Comprehensive Final Examination- NC Life Agent Exam Questions With 100% Correct

Comprehensive Final Examination- NC Life Agent Exam Questions With 100% Correct Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? - answerVariable Universal Life If X wants to buy $50,000 worth of permanent protection on his/her spouse and $25,000 worth of 10-year Term coverage on X under the same policy, the applicant should purchase - answerA Whole Life Policy with Other Insured Rider When an existing life insurance policy is terminated so that a new life insurance policy can be purchased, this transaction is referred to as - answerReplacement The Commissioner of insurance may suspend, revoke, or refuse to renew the license of an agent who - answeris found guilty of misrepresentation or fraud in obtaining the license A 42 year old executive wants to purchase life insurance that will allow for increases or decreases to coverage as his/her needs change. Which of the following policies will best meet this need? - answerUniversal Life What benefit does the Payor clause on a Juvenile Life policy provide? - answerPremiums are waived if payor becomes disabled ABC Insurance Company fails to pay death proceeds after satisfactory proof of loss was submitted. ABC must then begin paying interest on the death proceeds after ____ days of receiving proof of loss. - answer30 An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at what age? - answer59 1/2 Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options? - answerVariable Life If a life insurance company becomes insolvent, the fund that guarantees policyowners payment of death benefits is known as the: - answerLife and Health Insurance Guaranty Association L, aged 50, and L's spouse, 48, have one natural child and one adopted child. They purchase a Family Policy that covers L's spouse to age 65. A death benefit will NOT be paid in which of the following circumstances? - answerL's spouse dies at 66 Which type of life insurance beneficiary requires his/her consent when a change of beneficiary is attempted by the policyowner? - answerIrrevocable Beneficiary Which provision allows the policyowner to change a term life policy to a permanent one without providing proof of good health? - answerConversion A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? - answer20-Pay Life accumulates cash value faster than Straight Life Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called - answerrepresentations Which type of contract liquidates an estate through recurrent payments? - answerannuity Lapsed individual life insurance may be reinstated at any time within - answer3 years The investment gains from a Universal Life Policy usually go toward - answerthe cash value A life insurance policy can be reinstated upon meeting company requirements within a maximum of - answer3 years When is the face amount paid under a Joint Life and Survivor policy? - answerupon death of the last insured Which of the following provisions guarantees that premiums will be waived if a Juvenile Life policyowner becomes disabled? - answerPayor Clau