New Jersey life insurance exam Correct answers latest update

New Jersey life insurance exam Correct answers latest update 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