New Jersey Life Insurance Exam Practice Question
Which of the following statements is CORRECT about a Buyer’s Guide?
Correct Answer: B
Rationale: A Buyer’s Guide serves as an essential resource for consumers in the insurance market. Option B is accurate; the content of a Buyer’s Guide must be approved by the Insurance Commissioner to ensure it meets regulatory standards and provides reliable information.
Option A is incorrect as a Buyer’s Guide does not need to detail specific policy values, focusing instead on general information about insurance products. Option C is also wrong; while dividends may be discussed, including the equivalent level annual dividend is not a requirement. Lastly, Option D is misleading; while transparency is important, the guide does not need to include the producer’s name and address.
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