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PSI Practice Exam NJ Questions and Complete Solutions Graded A+ $14.49   Add to cart

Exam (elaborations)

PSI Practice Exam NJ Questions and Complete Solutions Graded A+

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  • Course
  • NJ Real Estate
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  • NJ Real Estate

PSI Practice Exam NJ Questions and Complete Solutions Graded A+

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  • August 23, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NJ Real Estate
  • NJ Real Estate
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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

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