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Insurance Licensing NJ-Life-Producer Exam Overview:
| Certification Vendor: | New Jersey Department of Banking and Insurance (NJDOBI) |
| Exam Name: | New Jersey Life Producer Licensing Exam |
| Exam Number: | NJ-Life-Producer |
| Exam Format: | Multiple Choice |
| Available Languages: | English |
| Exam Duration: | 210 minutes |
| Exam Price: | $47 USD |
| Passing Score: | 70% |
| Related Certifications: | New Jersey Accident & Health Producer License New Jersey Life & Health Producer License |
| Real Exam Qty: | 83 |
| Certificate Validity Period: | 2 years |
| Recommended Training: | ExamFX - New Jersey Insurance Training A.D. Banker - Approved Pre-Licensing Courses |
| Exam Registration: | PSI Services LLC - New Jersey Insurance Exam Registration New Jersey Department of Banking and Insurance |
| Sample Questions: | Insurance Licensing NJ-Life-Producer Sample Questions |
| Exam Way: | Computer-based; available at PSI test centers or remote online proctored |
| Pre Condition: | Minimum 18 years old; 20 hours of approved pre-licensing education; pass pre-licensing course certification exam; background check & fingerprinting required |
| Official Syllabus URL: | https://www.nj.gov/dobi/inslic.htm |
Insurance Licensing NJ-Life-Producer Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Types of Life Insurance Policies | 20-25% | - Annuities & Retirement Products - Combination Plans & Policy Variations - Interest-Sensitive & Universal Life Products - Term Life Insurance - Traditional Whole Life Products |
| Taxes, Retirement & Advanced Concepts | 15-20% | - Retirement Plans & Tax Treatment - Social Security & Government Benefits - Group Life Insurance - Business Insurance & Third-Party Ownership |
| New Jersey Insurance Laws, Rules & Regulations | 20-25% | - Ethics, Fiduciary Duty & Consumer Protection - Trade Practices & Unfair Trade Laws - Policy Replacement & Disclosure Rules - State Regulatory Framework & Jurisdiction - Licensing Requirements & Procedures |
| Application, Underwriting & Policy Delivery | 10-15% | - Underwriting Process & Risk Classification - Completing the Application & Disclosure Requirements - Do Not Call & Privacy Regulations - Policy Delivery & Legal Responsibilities |
| Policy Riders, Provisions, Options & Exclusions | 20-25% | - Policy Exclusions & Limitations - Common Policy Riders - Beneficiary Designations & Settlement Options - Required & Optional Policy Provisions |
Insurance Licensing New Jersey Life Producer Sample Questions:
1. The proposed insured's statements on a life insurance application are considered to be
A) Warranties.
B) Absolute statements.
C) Representations.
D) Misrepresentations.
2. Generally, if an application is not prepaid, the effective date of coverage begins on the date the
A) Application is postmarked and mailed to the insurer.
B) Application is signed.
C) Producer delivers the policy and collects a premium.
D) Company underwriter approves the risk.
3. Which of the following statements is correct about an applicant whose producer license has been denied?
A) The applicant is entitled to a hearing before a committee of the applicant's peers.
B) The applicant is entitled to a hearing before the Office of Administrative Law.
C) The applicant may not reapply for one year.
D) The applicant may reapply a maximum of three times.
4. Which of the following retirement plans is not restricted to contribution limits set by the IRS?
A) Roth IRA.
B) Individual annuity.
C) 401(k).
D) Individual Retirement Plan.
5. What is the purpose of the Accelerated Death Benefit Rider?
A) To decrease the tax liability of the insured's estate.
B) To adjust the death benefit to keep up with inflation.
C) To provide for the early payment of the death benefit for a terminally ill insured.
D) To increase the death benefit by a stated percentage.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: C |
By Solomon
