Jersey Life Insurance Exam Questions And Answers All 49 Questions And Answers

What is variable life {Ans: A type of policy in which cash value increases or decreases daily depending upon investment results with no guarantee to the amount of the cash}certificate of authority {Ans: the ability to transact insurance business in New Jersey is garunteed to an insurer}convertible insurance {Ans: the type of policy that can be changed from one that doen't usually have cash value to one that does}Nonresident Producer {Ans: Has compairable lisence Reciprocity Good moral character Lisence in good standing}peril {Ans: died of a certain way}conditional receipt {Ans: serves as proof that the agent confirmed the insurance company will fully insure the applicant}adhesion {Ans: (take it or leave it) no changing the contract. take it as is.}Guaranty Association {Ans: non profit legal entity that protects public from company insolvency}all the following are considered to be forms of advertising {Ans: - Materials used for agent recruiting - Magazine advertising - Prepared sales talks}who must sign application of insurance {Ans: Owner, insured, and agent all three must sign}What happens if insured dies during grace period {Ans: If the insured dies during the grace period No death benefit is payable