New Jersey life and health practice exam

1. In New Jersey, insurance producers are licensed and regulated by the:

1. Department of Financial Services
2. Insurance Commission
3. Office of the Attorney General
4. Department of Banking and Insurance

2. How many CE credits must a New Jersey resident producer complete each licensing term?

1. 24 credits, with no ethics requirement
2. 20 credits, including 2 credits of ethics
3. 24 credits, including 3 credits of ethics
4. 30 credits, including 3 credits of ethics

3. Which statement about carrying over excess CE credits in New Jersey is correct?

1. Up to 24 credits may be carried over indefinitely
2. Up to 12 credits may be carried over once, but ethics credits may not be carried over
3. Carryover is not allowed
4. Only ethics credits may be carried over

4. Under the New Jersey Producer Act, a violation can bring a penalty of up to:

1. $1,000 for each offense
2. $500 for each offense
3. $10,000 for the first offense and $25,000 for each subsequent offense
4. $5,000 for the first offense and $10,000 for each subsequent offense

5. Under the New Jersey Insurance Fraud Prevention Act, the penalty for a third or later offense may be up to:

1. $50,000
2. $15,000
3. $10,000
4. $5,000

6. A New Jersey producer must respond to a written inquiry from the Department within:

1. 15 calendar days
2. 30 calendar days
3. 5 calendar days
4. 60 calendar days

1. New Jersey requires an individual life policy to provide a free look period of:

1. 30 days
2. 20 days
3. 10 days
4. 14 days

2. New Jersey requires a life insurance grace period of:

1. 60 days
2. 31 days
3. 30 days, or at the insurer's option, 1 month of not less than 30 days
4. 10 days

3. In New Jersey, an individual life policy must become incontestable, except for nonpayment of premium, after no more than:

1. 2 years from the date of issue
2. 1 year from the date of issue
3. 3 years from the date of issue
4. 5 years from the date of issue

4. In New Jersey, a lapsed ordinary life policy may be reinstated within:

1. 2 years from the due date of the first premium in default
2. 3 years from the due date of the first premium in default
3. 5 years from the due date of the first premium in default
4. 1 year from the due date of the first premium in default

5. A New Jersey individual life policy may exclude suicide for a period of no more than:

1. 1 year from the date of issue
2. 6 months from the date of issue
3. 3 years from the date of issue
4. 2 years from the date of issue

6. Under New Jersey's individual life policy standards, payment of a claim may not be delayed more than:

1. 2 months from submission of proof of claim
2. 1 year from submission of proof of claim
3. 6 months from submission of proof of claim
4. 10 days from submission of proof of claim

1. Under New Jersey's replacement rule, once the existing insurer receives notice of a proposed replacement, it must notify its policy or contract owner within:

1. 30 days
2. 24 hours
3. 5 business days
4. 10 business days

2. New Jersey existing insurers must keep replacement records for at least:

1. 1 year
2. 5 years after the replacement, or until the next regular examination
3. 3 years
4. 10 years

1. The New Jersey Life and Health Insurance Guaranty Association covers life insurance death benefits up to:

1. $300,000
2. $100,000
3. $250,000
4. $500,000

2. Since July 2024, the New Jersey guaranty association covers annuity cash surrender and withdrawal values up to:

1. $500,000
2. $250,000
3. $100,000
4. $300,000

3. How much does the New Jersey guaranty association cover for any one accident and health insurance policy?

1. $300,000
2. $500,000
3. There is no dollar limit
4. $100,000