NJ LIFE PRODUCER EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
2 views 0 purchase
Course
NJ LIFE PRODUCER LIFE INSURANCE
Institution
NJ LIFE PRODUCER LIFE INSURANCE
NJ LIFE PRODUCER EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
The Waiver of Cost of Insurance rider is found in what type of insurance? - Precise Answer Universal Life
If an insured continually uses the automatic premium loan option to pay the policy premium, - Precise Answer The policy will...
NJ LIFE PRODUCER EXAM 2024/2025
WITH 100% ACCURATE SOLUTIONS
The Waiver of Cost of Insurance rider is found in what type of
insurance? - Precise Answer ✔✔Universal Life
If an insured continually uses the automatic premium loan option to pay
the policy premium, - Precise Answer ✔✔The policy will terminate
when the cash value is reduced to nothing
If a settlement option is not chosen by the beneficiary or policyowner,
which option will be used? - Precise Answer ✔✔Lump sum
An insured misstates her age at the time the life insurance application is
taken. This misstatement may result in - Precise Answer ✔✔adjustment
in the amount of death benefit
When a whole life policy lapses or is surrendered prior to maturity, the
cash value can be used to - Precise Answer ✔✔Purchase a single
premium policy for a reduced face amount.
The policyowner wants to make sure that upon his death, the life policy
will pay a portion of the proceeds annually to his spouse, but that the
principal will be paid to their children when they reach a certain age.
, Which settlement option should the policyowner choose? - Precise
Answer ✔✔Interest only option
An individual is purchasing a permanent life insurance policyw ith a
face value of $25,000. While this is all the insurance that he can afford
at this time, he wants to be sure that additional coverage will be
available in the future. Which of the following options should be
included in the policy? - Precise Answer ✔✔Guaranteed insurability
option
All of the following statements concerning an employer sponsored
nonqualified retirement plan are true except? - Precise Answer ✔✔The
employer can receive a current tax deduction for any contributions made
to the plan
A corporation is the owner and beneficiary of the key person life policy.
If the corporation collects the policy benefit, then... - Precise Answer
✔✔The benefit is received tax free
The requirement that agents must account for all insurance funds
collected, and are not permitted to comingle those funds with their own
is known as - Precise Answer ✔✔Fiduciary responsibility
When an insurance producer negotiates for an insurance contract on
behalf of a client, the producer is acting as a - Precise Answer
✔✔broker
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YANCHY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
