Life National Content
29%of exam
A&H National Content
29%of exam
NJ Common Law
29%of exam
DOBILicensingCEUnfair PracticesProducer Conduct
NJ Life-Specific Law
5%of exam
ReplacementFree LookSTOLIAnnuity SuitabilityGuaranty
NJ Health-Specific Law
8%of exam
Health ClaimsMed SuppLTCSmall EmployerNewborn
Quick Facts
- Provider
- PSI / DOBI
- Fee
- $47 per exam
- Time
- 3.5 hours each
- Life items
- 83 scored
- A&H items
- 88 scored
- Pass
- 70%
- Prelicense
- 20 hours/line
- CE
- 24 hrs/biennium
- Ethics CE
- 3 hours
- Retake
- After 24 hours
Term vs Whole
Term
- Temporary
- No cash value
- Lower premium
Whole
- Permanent
- Cash value
- Fixed premium
Rent vs own
Life Product Picker
- Temporary need→Term(Lowest premium)
- Mortgage declines→Decreasing term(Falling face)
- Lifetime guarantee→Whole life(Cash value)
- Flexible premium→Universal life(Adjustable)
- Market upside→Variable life(Separate account)
- Two lives planning→Survivorship(Second death)
Life Products
- Term
- Temporary protection
- Level term
- Level face
- Decreasing term
- Declining face
- Whole life
- Permanent fixed premium
- Limited pay
- Short premium period
- Universal life
- Flexible premium
- Variable life
- Separate accounts
- VUL
- Flexible plus separate
UL vs VUL
UL
- Flexible premium
- Interest crediting
- General account
VUL
- Flexible premium
- Separate accounts
- Securities license
Interest vs market
Annuity Picker
- Income now→Immediate(Annuitize soon)
- Income later→Deferred(Accumulate first)
- Guarantee wanted→Fixed(General account)
- Market upside→Variable(Securities license)
- Index crediting→Indexed(Caps and floors)
- Tax-free swap→1035(Like-kind)
Life Provisions
- Grace period
- Late-pay window
- Incontestability
- 2-year challenge limit
- Suicide clause
- 2-year exclusion
- Reinstatement
- Restore lapsed policy
- Assignment
- Transfer rights
- Policy loan
- Borrow cash value
- Spendthrift
- Creditor protection
- Beneficiary
- Receives proceeds
Fixed vs Variable
Fixed
- Guaranteed crediting
- General account
- Insurer risk
Variable
- Separate accounts
- Owner risk
- Securities license
Guarantee vs market
Riders + Options
- Waiver
- Disability premium waiver
- ADB
- Accidental death extra
- GIR
- Future purchase right
- Accelerated
- Early death benefit
- Cash surrender
- Take cash value
- Reduced paid-up
- Smaller permanent policy
- Extended term
- Same face temporary
- Settlement
- Proceeds payout option
Annuities + Tax
- Immediate
- Income starts soon
- Deferred
- Income later
- Fixed
- Guaranteed crediting
- Variable
- Separate accounts
- Indexed
- Index-linked crediting
- Single premium
- One payment
- 1035
- Tax-free exchange
- LIFO
- Gain taxed first
Medicare ABCD
A hospital, B medical, C Advantage, D drugs.
A: hospitalB: doctorsC: AdvantageD: drugs
HMO vs PPO
HMO
- PCP gatekeeper
- Network focus
- Lower cost
PPO
- Provider choice
- Out-network allowed
- Higher cost
Gatekeeper vs choice
Health Plan Picker
- Lowest cost network→HMO(Gatekeeper)
- Provider flexibility→PPO(Out-network okay)
- Network only→EPO(No referrals)
- HSA wanted→HDHP(High deductible)
- Lost wages→Disability(Income benefit)
- Custodial care→LTC(ADL trigger)
Health Products
- Medical expense
- Care costs
- Major medical
- Broad coverage
- Disability income
- Lost earnings
- LTC
- Custodial care
- Dental
- Oral care
- Vision
- Eye care
- AD&D
- Accident only
- Limited benefit
- Specified perils
Medicare A vs B
Part A
- Hospital inpatient
- Skilled nursing
- Premium-free often
Part B
- Doctor visits
- Outpatient care
- Monthly premium
Hospital vs medical
Health Provisions
- Notice
- Tell insurer promptly
- Claim forms
- Insurer sends 15 days
- Proof of loss
- Within 90 days
- Time payment
- Claims paid promptly
- Renewable
- Continuation rights
- Cancelable
- Insurer may stop
- Guaranteed renewable
- Must renew
- Noncancelable
- Premium locked
Cancelable vs Guaranteed
Cancelable
- Insurer ends anytime
- Refunds unearned
- Weakest renewal
Guaranteed renewable
- Must renew
- Premiums can rise
- Class basis only
Insurer choice vs duty
Managed Care
- HMO
- Gatekeeper network
- PPO
- Preferred network
- EPO
- Network only
- POS
- Referral blend
- HDHP
- HSA eligible
- Deductible
- Before plan pays
- Coinsurance
- Cost percentage
- Out-of-pocket
- Annual cap
Medicare Map
- Part A
- Hospital insurance
- Part B
- Medical insurance
- Part C
- Medicare Advantage
- Part D
- Prescription drugs
- Medigap
- Supplements gaps
- Medicaid
- Need-based aid
- OEP
- Initial enrollment window
- SEP
- Special election period
Disability + LTC
- Own occupation
- Cannot perform job
- Any occupation
- Cannot perform work
- Elimination period
- Waiting period
- Benefit period
- Payment duration
- ADLs
- Six daily activities
- LTC trigger
- ADL or cognitive
- Inflation rider
- Benefit grows
- Partial disability
- Reduced benefit
NJ Exam Split
Life 83, A&H 88, 25 NJ each.
Life: 83A&H: 88NJ common: 25Pass: 70%
Replacement vs Twisting
Replacement
- Policy swap
- Can be legal
- Disclosure required
Twisting
- Misleading swap
- Illegal practice
- False comparison
Disclosure vs deception
NJ Compliance Picker
- Insurer uses agent→Appointment(Required)
- Renew license→24 hours CE(Plus 3 ethics)
- Existing policy swap→Replacement form(5 days notice)
- Selling annuity→Suitability + disclosure(2024 rule)
- Client funds held→Fiduciary account(No commingling)
- Insurer insolvent→NJLHIGA(Limits apply)
- Senior client 65+→20-day free look(Extended)
Exam Map
- Lines
- Two separate exams
- Life scored
- 83 items
- A&H scored
- 88 items
- Time
- 3.5 hours each
- Pass
- 70%
- Fee
- $47 each
- NJ common law
- 25 items/line
- Provider
- PSI Services
NJ CE Stack
24 hours, 3 ethics, 12 carryover.
24 total3 ethics12 carryover2-year cycle
NJ Licensing
- DOBI
- Banking + Insurance regulator
- Commissioner
- Governor appointed
- Minimum age
- 18 years
- Fingerprints
- Background check required
- Prelicense
- 20 hours/line
- Combined
- 40 hours total
- License term
- 2 years
- Appointment
- Insurer authorization
NJ CE
- CE total
- 24 hours biennial
- Ethics CE
- 3 hours required
- Fraud substitute
- 1 hour swaps ethics
- Carryover
- 12 hours allowed
- Provider
- DOBI-approved courses
- Late renewal
- Within 1 year
- Expired
- Retake exam
- Renewal fee
- $60
NJ Unfair Practices
- Misrepresentation
- False policy facts
- Twisting
- Misleading replacement
- Churning
- Commission-driven replacement
- Rebating
- Illegal inducement
- Defamation
- False insurer attack
- Coercion
- Forced purchase
- Boycott
- Restraint of trade
- Penalty
- $10,000 per violation
NJ Guaranty (NJLHIGA)
Life 500, cash 100, annuity 250.
Life: $500KCash: $100KAnnuity: $250KHealth: $500K
NJ Life Rules
- Free look
- 10 days standard
- Senior free look
- 20 days at 65+
- Replacement free look
- Often extended
- Replacement notice
- 5 business days
- STOLI
- Stranger-owned, prohibited
- Annuity disclosure
- 2024 compensation rule
- Suitability
- Best-interest standard
- Life settlement
- Third-party sale
NJ Free Look
10 standard, 20 senior, replacement extended.
10 days20 days 65+Replacement longerRefund full
NJ Guaranty (NJLHIGA)
- Life death benefit
- $500,000 limit
- Life cash value
- $100,000 limit
- Annuity present value
- $250,000 limit
- Health benefits
- $500,000 limit
- Aggregate cap
- $500,000 per life
- Trigger
- Insurer insolvency
- Selling
- Cannot advertise coverage
- Statute
- N.J.S.A. 17B:32A
NJ Health Rules
- Med Supp
- Standardized plans
- Open enrollment
- Guaranteed issue window
- LTC trigger
- ADL or cognitive
- Newborn
- Automatic coverage
- Small employer
- 1-50 employees
- Claims notice
- 20 days insurer
- Conversion
- Group to individual
- HMO regulator
- DOBI plus DOH
Common Traps
Two exams not one
Life + A&H separate ≠ Each $47, 3.5 hours
Free-look senior rule
10 days standard ≠ 20 days at 65+
Replacement vs twisting
Replacement disclosed ≠ Twisting misleads
Rebate vs commission
Rebate induces client ≠ Commission compensates producer
Owner vs insured
Owner controls policy ≠ Insured is life
Part C vs Medigap
Part C replaces Medicare ≠ Medigap supplements gaps
Guaranty advertising
NJLHIGA protects ≠ Cannot sell with it
Title 17B vs Title 11
17B is statutes ≠ 11 is regulations
Last Minute
- 1.Life exam: 83 scored items
- 2.A&H exam: 88 scored items
- 3.Pass: 70% each line
- 4.Time: 3.5 hours each
- 5.Fee: $47 per exam
- 6.Prelicense: 20 hrs/line
- 7.CE: 24 hrs/biennium + 3 ethics
- 8.Free look: 10 days, 20 senior
- 9.Incontestability: 2 years
- 10.Suicide clause: 2 years
- 11.NJLHIGA: 500/100/250/500
- 12.Replacement notice: 5 business days
- 13.STOLI prohibited under NJ law
- 14.Annuity 2024 disclosure rule
- 15.Guaranty is never a pitch
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