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| Section | Objectives |
|---|---|
| Retirement and Other Insurance Concepts | - Retirement Plans - Life Insurance Needs Analysis - Qualified Plans |
| Types of Policies | - Term Life Insurance - Combination Plans and Variations - Traditional Whole Life Products - Annuities - Interest-Sensitive Life Products |
| Completing the Application, Underwriting, and Delivering the Policy | - Policy Delivery - Underwriting - Application Process |
| Policy Riders, Provisions, Options, and Exclusions | - Policy Provisions and Options - Policy Riders - Policy Exclusions |
| State Laws, Rules, and Regulations | - New Jersey Insurance Regulations - Ethics and Consumer Protection - Producer Licensing Requirements - Marketing Practices |
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NEW QUESTION # 84
A contract between two insurance companies that allows one company to transfer risk to a second company is known as
Answer: C
Explanation:
A contract under which one insurance company transfers part of its risk to another insurance company is reinsurance. The original insurer is the ceding company, and the insurer accepting the transferred risk is the reinsurer. Reinsurance does not remove the original insurer's responsibility to its policyholders; the policyowner's contract remains with the issuing insurer. The reinsurance agreement operates between insurers to spread risk, stabilize loss experience, protect surplus, and allow the ceding company to write larger amounts of insurance than it could safely retain alone. Coinsurance usually means risk-sharing between insurer and insured or, in some contexts, proportional participation, but it is not the standard answer for insurer-to-insurer risk transfer. Excess insurance provides coverage above a specified layer or underlying amount. Surplus lines insurance involves coverage placed with nonadmitted insurers when authorized admitted markets are unavailable; it is not a contract between two insurers to transfer existing risk. The exam trigger is "one company transfers risk to a second company." Reference topics: Reinsurance, Ceding Insurer, Reinsurer, Risk Transfer, Insurer Solvency.
NEW QUESTION # 85
All of the following items may be considered forms of advertising for life insurance EXCEPT
Answer: A
Explanation:
A Buyer's Guide is not treated as ordinary advertising. It is a required consumer disclosure document designed to help applicants understand basic life insurance concepts before or at the time of sale. Advertising includes communications designed to induce the public to buy, increase, modify, reinstate, or retain insurance, such as printed brochures, audiovisual materials, sales presentations, mailers, and promotional materials. New Jersey advertising rules are intended to assure full and truthful disclosure of material and relevant information to the public in life insurance and annuity advertising. A Buyer's Guide, by contrast, is not a promotional sales device created to persuade; it is a regulatory disclosure document that supports informed purchasing.
Option D is therefore the correct exception. Options A, B, and C can all be advertising because each can communicate sales claims, benefits, illustrations, or product advantages to prospective insureds. Reference topics: Life Insurance Advertising, Consumer Disclosure, Buyer's Guide, Full and Truthful Disclosure.
NEW QUESTION # 86
What is the result of an insurer approving an incomplete application?
Answer: D
Explanation:
If an insurer approves and issues a policy on an incomplete application, the insurer is generally treated as having waived the right to require the missing information later. This is a waiver principle: the insurer had the opportunity to review the application before issuing the contract. If it chooses to approve the risk despite missing answers, it cannot later use that same omission as an easy excuse to avoid the policy after a claim.
The underwriting process exists before issue, not after the insured dies. Option A is wrong because the insured is not required to complete the application after issue as a condition of honoring the policy. Option B is wrong because the death benefit is not automatically "subject to review" merely because the insurer failed to demand missing information before approval. Option D is also wrong because an agent cannot complete material application answers later during the policy term. Reference topics: Application Completion, Insurer Underwriting Review, Waiver, Policy Issue, Contract Enforcement.
NEW QUESTION # 87
A life insurance policy most often becomes effective when the
Answer: C
Explanation:
A life insurance policy most often becomes effective when the policy is issued and the required premium has been collected, assuming all delivery and policy conditions are satisfied. The insurer's approval alone is not always enough if the premium has not been paid. Likewise, submitting an application does not automatically create coverage. If an initial premium is paid with the application, a conditional receipt may provide temporary coverage subject to the receipt's conditions, usually requiring that the applicant be insurable under the insurer's rules. If the application is not prepaid, coverage normally becomes effective when the policy is delivered and the first premium is paid while the insured remains in acceptable health. Option C is legally meaningless because an agent and applicant cannot bind life insurance coverage merely by agreement unless the insurer's rules and receipt provisions support it. Option D is incomplete because issue without premium payment may not activate coverage. Option B is the best answer because it combines issuance and premium collection. Reference topics: Policy Effective Date, Conditional Receipt, Policy Delivery, First Premium Collection.
NEW QUESTION # 88
According to New Jersey law, copies of insurance advertisements must be maintained
Answer: B
Explanation:
Copies of insurance advertisements must be maintained at the insurer's home or principal office, which makes
"at the company's office" the correct answer. New Jersey Administrative Code Section 11:2-23.8 states that every insurer must maintain control over the content, form, and method of distribution of advertisements, and must maintain a complete advertising file at its home or principal office. The file must include printed, published, or prepared advertisements distributed in the state, along with information showing the manner and extent of distribution and the form number of the policy advertised where applicable. The file is subject to inspection by the Department and must be kept for five years from the advertisement's last use. Option A is wrong because the record-retention duty is placed on the insurer, not merely on the individual producer's office. Option C is too informal and not the regulatory standard. Option D is wrong because the Department inspects and enforces; it does not serve as the insurer's primary advertising archive. Reference topics:
Advertising File, Insurer Responsibility, Life Insurance Advertising, Department Inspection.
NEW QUESTION # 89
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