SC INSURANCE FINAL EXAM QUESTIONS AND ANSWERS RATED A+

SC INSURANCE FINAL EXAM QUESTIONS AND ANSWERS RATED A+ all of the following are typically included in a life insurance policy illustration EXCEPT: A. premium of the policy B. names of the beneficiaries C. interest charged for policy loans D. cash surrender value in 20 years B. names of the beneficiaries during the course of an insurance transaction, which of the following is NOT a duty of the producer? A. highlight the protections guaranteed by the guaranty association B. be fair and honest C. do not misrepresent the provisions of the policy D. submit premiums collected to the insurer in a timely manner A. highlight the protections guaranteed by the guaranty association How do insurers predict the increase of individual risks? law of large numbers law of large numbers the larger the number of units that are individually exposed to an event, the greater the likelihood that the actual results of that exposure will equal the expected results who were Keogh plans designed to provide pension benefits for? the self-employed an individual most likely will have an insurable interest in insuring a person's life if: an economic interest exists for the continuance of the insured's life decreasing term life insurance is often used to? provide coverage for a home mortgage which of these is NOT a qualifying event for medicare? falling below the federal poverty level field underwriting performed by the producer involves? completing the application and collecting the initial premium a whole life insurance policy accumulates cash value that becomes: the policy loan value which the insured may borrow against in regards to a life insurance contract, which is NOT true regarding the concept of insurable interest? insurable interest can be established sufficiently by sentimental attachment alone all long-term care policies sold in South Carolina are REQUIRED to pay the SAME daily benefit amount for 'at home' care as compared to: the daily amount paid for nursing home care a dependent child may remain on a parent's health insurance plan beyond the limiting age if the child: has a mental/physical handicap and remains dependent on the parent a medicare supplement policy is: designed to fill in the gaps of part A and part B medicare what is NOT considered to be a nonforfeiture option in a whole life insurance policy? interest only a provision that allows a policyowner to withdraw a policy's cash value interest free is: partial surrender an insurer formed according to the legal requirements of another country is considered: an alien insurer an underwriter can acquire information from all of the following sources except: A. medical information bureau B. consumer reports C. physician's statements D. genetic testing D. genetic testing an insurer may exclude preexisting conditions on a medicare supplement policy for __________ months 6 A waiver of premium rider allows an insured to waive premium payments if the insured is: completely and permanently disabled A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same type is called: nonforfeiture option a life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. which rider would pay a monthly amount because of this disability? disability income rider the double indemnity provision in a life insurance policy pertains to an insured's death caused by: an accident within ______ days after policy delivery, both medicare