NC Insurance Licensing Exam
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1. P is a producer who notices 5 questions on a life ap- Set up a meeting with the
plication were not answered. What actions should P applicant to answer the
take? remaining questions
2. Which of the following does Social Security NOT pro- Dismemberment
vide benefits for?
3. An Accident/Health policyholder has ____ days to re- 10
turn the policy and receive a full refund on premiums
4. Under a Renewable Term policy, the renewable premium is
calculated on the basis of
the insured's attained age
5. Which of the following BEST describes a short-term Nonrenewable
medical expense policy?
6. W is a 39-year old female who just purchased an an- Immediate annuity
nuity to provide income for life starting at age 60. All
of these would be acceptable annuity choices EXCEPT
a(n)
7. How are Roth IRA distributions normally taxed? Distributions are received
tax-free
8. An insurance applicant was recently denied insurance 30
coverage. The applicant is requesting access from the
insurer to recorded personal information regarding
this decision. Under the Information and Privacy Pro-
tection Act, the insurer MUST make the information
available within ___ business days
9. What is a warranty?
, NC Insurance Licensing Exam
Study online at https://quizlet.com/_9wkj3s
is a statement guaranteed
to be true
10. S is a life insurance policyowner and enters into a writ- Viatical Settlement
ten agreement to receive immediate cash in exchange
for the sale and transfer of her life insurance policy.
This agreement is referred to as a(n)
11. How is the Life and Health Insurance Guaranty Asso- from member companies
ciated funded?
12. Quarterly premium payments increase the annual interest to the insurer is
cost of insurance because decreased while the ad-
ministrative costs are in-
creased
13. Who does an insurance broker in North Carolina rep- Insured
resent?
14. When an existing life insurance policy is being reis- Notice Regarding Re-
sued with a reduction in cash value, the agent must placement of Life Insur-
sign the ance of Annuity
15. Whole Life insurance policies are contractually guar- partial withdrawal fea-
anteed to provide each of the following, EXCEPT tures beyond a surrender
charge period
16. K works for XYZ Clothing Store from September not eligible for the insur-
through December each year. K works 45 hours a ance because as a sea-
week for this period of time. The employer's Group sonal employee K does
Policy would consider K not meet the definition of
"employee" under NC law
17.
, NC Insurance Licensing Exam
Study online at https://quizlet.com/_9wkj3s
M is insured under a basic Hospital/Surgical Expense Determined by the terms
policy. A physician performs surgery on M. What de- of the policy
termines the claim M is eligible for?
18. Which health policy clause specifies the amount of Insuring
benefits to be paid?
19. In order to establish a Health Reimbursement be established by the em-
Arrangement (HRA), it MUST ployer
20. Defamation occurs when an agent makes a false malign another insurer
statement intended to
21. Which of these circumstances REQUIRE an insurer to Any insurance transaction
clearly specify questions designed to obtain informa-
tion solely for marketing research?
22. If its employees share in the cost of insurance, what Contributory
type of group life insurance plan would a corporation
have?
23. The investment gains from a Universal Life Policy usu- the cash value
ally go toward:
24. The Health Insurance Portability and Accountability health information
Act (HIPAA) gives privacy protection for:
25. In North Carolina, an agent obtains his/her license Commissioner of Insur-
from the ance
26. In North Carolina, a health policy that is paid on a 31 days
quarterly basis requires a grace period of
27. Residual disability
Study online at https://quizlet.com/_9wkj3s
1. P is a producer who notices 5 questions on a life ap- Set up a meeting with the
plication were not answered. What actions should P applicant to answer the
take? remaining questions
2. Which of the following does Social Security NOT pro- Dismemberment
vide benefits for?
3. An Accident/Health policyholder has ____ days to re- 10
turn the policy and receive a full refund on premiums
4. Under a Renewable Term policy, the renewable premium is
calculated on the basis of
the insured's attained age
5. Which of the following BEST describes a short-term Nonrenewable
medical expense policy?
6. W is a 39-year old female who just purchased an an- Immediate annuity
nuity to provide income for life starting at age 60. All
of these would be acceptable annuity choices EXCEPT
a(n)
7. How are Roth IRA distributions normally taxed? Distributions are received
tax-free
8. An insurance applicant was recently denied insurance 30
coverage. The applicant is requesting access from the
insurer to recorded personal information regarding
this decision. Under the Information and Privacy Pro-
tection Act, the insurer MUST make the information
available within ___ business days
9. What is a warranty?
, NC Insurance Licensing Exam
Study online at https://quizlet.com/_9wkj3s
is a statement guaranteed
to be true
10. S is a life insurance policyowner and enters into a writ- Viatical Settlement
ten agreement to receive immediate cash in exchange
for the sale and transfer of her life insurance policy.
This agreement is referred to as a(n)
11. How is the Life and Health Insurance Guaranty Asso- from member companies
ciated funded?
12. Quarterly premium payments increase the annual interest to the insurer is
cost of insurance because decreased while the ad-
ministrative costs are in-
creased
13. Who does an insurance broker in North Carolina rep- Insured
resent?
14. When an existing life insurance policy is being reis- Notice Regarding Re-
sued with a reduction in cash value, the agent must placement of Life Insur-
sign the ance of Annuity
15. Whole Life insurance policies are contractually guar- partial withdrawal fea-
anteed to provide each of the following, EXCEPT tures beyond a surrender
charge period
16. K works for XYZ Clothing Store from September not eligible for the insur-
through December each year. K works 45 hours a ance because as a sea-
week for this period of time. The employer's Group sonal employee K does
Policy would consider K not meet the definition of
"employee" under NC law
17.
, NC Insurance Licensing Exam
Study online at https://quizlet.com/_9wkj3s
M is insured under a basic Hospital/Surgical Expense Determined by the terms
policy. A physician performs surgery on M. What de- of the policy
termines the claim M is eligible for?
18. Which health policy clause specifies the amount of Insuring
benefits to be paid?
19. In order to establish a Health Reimbursement be established by the em-
Arrangement (HRA), it MUST ployer
20. Defamation occurs when an agent makes a false malign another insurer
statement intended to
21. Which of these circumstances REQUIRE an insurer to Any insurance transaction
clearly specify questions designed to obtain informa-
tion solely for marketing research?
22. If its employees share in the cost of insurance, what Contributory
type of group life insurance plan would a corporation
have?
23. The investment gains from a Universal Life Policy usu- the cash value
ally go toward:
24. The Health Insurance Portability and Accountability health information
Act (HIPAA) gives privacy protection for:
25. In North Carolina, an agent obtains his/her license Commissioner of Insur-
from the ance
26. In North Carolina, a health policy that is paid on a 31 days
quarterly basis requires a grace period of
27. Residual disability
