NJ Life Insurance Final Exam And Verified Complete Answers 2024.

Adverse Selection - Answer insuring of risks that are more prone to losses than the average risk lapse - Answer policy termination due to nonpayment of premium Insurance - Answer transfers risk of loss from an individual or business entity to an insurance company which in turn spreads the costs of unexpected losses to many individuals Life Insurance - Answer protects against loss associated with an insured's death, and pays a death benefit to beneficiaries upon death of the insured solicitation of Insurance - Answer an attempt to persuade a person to buy an insurance policy Buyers Guide - Answer provides basic, generic information about life insurance policies that contains language approved by the Department of Insurance - Explains how a buyer should go about choosing the amount and type of insurance to buy - Explains how a buyer can save money comparing the costs of familiar policies Policy Summary - Answer a written statement describing the features and elements of the policy being issued Must provide: - name and address of agent - full name and home office or administrative office of the insurer - generic name of the basic policy - each rider Illustrations - Answer a presentation or depiction that includes non guaranteed elements of a policy of individual or group life insurance over a period of years