New Jersey Life Insurance Exam Questions and Answers Graded A+

New Jersey Life Insurance Exam Questions and Answers Graded A+ adhesion (take it or leave it) no changing the contract. take it as is. aleatory contract (uneven) You will never pay as much in premium as what you get in coverage peril died of a certain way Hazard cause of loss Variable Universal Life requires FINRA license the difference between insure vs. insured Insure (must pay policy benefit "the company") insured (the customer) S & P 500 Equity index annuity would have a minimum guaranteed interest rate, but may have a higher rate of return who must sign application of insurance Owner, insured, and agent all three must sign Differed compensation plans an example of a non qualified retirement plan Qualified retirement plans Keogh, 401K, IRA conditional receipt serves as proof that the agent confirmed the insurance company will fully insure the applicant accelerated living benefit pays out death benefit while alive due to illness live threatning reason convertible insurance the type of policy that can be changed from one that doen't usually have cash value to one that does uniform simultaneous death act under the common disaster clause if it can't be determined who died first it is assumed the beneficiary Fair credit report act the federal law that permits applicants for insurance to question the validity and source of any credit info certificate of authority the ability to transact insurance business in New Jersey is garunteed to an insurer Foreign Company an insurer that is incorporated in New York but authorized to do business in New Jersey comparable License to be elegeble for a nonresident producer license the producer must hold compairable license in home state Guaranty Association non profit legal entity that protects public from company insolvency all of the following are characteristics of credit life - proceeds are paid directly to the lender - Benifits are limited to the exact amounts of the loan - the policy could be group or indivisual