New Jersey life insurance Pro Final Exam And Complete Answers 2024.

adhesion - 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 - Answer Owner, insured, and agent all three must sign Differed compensation plans - Answer an example of a non qualified retirement plan Qualified retirement plans - Answer Keogh, 401K, IRA conditional receipt - Answer serves as proof that the agent confirmed the insurance company will fully insure the applicant accelerated living benefit - Answer pays out death benefit while alive due to illness live threatning reason