Exam (elaborations)
NJ Life Insurance EXAM Questions with Solutions 2024
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NJ Life Insurance EXAM
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NJ Life Insurance EXAMVariable - answer Type of annuity to offset inflation by providing a benefit
Convertible Insurability - answer Provides temporary protection, that can be changed to
permeant protection without proof of insurability
Current assumption whole life policies are sensitive to which of the following? -
answerInterest rates
Which policy type is backed by equity investments and allows the policyholder to adjust
the death benefit? - answervariable universal life
in term life policy, which ALWAYS remains constant? - answerDeath benefit
Which of the following is TRUE of an equity-indexed annuity? - answerguaranteed
minimum interest rate.
What is common in an increasing term life policy? - answerbegins with little or no
insurance protection.
three common types of permanent individual life insurance? - answerVariable Life,
Whole Life, Universal Life
What time limit on certain defenses after which the policy becomes incontestable? -
answer2 years
Free Look Provision - answerGenerally 10 days after policy delivery to cancel policy w/
full refund, except 30 days for seniors or for replacement policies.
Warranties - answerGuaranteed to be true
Spendthrift Clause - answerprevents the debtors of a beneficiary from collecting the
benefits before he/she receives them.
Why is the accidental death benefit referred to as double indemnity? - answerIt provides
twice the face value in the policy for death due to accident.
Double Indemnity - answerpays twice the face value of the policy if the insured's death
results from an accident
What is TRUE regarding assignment rights for irrevocable beneficiaries? - answerThey
are MORE likely to receive a loan based on the expectations of the proceeds.
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