Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link The New Jersey Banking and Insurance Commissioner may revoke, suspend, or refuse to renew the license of a producer who A. fails to write any business for three months or more. B. fails to become a member of an appropriate producer's association. C. has no appointments with insurers. D. is convicted of a felony. Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A group life contract that lapses because of nonpayment of premium will continue to cover losses incurred by the insured for A. the duration of the Grace Period. B. a maximum of 30 days after the Grace Period expires. C. a maximum of 30 days after the last premium is paid. D. a maximum of 45 days after the last premium is paid. Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Which of the following is NOT among the rights of the Life Insurance Policyowner? A. Assign or transfer the policy. B. Borrow from the cash values. C. Select and change a beneficiary. D. Revoke an absolute assignment. Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link The premium mode defines the A. premium limit. B. premium amount. C. frequency of the premium payment. D. method of premium payment. Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A modified endowment contract qualifies as life insurance but fails to meet the seven-pay test. Which of the following describes the result of failing to meet the seven-pay test? A. The policy is voided and the premium returned. B. The cash surrender value of the policy is lost. C. Pre-death distributions are likely to become taxable. D. Loans against the policy will no longer be allowed. Submit Answer