New Jersey Life Producer Law Practice Test

How long must a producer wait before applying for reinstatement if their license is revoked?

1. 1 year

2. 3 years

3. 5 years

4. 10 years

The correct answer is: 5 years

In New Jersey, if a life insurance producer's license has been revoked, they must wait a minimum of five years before they are eligible to apply for reinstatement. This five-year waiting period serves to ensure that individuals who have had their licenses revoked have sufficient time to reflect on the reasons for the revocation and to potentially address any issues that may have led to the revocation. This requirement is designed to protect consumers and maintain the integrity of the insurance profession by ensuring that individuals seeking to re-enter the industry have demonstrated accountability and a commitment to ethical practices. The extended waiting period underscores the seriousness of license revocation and the state's intention to uphold high standards for those in the insurance field.