New Jersey Life Producer Practice Exam

How often must a business name authorization be renewed?

1. 6 months

2. 1 year

3. 2 years

4. 3 years

The correct answer is: 1 year

In New Jersey, a business name authorization must be renewed every year to ensure that the name remains active and that the business is compliant with state regulations. This annual renewal process helps maintain an up-to-date record of businesses operating under specific names, allowing the state to track ownership and any potential changes to business structure or status. Keeping the authorization current is crucial for protecting the business name and ensuring that it does not unintentionally lapse, which could lead to challenges in using the name legally in business operations.