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
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
