Final Exam Practice (South Carolina Life & Health) Questions with 100% correct Answers

Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him? - ANSWER-Assisted Living Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? - ANSWER-$4,000 ($100,000 x.04) All of the following are functions of an insuring clause EXCEPT - ANSWER-Primary describes the free-look period The authority granted to a licensed producer is provided via the - ANSWER-Law of Agency The Fair Credit Reporting Act protects consumer - ANSWER-with guidelines regarding credit reporting and distribution A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific age is called a(n) - ANSWER-Payor Rider which of the following is present when an applicant stands to lose value if the insured dies? - ANSWER-Insurable interest What happens when an insurance policy is backdated? - ANSWER-The policy's effective date is earlier than the present Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? - ANSWER-Accumulation period