NORTH CAROLINA ACCIDENT AND HEALTH INSURANCE PACKAGE DEAL

All of the following are true regarding Key Employee Disability Income insurance EXCEPT A) Premiums are not tax deductible for the employer. B) Benefits are taxable to the employer. C) The employer owns the policy. D) Benefits are paid to the employer to retrain a new person. - ️️B) Benefi...

Pure Risk - ️️chance of loss or no loss but not gain insurable Speculative Risk - ️️there is possibility of loss but of gain no insurablility exposure unit - ️️subject to loss peril - ️️cause of loss life insurance - ️️death Health insurance - ️️accident and si...

Which of the following provides coverage on a first-dollar basis? - ️️Basic expense. Which of the following answers does NOT describe the principal goal of a Preferred Provider Organization? - ️️Provide medical services only from physicians in the network. A small business owner is the...

Which of the following is NOT a characteristic of universal life insurance? A Flexible death benefit B Cash account C Fixed premium D Unbundled premium - ️️C Universal life policies allow the policy owner to increase the amount of premium going into the policy and to later decrease it again...

Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated: - ️️1970 - Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their risk exposure? - ️️Treaty What is the na...

Insurance - ️️a plan of spreading the risk of possible loss over a large number of people Representation - ️️information believed to be true to the best of one's knowledge Agents - ️️Representatives of the INSURER - represents single insurer Brokers - ️️Representatives of t...

Which of these statements concerning an individual Disability Income policy is TRUE? - ️️Normally includes an Elimination period Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contract? - ️...

An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner - ️️A policy summary and buyer's guide All of the following actions are considered rebating EXCEPT - ️️Sharing commissions with other licensed and appointed agents What benefit does the Payor ...

Term Insurance - ️️Used for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. Term Insurance - ️️Expire's at a certain age/Time in the future. May be renewable up to a certain age or date with out a phyical Exam. Level ...

Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? - ️️ M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCE...

All of the following are included within the Insurance Commissioner's duties EXCEPT a) Conducting investigation of all domestic insurers. b) Reviewing the insurers' annual reports. c) Writing North Carolina insurance laws. d) Reporting any violations of insurance laws to the Attorney General...

funds held by an insurance producer in a fiduciary capacity - ️️cannot be converted to an individual's or firm's own use an insurer incorporated in canada but doing business in california would be - ️️an alien insurer misrepresenting, in a replacement sale, any of the terms, advantag...

Grace - ️️there is no ___________ period on a cobra plan Pure Risk - ️️chance of loss or no loss but not gain insurable Speculative Risk - ️️there is possibility of loss or gain, but no insurablility 90 days - ️️if totally disabled on AD&D policy and be able to get the princ...