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| Section | Objectives |
|---|---|
| Life Insurance and Annuities | - Annuity basics
|
| Life Insurance Fundamentals | - Policy provisions and clauses
|
| State Regulations (New Jersey) | - Insurance laws and ethics
|
| Underwriting and Policy Issuance | - Risk classification
|
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NEW QUESTION # 73
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 # 74
A policyowner cannot change the beneficiary if he has named
Answer: C
Explanation:
A policyowner cannot unilaterally change the beneficiary when the beneficiary is named as an irrevocable beneficiary. A revocable beneficiary has no vested right while the insured is alive, so the policyowner may generally change that beneficiary without consent, subject to the policy's change procedure. An irrevocable beneficiary is different. Once the policyowner designates a beneficiary as irrevocable, that beneficiary receives a protected contractual interest in the policy proceeds. The policyowner generally cannot change the beneficiary, surrender the policy, assign the policy, or take actions that impair the irrevocable beneficiary's interest without that beneficiary's consent. Naming a spouse does not automatically make the designation irrevocable unless the policy specifically states it. "Permanent beneficiary" is not the standard technical term tested in life insurance law; the precise term is irrevocable beneficiary. The exam rule is direct: revocable can be changed; irrevocable requires beneficiary consent. Reference topics: Beneficiary Designations, Irrevocable Beneficiary, Revocable Beneficiary, Policyowner Rights.
NEW QUESTION # 75
Which of the following is a characteristic of conversion from group to permanent life insurance?
Answer: C
Explanation:
A group life conversion privilege generally allows the insured to convert terminated group coverage to an individual policy within approximately 31 days, commonly expressed in exam language as "within 1 month of termination." New Jersey public employee group life conversion guidance states that coverage continues for the next 31 days after termination of employment or expiration of the insured period, and conversion may be made during that period without medical examination. The converted policy is generally an individual permanent life policy customarily offered by the insurer, not term insurance. Therefore, option B is wrong.
Option C is wrong because a major purpose of the conversion privilege is that no evidence of insurability or medical examination is required when conversion is timely exercised. Option A is wrong because premiums for the converted individual policy are based on the insured's attained age at conversion, not the age when first covered under the group plan. Reference topics: Group Life Conversion, 31-Day Conversion Period, No Evidence of Insurability, Permanent Individual Policy.
NEW QUESTION # 76
Under New Jersey replacement regulations, it is the duty of the replacing insurance company to take all of the following actions EXCEPT
Answer: C
Explanation:
The replacing insurer is not required to postpone underwriting until the existing insurer is notified. New Jersey replacement regulation imposes concrete duties on the replacing insurer: verify that required forms are received and compliant, confirm that sales materials and illustrations are complete and accurate, notify any affected existing insurer within five business days after receiving a completed replacement application or identifying replacement, and maintain replacement-related records. The rule does not say the replacing insurer must stop or postpone underwriting until notice has occurred. That wording is the trap. The purpose of the replacement rules is consumer protection: the applicant must be warned about surrender charges, loss of guarantees, new contestability or suicide periods, and possible disadvantages of replacing existing coverage.
Options A, B, and C are consistent with replacement compliance obligations because the replacing insurer must control producer compliance, receive replacement information, and keep required documentation.
Option D invents a procedural delay requirement that is not in the rule. Reference topics: Replacement of Life Insurance, Replacing Insurer Duties, Disclosure Statement, Existing Insurer Notice.
NEW QUESTION # 77
One area in which errors are commonly made on life insurance applications and for which the incontestable clause does not apply is
Answer: D
Explanation:
The incontestable clause does not prevent adjustment for a misstatement of age. In life insurance, the incontestable clause generally limits the insurer's ability to challenge the validity of the policy after the contestability period has expired. However, age is treated differently because age directly affects the premium and the amount of insurance that the premium should have purchased. New Jersey law requires a misstatement-of-age provision stating that if the insured's age, or another relevant person's age, has been misstated, the amount payable or benefit accruing under the policy is adjusted to the amount the premium would have purchased at the correct age. New Jersey's individual life form requirements also state that misstatement of age cannot be handled by rescission and premium refund; instead, the benefit must be increased or reduced based on the correct age. Occupation, education level, and state of residence may be underwriting facts, but they are not the standard exception to incontestability tested here. Reference topics:
Incontestable Clause, Misstatement of Age, Application Accuracy, Policy Benefit Adjustment.
NEW QUESTION # 78
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