100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
PSI Practice exam NJ Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution CA$11.61   Add to cart
Quickly navigate to
Preview
  2.  
  3. PSI
  4.  
  5. PSI
  6.  
  7. PSI

Exam (elaborations)

PSI Practice exam NJ Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

 5 views  0 purchase
  • Course
  • PSI
  • Institution
  • PSI

PSI Practice exam NJ Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

Preview 2 out of 8  pages

Document information

  • June 23, 2024
  • 8
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • psi practice exam nj questions with 100 actual co

Written for

  • PSI
  • PSI
  • PSI
All documents for this subject (1097)

Seller

avatar-seller
Hkane

Reviews received

Content preview

PSI Practice exam NJ
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 - correct 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 - correct 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 - correct 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 - correct answer-B: recording method

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 - correct answer-C: the minor in a juvenile policy

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 - correct answer-D: the beneficiary may
encumber the proceeds

, 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 - correct answer-D: variable

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 - correct answer-A: the
proceeds are divided equally among living primary beneficiaries

if the insurer wishes to share an applicant's HIV status, the applicant must be given full
notice of all of the following EXCEPT:
A: insurer's practices with respect to the treatment of this information
B: the applicant's right to maintain privacy
C: an opportunity to refuse the dissemination of the information
D: the treatment procedures that are covered by the policy - correct answer-D: the treatment
procedures that are covered by the policy

which of the following is the time limit on certain defenses after which the policy becomes
incontestable:
A: 12 months
B: 18 months
C: 2 years
D: 5 years - correct answer-C: 2 years

why is relying solely on employer group life insurance generally considered inadequate for
most individual needs:
A: it is financially insufficient to cover end of life expense - correct answer-A: it is financially
insufficient to cover end of life expense

current assumption whole life policies are sensitive to which of the following:
A: interest rates
B: age of the insured
C: health of the insured
D: current cash value of the policy - correct answer-A: interest rates

the group conversion option is allowed for all of the following EXCEPT:
A: termination of the master policy
B: loss of group coverage due to termination of employment
C: upon the loss of eligibility on the part of a class of insureds
D: during the annual benefits enrollment period - correct answer-D: during the annual
benefits enrollment period

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Hkane. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$11.61. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

ATI PN Comprehensive Exit Review questions and answers latest top score.

CA$11.61
  • (0)
  Add to cart