South Carolina Life & Health Insurance Exam Prep Questions & Answers

Which parts of a health insurance policy are guaranteed to be true? - ANSWER- A 15-year mortgage is best protected by what kind of life policy - ANSWER-Mortgage Redemption Policy What type of life policy has a death benefit that adjusts periodically and is written for a specific period of time - ANSWER-Decreasing Term Life A change in an insurance application requires - ANSWER-an initial made by the applicant Who pays for the life insurance coverage on the stockholder in a stock redemption plan? - ANSWER-Policyholder What is a nonprofit entity, operating under a lodge system? - ANSWER-Fraternal organization When there is a named beneficiary on a life insurance policy, the death benefits: - ANSWER- No insurer, agent, broker, solicitor, or person, in connection with an insurance transaction shall offer or promise to buy, sell, give, or allow the prospective insured employment, stock or special favors. This is the definition of - ANSWER-Inducement The cause of a loss is referred to as a(n) - ANSWER-peril What is known as the immediate specific even causing loss and giving rise to risk? - ANSWER-hazard