Exam (elaborations)
New Jersey life insurance exam 2024/25
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New Jersey life insurance exam 2024/25
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II New Jersey life insurance exam 2024/25adhesion - (take it or leave it) no changing the contract. take it as is.
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aleatory contract - (uneven) You will never pay as much in premium as what you get in
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coverage
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II peril - died of a certain way
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II Hazard - cause of loss II II II II II II
II Variable Universal Life - requires FINRA license II II II II II II II II
the difference between insure vs. insured - Insure (must pay policy benefit "the
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company") insured (the customer)
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S & P 500 - Equity index annuity would have a minimum guaranteed interest rate, but
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may have a higher rate of return
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II who must sign application of insurance - Owner, insured, and agent all three must sign
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II Differed compensation plans - an example of a non qualified retirement plan
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II Qualified retirement plans - Keogh, 401K, IRA II II II II II II II II
conditional receipt - serves as proof that the agent confirmed the insurance company will
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fully insure the applicant
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accelerated living benefit - pays out death benefit while alive due to illness live threatning
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reason
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convertible insurance - the type of policy that can be changed from one that doen't
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usually have cash value to one that does
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uniform simultaneous death act - under the common disaster clause if it can't be
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determined who died first it is assumed the beneficiary
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Fair credit report act - the federal law that permits applicants for insurance to question
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the validity and source of any credit info
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certificate of authority - the ability to transact insurance business in New Jersey is
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garunteed to an insurer
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Foreign Company - an insurer that is incorporated in New York but authorized to do
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business in New Jersey
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