Nj Life Insurance Exam Questions With Answers (Latest Update 2023)

Investigative Consumer Report {Ans: Similar to consumer reports in that they also provide information on the consumer's character, reputation, and habits.}McCarran-Ferguson Act (1945) {Ans: Stipulates that insurance companies are to be regulated at the state level - Today insurance is regulated by each state through three basic branches of govt. 1) Legislative 2) Judicial 3) Executive Branches}insurance consultant {Ans: a person who, for a fee, commission, or other consideration offers an advice, counsel,opinion or service regarding the benefits of insurance policy issued in this state}License Requirements {Ans: a variable annuity is considered a security and is regulated by the SEC in addition to state insurance regulations}Conditional Receipt {Ans: used only when the applicant submits a prepaid application}Qualified Retirement Plans {Ans: they meet IRS guidelines to receive favorable tax returns}Domestic Insurer {Ans: An insurer doing business in the jurisdiction in which it is incorporated.}Joint Life Insurance Premium {Ans: Based on the joint average that is between the ages of the insureds - the death benefit is paid upon the first death only}fully insured {Ans: Refers to someone who has earned 40 quarters of coverage (the equivalent of 10 years of work), and