New Jersey life insurance exam fully solved &
updated (latest version verified for accuracy)
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Practice questions for this set
Learn 1/6 Study with Learn
Legal document between co-owners of the business allowing the surviving
partners to purchase a deceased partner's share of the business
Choose an answer
1 adhesion 2 Buy sell agreement
3 convertible insurance 4 Variable Universal Life
Don't know?
Terms in this set (49)
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. Insure (must pay policy benefit "the company")
insured 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 Owner, insured, and agent all three must sign
insurance
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
updated (latest version verified for accuracy)
Save
Practice questions for this set
Learn 1/6 Study with Learn
Legal document between co-owners of the business allowing the surviving
partners to purchase a deceased partner's share of the business
Choose an answer
1 adhesion 2 Buy sell agreement
3 convertible insurance 4 Variable Universal Life
Don't know?
Terms in this set (49)
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. Insure (must pay policy benefit "the company")
insured 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 Owner, insured, and agent all three must sign
insurance
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
