NJ PSI Practice exam 2024 with 100% correct answers

all of the following are ownership rights EXCEPT: A: changing the beneficiary of the policy B: borrowing funds against cash value C: switching the policy from on insured to another D: assigning all of the rights of the policy to another person - correct answer C: switching the policy from on insured to another which of the following is characteristic of a non qualified plan: A: defined vesting schedule B: plan established by the employer C: plan does not meet federal guidelines for tax benefits D: employer contributions are deductible business expense - correct answer C: plan does not meet federal guidelines for tax benefits How do warranties differ from representations? A: a warranty is guaranteed to be true, a representation is believed to be true to the best of one's knowledge B: a representation is guaranteed to be true, a warranty is believed to be true to the best of one's knowledge C: a warranty is issued by the insurer, a representation is a statement provided by the applicant D: an incorrect representation automatically voids a contract, whereas an incorrect warranty must be proven - correct answer A: a warranty is guaranteed to be true, a representation is believed to be true to the best of one's knowledge