New Jersey Life and Health Insurance Exam
Need of a License: An individual who is acting as a Producer needs a license to sell life and health insurance in New Jersey.Who Grants a License: Licenses are granted by the New Jersey Department of Banking and Insurance.
Qualifications to receive a License: Individuals who wish to obtain an insurance license in the State of New Jersey must:
1. Be at least eighteen (18) years of age.
2. Be a resident of New Jersey.
3. Complete prelicensing education.
4. Complete fingerprinting requirement.
5. Register, pay fees and pass the examination.
6. Apply for the license.
Completing the Prelicensing Education: Prelicensing education is required for life and health insurance producers. You can find a list of requirements and approved education providers by visiting the department’s website at http://www.state.nj.us/dobi/inslic.htm#newresident.
Complete Fingerprinting Requirement: The Division of Insurance has initiated participation in Live Scan. Get instructions on how to schedule electronic fingerprinting.
Applying for the Producer Exam: Examinations are administered by the independent testing service, PSI Services, LLC. Registration and examination information can be found in the New Jersey Candidate Information Bulletin, which should be reviewed thoroughly prior to registering for the exam. For the fastest and most convenient test scheduling process, PSI recommends that candidates register for s registration website at www.psiexams.com. Telephone scheduling is also available by calling (800) 733-9267. Fax and mail registration is also available. Please see the Candidate Information Bulletin for details. Additional exam questions should be directed to PSI:
PSI Services LLC
3210 E Tropicana
Las Vegas, NV 89121
(800) 733-9267 Fax (702) 932-2666
www.psiexams.com
Test Information: Be sure to review the appropriate exam content outline to determine what topics are covered in the comprehensive exams. At the end of your exam, your score will be shown on the screen and you will receive a printed score report. To obtain a content outline for your specific examination, visit www.psiexams.com. The following is a general outline of exam content:
NEW JERSEY LIFE PRODUCER & INSTRUCTOR EXAMINATION CONTENT OUTLINE
Producer: 83 items, Passing Score: 70%, Time Allotted: 3.5 Hours
I.0 TYPES OF POLICIES (9 Items)
1.1 Traditional Whole Life Products
1.2 Interest-Sensitive Life Products
1.3 Term life
1.4 Annuities
1.5 Combination Plans and Variations
2.0 POLICY RIDERS, PROVISIONS, OPTIONS, AND EXCLUSIONS (21 Items)
2.1 Policy Riders
2.2 Policy Provisions and Options
2.3 Policy Exclusions
3.0 COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICY (12 Items)
3.1 Completing the Application
3.2 Underwriting
3.3 Delivering the Policy
3.4 Do Not Call List
4.0 TAXES, RETIREMENT, AND OTHER INSURANCE CONCEPTS (8 Items)
4.1 Third-Party Ownership
4.2 Group Life Insurance
4.3 Retirement Plans
4.4 Business Insurance
4.5 Social Security Benefits and Taxes
4.6. Tax Treatment of Insurance Premiums, Proceeds, Dividends
4.7 Accelerated Death Benefits—Living Benefits
4.8 Endowments
5.0 New Jersey Laws, Rules, and Regulations Common to Life, Accident and Health, Property, and Casualty Insurance (25 Items)
5.1 State Regulatory Jurisdiction (4 Items)
5.2 Definitions (4 Items)
5.3 Licensing (8 Items)
5.4 Trade Practices (6 Items)
5.5 Guaranty Associations
5.6 Ethics
6.0. New Jersey Laws, Rules, and Regulations Pertinent to Life and Regulations (8 Items)
NEW JERSEY ACCIDENT & HEALTH PRODUCER & INSTRUCTOR EXAMINATION
Producer: 88 items, Passing Score: 70%. Allotted Time: 3.5 Hours
I.0 TYPES OF POLICIES (14 Items)
1.1 Disability Income
1.2 Accidental Death and Dismemberment
1.3 Medical Expense Insurance
1.4 Medicare Supplement Policies
1.5 Group Insurance
1.6 Long Term Care
1.7 Cancer (for specified diseases) Plans
1.8 Critical Illness Plans
1.9 Worksite (employer-sponsored) Plans
2.0 POLICY PROVISIONS, CLAUSES, AND RIDERS (20 Items)
2.1 Mandatory Provisions
2.2 Optional Provisions
2.3 Other Provisions and Clauses
2.4 Riders
2.5 Rights of Renewability
3.0 SOCIAL INSURANCE (3 Items)
3.1 Medicare
3.2 Medicaid
3.3 Social Security Benefits
4.0 OTHER INSURANCE CONCEPTS (4 Items)
4.1 Total, Partial, and Residual Disability
4.2 Owner’s Rights
4.3 Dependent Children Benefits
4.4 Primary and Contingent Beneficiaries
4.5 Modes of Premium Payments
4.6 Nonduplication and Coordination of Benefits
4.7 Occupational vs. Nonoccupational
4.8 Tax Treatment of Premiums and Proceeds of Insurance Contracts
4.9 Managed Care
4.10 Workers Compensation
4.11 Subrogation
5.0 FIELD UNDERWRITING PROCEDURES (9 Items)
5.1 Completing application and obtaining necessary signatures
5.2 Explaining sources of insurability information
5.3 Initial premium payment and receipt and consequences of the receipt
5.4 Submitting application (and initial premium if collected) to company for underwriting
5.5 Assuring delivery of policy and related documents to client
5.6 Explaining policy and its provisions, riders, exclusions, and ratings to clients
5.7 Replacement
5.8 Contract law
6.0 New Jersey Laws, Rules, and Regulations Common to Life, Accident and Health, Property, and Casualty Insurance (25 Items)
6.1 State Regulatory Jurisdiction (4 Items)
6.2 Definitions (4 Items)
6.3 Licensing (8 Items)
6.4 Trade Practices (6 Items)
6.5 Guaranty Associations (1 item)
6.6 Ethics
6.6 Fraud (2 items)
6.7 Information Privacy
7.0 New Jersey Laws, Rules, and Regulations Pertinent to Accident and Health Insurance Only (13 Items)
7.1 Marketing Methods and Practices
7.2 Policy Clauses and Provisions Minimum standards, claims notices, and standard provisions
7.3 Medicare supplement plans
7.4 Temporary disability law
7.5 Health Insurance Reform Markets Individual
7.6 The Health Care Claims Authorization Processing and Payment Act
7.7 Group Health Coverage
Applying for the License: New Jersey, in partnership with the National Insurance Producer Registry (NIPR), offers resident producer license applications online. Utilizing the online application will result in more timely and efficient processing. Please visit the website for further instructions. Additional licensing questions should be directed to the New Jersey Department of Banking and Insurance:
Application Investigations and Producer Education
(609) 292-5316, ext.: 50552
Email: insed@dobi.state.nj.us
License Processing
(609) 292-4337
Email: inslic@dobi.sate.nj.us
Website www.dobi.nj.gov
License Renewal Requirements: Individual Producer licenses must be renewed every two years and there is a continuing education requirement.
Applicable Regulations: Life and health insurance Producers in New Jersey are regulated by the New Jersey Department of Banking and Insurance
For more information on life and health insurance agent licensing and exam preparation, go to Tests.com’s Life and Health Insurance Exam Guide.
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