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Reference guide

New Jersey Life & Health Course Notes

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Section 1Life insurance and annuitiesPreview
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  • 47 more key points in Pro version
  • 23 more common mistakes in Pro version
  • 11 more exam tips in Pro version
  • 69 more related questions in Pro version

Summary

High-yield life topics: temporary versus permanent coverage, ownership and beneficiary rights, cash value and nonforfeiture, life-policy provisions, annuities, underwriting/delivery, replacement, group conversion, business uses, and basic taxation. New Jersey-specific life timeframes and replacement duties are frequent scenario traps.

Key Points

  • term life: level, decreasing, increasing, renewable and convertible: Level term keeps the stated death benefit level during the term; premiums may be level for the guaranteed period.

Common Mistakes

  • term life: level, decreasing, increasing, renewable and convertible: Assuming renewable term requires new underwriting.

Exam Tips

  • term life: level, decreasing, increasing, renewable and convertible: Read the death-benefit pattern before looking at premium wording.
Section 2Accident and health insurancePreview
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  • 55 more key points in Pro version
  • 27 more common mistakes in Pro version
  • 13 more exam tips in Pro version
  • 68 more related questions in Pro version

Summary

High-yield health topics: disability definitions and timing, medical cost sharing, managed care, COBRA/COB, Medicare/Medicaid, LTC, uniform health provisions, renewability, claims prompt-pay rules, ACA preexisting-condition protections, tax-favored health accounts, and limited-benefit products.

Key Points

  • disability income: total, partial and residual disability: Total disability is defined by the contract and may use an own-occupation, modified own-occupation, any-occupation, or other standard; always apply the policy wording.

Common Mistakes

  • disability income: total, partial and residual disability: Assuming total disability always means unable to do any job at all.

Exam Tips

  • disability income: total, partial and residual disability: Underline the contract definition in the stem.
Section 3New Jersey insurance regulationPreview
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  • 11 more common mistakes in Pro version
  • 5 more exam tips in Pro version
  • 34 more related questions in Pro version

Summary

High-yield New Jersey producer regulation: NJDOBI authority, licensing and continuing education, appointments and temporary authority, fiduciary premium handling, unfair trade practices, and records/advertising/privacy responsibilities.

Key Points

  • New Jersey Department of Banking and Insurance authority: NJDOBI regulates insurers and insurance producers operating in New Jersey under Title 17/17B statutes and Title 11 administrative rules.

Common Mistakes

  • New Jersey Department of Banking and Insurance authority: Giving producers power to waive state rules orally.

Exam Tips

  • New Jersey Department of Banking and Insurance authority: When a stem asks who investigates a deceptive insurance advertisement, think NJDOBI.
Section 4New Jersey life/health-specific lawPreview
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  • 9 more common mistakes in Pro version
  • 4 more exam tips in Pro version
  • 17 more related questions in Pro version

Summary

High-yield state-specific rules: life replacement, group-life conversion, insured versus self-funded health-plan regulation, Medigap/LTC protections, and New Jersey's current annuity best-interest standard.

Key Points

  • life insurance replacement and disclosure requirements: Replacement can include a new life policy/annuity transaction that causes existing life insurance or an annuity to lapse, surrender, forfeit, terminate, be converted to paid-up insurance, continue as extended term, or otherwise be reduced/altered in a way captured by N.J.A.C. 11:4-2.

Common Mistakes

  • life insurance replacement and disclosure requirements: Waiting until after surrender to disclose replacement.

Exam Tips

  • life insurance replacement and disclosure requirements: Ask 'What happens to the old policy because of this new application?'