Exam (elaborations)
New Jersey life insurance exam Questions Rated A+ 2024
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New Jersey life insurance exam
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New Jersey life insurance examadhesion - answer (take it or leave it) no changing the contract. take it as is.
aleatory contract - answer(uneven) You will never pay as much in premium as what you
get in coverage
peril - answer died of a certain way
Hazard - answer cause of loss
Variable Universal Life - answer requires FINRA license
the difference between insure vs. insured - answer Insure (must pay policy benefit "the
company") insured (the customer)
S & P 500 - answer Equity index annuity would have a minimum guaranteed interest
rate, but may have a higher rate of return
who must sign application of insurance - answerOwner, insured, and agent all three
must sign
Differed compensation plans - answeran example of a non qualified retirement plan
Qualified retirement plans - answerKeogh, 401K, IRA
conditional receipt - answerserves as proof that the agent confirmed the insurance
company will fully insure the applicant
accelerated living benefit - answerpays out death benefit while alive due to illness live
threatning reason
convertible insurance - answerthe type of policy that can be changed from one that
doen't usually have cash value to one that does
uniform simultaneous death act - answerunder the common disaster clause if it can't be
determined who died first it is assumed the beneficiary
Fair credit report act - answerthe federal law that permits applicants for insurance to
question the validity and source of any credit info
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