NC Life Exam Questions With 100% Correct Answers 2024

NC Life Exam Questions With 100% Correct Answers 2024 K purchased a Life insurance policy in 1986 which paid 10% interest in the early years of the policy. Twenty years after the purchase, she received a notice from the insurer stating that the policy will soon terminate unless a much-higher premium is paid because of falling interest rates. This type of policy is known as a(n) _________ life policy. - answeruniversal K is an annuitant currently receiving payments. If she were to die before receiving payments equal to the correct value, a beneficiary will continue receiving payments until an amount equal to the contract value has been paid. This is called a(n): - answerinstallment refund annuity The Accelerated Death Benefit provision in a life insurance policy is also knows as a(n): - answerLiving Benefit A variable insurance policy - answerdoes not guarantee a return on its investment accounts The federal income tax treatment of employer-provided group Medical Expense insurance can be accurately described as: - answerEmployee's premiums paid by the employer is tax- deductible to the employer as a business expenditure An agent inducing an insured to lapse, forfeit, or surrender insurance through misrepresentation is committing the illegal act of - answertwisting A contract where one party either accepts or rejects the terms of a contract written by another party is called a contact of - answerAdhesion Dividends paid from a life insurance policy are - answerissued by the insurer Which kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies? - answerFamily Maintenance Policy Q is looking to buy a life insurance policy that will provide the greatest amount of protection for a TEMPORARY time period. Which policy should Q purchase? - answerTerm life When an insurance company sends a policy to the insured with an attached application, the element that makes the application part of the contract between the insured and the insurer is called the - answerEntire Contract provision Which of the following types of organizations are prepaid group health plans, where members pay in advance for the services of participating physicians and hospitals that have agreements? - answerHMO