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PSI Practice exam NJ EXAM NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A $17.99   Add to cart
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PSI Practice exam NJ EXAM NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A

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PSI Practice exam NJ EXAM NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A

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  • November 21, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • psi practice exam nj exam newest actu

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  • PSI Practice NJ
  • PSI Practice NJ

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PSI Practice exam NJ EXAM NEWEST, 2024/ 2025, ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A



C: switching the policy from on insured to another ......answer.....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



C: plan does not meet federal guidelines for tax benefits ......answer.....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



A: a warranty is guaranteed to be true, a representation is believed to be true to

the best of one's knowledge ......answer.....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



B: recording method ......answer.....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



C: the minor in a juvenile policy ......answer.....all of the following are required

signature on a life insurance application EXCEPT:

A: the agent

B: the applicant

C: the minor in a juvenile policy

D: the proposed insured

, D: the beneficiary may encumber the proceeds ......answer.....all of the following

are features of the spendthrift clause EXCEPT:

A: proceeds are paid in some other way than a single premium

B: proceeds are protected by the insurer from the beneficiary's creditors

C: transfer of proceeds to creditors

D: the beneficiary may encumber the proceeds



D: variable ......answer.....Which type of annuity attempts to offset inflation by

providing a benefit linked to an underlying investment account:

A: deferred

B: fixed

C: immediate

D: variable



A: the proceeds are divided equally among living primary beneficiaries

......answer.....how does the per capita rule apply to proceeds from a life insurance

policy:

A: the proceeds are divided equally among living primary beneficiaries

B: the secondary beneficiary receives the proceeds if the primary beneficiary is

no longer living

C: the proceeds go to the policyholder's estate when no beneficiary is living

D: the proceeds go to the descendants of the primary beneficiaries

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