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| Section | Objectives |
|---|---|
| Life Insurance Fundamentals | - Policy provisions and clauses
|
| Life Insurance and Annuities | - Annuity basics
|
| State Regulations (New Jersey) | - Insurance laws and ethics
|
| Underwriting and Policy Issuance | - Risk classification
|
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NEW QUESTION # 79
Sam had a $100,000 five-year, nonrenewable level term life insurance policy with his wife as the beneficiary.
Sam dies eight years after the inception date of the policy. How much will be paid to Sam's wife?
Answer: B
Explanation:
Sam's wife receives nothing because the five-year nonrenewable term policy had already expired before Sam' s death. A level term life policy provides a fixed death benefit only during the specified term. "Five-year" means the coverage period lasted five years from inception, and "nonrenewable" means Sam had no contractual right to continue that same term coverage after the five-year period without a new policy or new underwriting. Sam died eight years after the inception date, which is three years after the term ended. Because the policy was no longer in force at the time of death, there is no death benefit payable. The $100,000 face amount would have been payable only if death occurred during the five-year term while the policy was active.
The partial amounts of $40,000 and $60,000 are distractors; term insurance does not pay a prorated amount after expiration. Reference topics: Level Term Insurance, Nonrenewable Term, Policy Expiration, Death Benefit Payability.
NEW QUESTION # 80
Which rider assures the premiums will be paid on a juvenile policy until the insured child reaches a specific age?
Answer: A
Explanation:
The correct rider is the payor rider. A payor rider is commonly attached to juvenile life insurance policies. It provides that if the adult premium payor, usually a parent or guardian, dies or becomes disabled before the insured child reaches a specified age, the insurer will waive the premiums or continue the policy according to the rider terms until the child reaches that age. The reason this rider exists is that the insured child is not normally the person responsible for paying premiums. The policy could otherwise lapse if the adult payor dies or becomes disabled. A guaranteed insurability rider allows the insured to buy additional insurance at specified dates or life events without proof of insurability, but it does not pay juvenile policy premiums. A waiver of premium rider normally applies to the insured's disability, not specifically the parent-payor's disability or death. An automatic premium loan rider uses cash value to prevent lapse, but it does not create a juvenile-specific payor protection. Reference topics: Juvenile Life Insurance, Payor Rider, Waiver of Premium, Policy Lapse Protection.
NEW QUESTION # 81
An agent's underwriting duties include which of the following?
Answer: A
Explanation:
An agent's field underwriting duties include completing applications accurately and collecting initial premiums when appropriate. The producer is the insurer's front-line source of information about the applicant. Field underwriting includes observing the applicant, asking application questions, recording answers accurately, explaining required forms, obtaining signatures, collecting initial premium if the applicant wants immediate conditional coverage, and submitting the application promptly to the insurer. The producer does not set premium rates; rates are determined by the insurer's underwriting and actuarial process. The producer also does not finally accept or decline the application. That decision belongs to the insurer's home office underwriting department after reviewing the application, medical information, financial information, inspection reports, and other underwriting data. The producer also does not issue the policy in the legal sense; the insurer issues the contract. Therefore, option B is the only answer that correctly describes the agent's role.
Reference topics: Field Underwriting, Application Completion, Initial Premium Collection, Policy Delivery, Home Office Underwriting.
NEW QUESTION # 82
Under a multiple protection policy, the policy that pays on the death of the last person is called
Answer: B
Explanation:
A policy that pays on the death of the last surviving insured is a survivorship life policy, also known as second-to-die life insurance. It covers two or more lives and pays the death benefit only after the last insured person dies. This structure is often used in estate planning, business succession planning, and situations where liquidity is needed after both spouses or business partners have died. A joint life policy, by contrast, typically pays on the first death and then terminates. That distinction is critical: joint life = first death; survivorship life
= last death. Universal life describes a flexible-premium permanent policy design and does not specify whether the death benefit is paid on first or second death. "Annuity life policy" is not the correct insurance classification here. The exam phrase "death of the last person" directly points to survivorship life. Reference topics: Multiple-Life Policies, Survivorship Life, Second-to-Die Insurance, Joint Life Insurance.
NEW QUESTION # 83
After a New Jersey producer license has been revoked, the licensee may not reapply for a new license for a minimum of
Answer: C
Explanation:
A New Jersey producer whose license has been revoked must wait five years before applying for reinstatement or a new producer license. This is a disciplinary licensing rule, not the same as a simple late renewal or lapse. A late renewal may involve reinstatement procedures within a shorter period, but revocation is a formal enforcement action based on misconduct or disqualification. New Jersey Administrative Code Section 11:17D-2.7 states that a person whose producer license has been revoked may apply after five years from the effective date of the revocation order. That makes option A the only correct answer. The distractors of 3 years, 1 year, and 6 months are too short and confuse revocation with less severe licensing issues. For exam purposes, remember this as a hard-number rule: revocation = five-year minimum before reapplication.
The applicant must also satisfy the professional qualification requirements when seeking reinstatement; the five-year waiting period alone does not guarantee approval. Reference topics: Producer License Discipline, Revocation, Reinstatement After Revocation.
NEW QUESTION # 84
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