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New Jersey life insurance exam fully
solved & updated (latest version verified
for accuracy)
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
, 2
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
convertible insurance - (ANSWER)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 - (ANSWER)under the common disaster clause if
it can't be determined who died first it is assumed the beneficiary
Fair credit report act - (ANSWER)the federal law that permits applicants for
insurance to question the validity and source of any credit info
certificate of authority - (ANSWER)the ability to transact insurance business in
New Jersey is garunteed to an insurer
New Jersey life insurance exam fully
solved & updated (latest version verified
for accuracy)
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
, 2
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
convertible insurance - (ANSWER)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 - (ANSWER)under the common disaster clause if
it can't be determined who died first it is assumed the beneficiary
Fair credit report act - (ANSWER)the federal law that permits applicants for
insurance to question the validity and source of any credit info
certificate of authority - (ANSWER)the ability to transact insurance business in
New Jersey is garunteed to an insurer
