Last Updated: Jul 17, 2026
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| Section | Objectives |
|---|---|
| Topic 1: Types of Policies | - Traditional Whole Life Products - Term Life Insurance - Combination Plans and Variations - Interest-Sensitive Life Products - Annuities |
| Topic 2: Policy Riders, Provisions, Options, and Exclusions | - Policy Exclusions - Policy Provisions and Options - Policy Riders |
| Topic 3: Completing the Application, Underwriting, and Delivering the Policy | - Underwriting - Policy Delivery - Application Process |
| Topic 4: State Laws, Rules, and Regulations | - New Jersey Insurance Regulations - Producer Licensing Requirements - Marketing Practices - Ethics and Consumer Protection |
| Topic 5: Retirement and Other Insurance Concepts | - Life Insurance Needs Analysis - Retirement Plans - Qualified Plans |
1. A beneficiary is protected from creditors' claims in all of the following situations EXCEPT when the beneficiary is the
A) Insured's estate.
B) Insured's child.
C) Insured's business partner.
D) Insured's spouse.
2. An agent's underwriting duties include which of the following?
A) Setting premium amounts.
B) Issuing the policy.
C) Completing all applications and collecting initial premiums.
D) Declining or accepting an application.
3. A published advertisement for a fixed annuity must contain all of the following information EXCEPT
A) Surrender period.
B) Minimum rate of guaranteed interest.
C) The name of the insurance company.
D) That it is insured by the state.
4. The principle that insurance is not a transaction of commerce and therefore should be regulated by the states was established by
A) U.S. v. South-Eastern Underwriters Association.
B) Public Act 15.
C) Paul v. Virginia.
D) The McCarran-Ferguson Act.
5. A type of life insurance policy that provides for payment of the face amount at the end of the specified period if the insured is still alive is
A) A universal life insurance policy.
B) A juvenile trust.
C) A modified life insurance policy.
D) An endowment policy.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: D |
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