PSI NJ EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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Course
PSI NJ
Institution
PSI NJ
PSI NJ EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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PSI NJ EXAM 2024/2025 WITH 100%
ACCURATE SOLUTIONS
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 - Precise
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 - Precise
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 - Precise Answer ✔✔A: a warranty is
guaranteed to be true, a representation is believed to be true to the best
of one's knowledge
in which of the following must a beneficiary change request be filed in
writing to the insurer and is made effective by the insurance company:
A: designation option
B: recording method
C: endorsement method
D: succession of beneficiaries - Precise Answer ✔✔B: recording method
all of the following are required signature on a life insurance application
EXCEPT:
A: the agent
B: the applicant
C: the minor in a juvenile policy
D: the proposed insured - Precise Answer ✔✔C: the minor in a juvenile
policy
all of the following are features of the spendthrift clause EXCEPT:
A: proceeds are paid in some other way than a single premium
B: proceeds are protected by the insurer from the beneficiary's creditors
C: transfer of proceeds to creditors
, D: the beneficiary may encumber the proceeds - Precise Answer ✔✔D:
the beneficiary may encumber the proceeds
Which type of annuity attempts to offset inflation by providing a benefit
linked to an underlying investment account:
A: deferred
B: fixed
C: immediate
D: variable - Precise Answer ✔✔D: variable
how does the per capita rule apply to proceeds from a life insurance
policy:
A: the proceeds are divided equally among living primary beneficiaries
B: the secondary beneficiary receives the proceeds if the primary
beneficiary is no longer living
C: the proceeds go to the policyholder's estate when no beneficiary is
living
D: the proceeds go to the descendants of the primary beneficiaries -
Precise Answer ✔✔A: the proceeds are divided equally among living
primary beneficiaries
if the insurer wishes to share an applicant's HIV status, the applicant
must be given full notice of all of the following EXCEPT:
A: insurer's practices with respect to the treatment of this information
B: the applicant's right to maintain privacy
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