PSI Practice Exam
NJ Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, all of the following are ownership rights EXCEPT:
A: changing the beneficiary of the policy
B: borrowing funds against cash value
C: switching the policy from on insured to another
D: assigning all of the rights of the policy to another person - Answer: C: switching the policy from on
insured to another
which of the following is characteristic of a non qualified plan:
A: defined vesting schedule
B: plan established by the employer
C: plan does not meet federal guidelines for tax benefits
D: employer contributions are deductible business expense - Answer: C: plan does not meet federal
guidelines for tax benefits
How do warranties differ from representations?
A: a warranty is guaranteed to be true, a representation is believed to be true to the best of one's
knowledge
B: a representation is guaranteed to be true, a warranty is believed to be true to the best of one's
knowledge
C: a warranty is issued by the insurer, a representation is a statement provided by the applicant
D: an incorrect representation automatically voids a contract, whereas an incorrect warranty must be
proven - Answer: A: a warranty is guaranteed to be true, a representation is believed to be true to the
best of one's knowledge
in which of the following must a beneficiary change request be filed in writing to the insurer and is made
effective by the insurance company:
A: designation option
B: recording method
C: endorsement method
D: succession of beneficiaries - Answer: B: recording method
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 YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.