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Life and Health Insurance Producer Exam

Policy provisions (NJ): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · New Jersey

What is the minimum free review (free look) period New Jersey requires on individual life insurance policy forms?

  1. 20 days
  2. 7 days
  3. 30 days
  4. 10 days
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D. 10 days — N.J.A.C. 11:4-41.3(b)1i.

Question 2 · New Jersey

How many days does a New Jersey individual health policy sold by a producer (not by direct response or as Medicare supplement) give the buyer to return it for a refund?

  1. 15 days from the application date
  2. 30 days from delivery
  3. 20 days from delivery
  4. 10 days from delivery
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D. 10 days from delivery — N.J.A.C. 11:4-16.8(a)10.

Question 3 · New Jersey

What grace period must a New Jersey individual life policy allow for paying premiums after the first (other than certain industrial policies)?

  1. 30 days, or one month of not less than 30 days
  2. 31 days, with no interest allowed on late premium
  3. 60 days for every type of life policy
  4. 10 days for monthly premiums and 31 days for others
Show the answer

A. 30 days, or one month of not less than 30 days — N.J.S.A. 17B:25-3; N.J.A.C. 11:4-41.3(b)2v.

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