️
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