New Jersey Life Insurance Exam Practice Question
When a life insurance policy is issued to replace another life insurance policy, which of the following does NOT apply?
Correct Answer: B
Rationale: When a life insurance policy replaces another, certain requirements ensure transparency and protect the consumer. The Regulation 60 Disclosure Statement (A), policy summary (C), and buyer's guide (D) are all mandated to inform the policyholder about the new policy's terms and the implications of the switch. However, the replacing insurer’s financial statement (B) is not a specific requirement in this context. While it may be relevant for overall financial assessment, it does not directly pertain to the replacement process, making it the exception among the options listed.
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