1/25/26, 8:41 AM NC LIFE INSURANCE Exam Complete Test , Practice Questions, Verified Answer Key, and Study Guide for (Latest 2026 Edition) Fl…
NC LIFE INSURANCE Exam Complete Test ,
Practice Questions, Verified Answer Key, and
Study Guide for (Latest 2026 Edition)
Save
Terms in this set (125)
Unilateral All personal insurance contracts are referred to as
_______ contracts because only one party writes the
contract without imput from the other party.
Alien an insurer incorporated or organized in another
country, but has operations in the state of North
Carolina
Foreign an insurer incorporated and domiciled in another
state other than North Carolina but is doing
business in North Carolina
Reciprocal Exchanges insurance covers members of a group with each
member providing benefits to each member if the
member suffers a loss
Reinsurance Type of insurance is used between insurers to
provide insurance on the same risk.
https://quizlet.com/1134953380/nc-life-insurance-exam-complete-test-practice-questions-verified-answer-key-and-study-guide-for-latest-2026-edition-… 1/13
, 1/25/26, 8:41 AM NC LIFE INSURANCE Exam Complete Test , Practice Questions, Verified Answer Key, and Study Guide for (Latest 2026 Edition) Fl…
Financial Needs Analysis Determines the cash and income needs of a family
if the insured dies
Accidental, Measurable, Non Criteria for insurable risk
Catastrophic, Large number of
similar exposures.
Warranty a guarantee that statements given by the applicant
in the application for insurance are absolute facts
about a risk
Indemnity a contract type that promises to pay an amount
equal to the property covered under the policy if a
loss occurs
Life Insurance Riders Require Underwriting, are less expensive than a
standalone policy, typically for a specified amount
of coverage, and are for a stated period of time.
Increasing Term Add to the whole life portion of the Face amount
plus Cash Value Policy to provide the addition sum
if the insured dies prematurely. Keeps pace with the
growing cash value in the policy and pays the
addition sum if the insured dies.
Joint Life Provides the same amount of coverage for both
candidates
Family Maintenance Policy features Whole Life and Level Term insurance. The
Level Term provides the income payments. As long
as the term period had not expired, the full benefit
is paid
https://quizlet.com/1134953380/nc-life-insurance-exam-complete-test-practice-questions-verified-answer-key-and-study-guide-for-latest-2026-edition-… 2/13
NC LIFE INSURANCE Exam Complete Test ,
Practice Questions, Verified Answer Key, and
Study Guide for (Latest 2026 Edition)
Save
Terms in this set (125)
Unilateral All personal insurance contracts are referred to as
_______ contracts because only one party writes the
contract without imput from the other party.
Alien an insurer incorporated or organized in another
country, but has operations in the state of North
Carolina
Foreign an insurer incorporated and domiciled in another
state other than North Carolina but is doing
business in North Carolina
Reciprocal Exchanges insurance covers members of a group with each
member providing benefits to each member if the
member suffers a loss
Reinsurance Type of insurance is used between insurers to
provide insurance on the same risk.
https://quizlet.com/1134953380/nc-life-insurance-exam-complete-test-practice-questions-verified-answer-key-and-study-guide-for-latest-2026-edition-… 1/13
, 1/25/26, 8:41 AM NC LIFE INSURANCE Exam Complete Test , Practice Questions, Verified Answer Key, and Study Guide for (Latest 2026 Edition) Fl…
Financial Needs Analysis Determines the cash and income needs of a family
if the insured dies
Accidental, Measurable, Non Criteria for insurable risk
Catastrophic, Large number of
similar exposures.
Warranty a guarantee that statements given by the applicant
in the application for insurance are absolute facts
about a risk
Indemnity a contract type that promises to pay an amount
equal to the property covered under the policy if a
loss occurs
Life Insurance Riders Require Underwriting, are less expensive than a
standalone policy, typically for a specified amount
of coverage, and are for a stated period of time.
Increasing Term Add to the whole life portion of the Face amount
plus Cash Value Policy to provide the addition sum
if the insured dies prematurely. Keeps pace with the
growing cash value in the policy and pays the
addition sum if the insured dies.
Joint Life Provides the same amount of coverage for both
candidates
Family Maintenance Policy features Whole Life and Level Term insurance. The
Level Term provides the income payments. As long
as the term period had not expired, the full benefit
is paid
https://quizlet.com/1134953380/nc-life-insurance-exam-complete-test-practice-questions-verified-answer-key-and-study-guide-for-latest-2026-edition-… 2/13
