NC life insurance simulated Exam Questions With 100% Correct Answers 2024

NC life insurance simulated Exam Questions With 100% Correct Answers 2024 Admitted insurer - answerBlackstone Insurers is incorporated in New York, where it has also received a certificate of authority to transact insurance. what type of insurer is Blackstone in New York? Legal Delivery - answerJennifer applied for a $500,000 whole life insurance policy. the insurer issued the policy but classified jennifer as a substandard risk, resulting in a higher premium. which type of policy delivery would be preferred in this situation? Give the applicant a Notice Regarding Replacement. - answerwhen agent angela met with larry for the first time, she learned that he already owned a life insurance policy and was considering replacing it with a new policy. What action must angela take? Life Insurance - answermost insurance polices are personal contracts between the insurer and the policy owner. which of the following is NOT a personal contract Personal - answerThe fact that an insurance contract generally cannot be transferred to a third party without the insurers consent makes it what type of contract? to pay ongoing long-term medical and nursing care incurred by the insured - answerLife insurance is commonly used for all of the following needs, EXCEPT: Does not include the applicants signed statement of intent. The Underwriter DOES include sources such as the application, medical examination if required, and an attending physicians statement. - answerThe underwriter at the home office relies on many sources of information in deciding to accept, decline or rate a risk. The most commonly used sources include all of the following EXCEPT: and what sources does it include? The premiums are about the same as for two comparable single-life policies- in actuality, the premiums for survivorship are lower than they would be for two comparable single life policies. - answerWhich statement about survivorship life insurance is NOT correct? pay estate taxes and other settlement costs when the second insured dies. - answerwhat were survivorship life insurance policies primarily created to do? flexible premium payments - answerVariable life insurance policies offer all of the following; a death benefit, cash values, and a variety of subaccount investment choices. But they DO NOT offer: Those without a life contingency and those with a life contingency. - answerProceeds from a life insurance policy can be paid out in a number of ways. which of the following most correctly describes the two general categories of life insurance settlement options. when insured, the level term policy will be less expensive than the permanent policy. - answerWhich one of the following statements about term life insurance and permanent insurance is most correct? exclude members based on their risk profile - answerABC Life insurance has been chosen to underwrite a group life insurance for the big state Alumni Association. In underwriting the risk posed by the group, ABC can perform all of the following EXCEPT: Lump-sum cash payment - answerUnder which of the following settlement options are the insurer's responsibilities under the contract fulfilled upon the death of the insured? Lump sum cash payment - answerunder which settlement option does the insurer distribute all the proceeds upon the death of the insured or surrender of the policy, with none held by the insurer? The policy will pay the death benefit after deducting the premium that is owed. - answerReggie has not paid his life insurance policy premium, and the policy is in the grace period. He dies of a heart attack during this time. How will the policy respond? Net single Premium - answerWhat is the amount that a person must pay in a lump sum to receive all the benefits promised in the policy if no insurer expenses were considered? The waiver usually stays in effect until the payor recovers or the child reaches a certain age. - answerThe payor benefit rider for a juvenile sets the term for when and how long the premium waiver stays in effect. If the payor becomes totally disabled or dies before the specified age, which of the following happens? Reduced paid-up option. - answerDan surrenders his whole life policy and decides to apply its $20,000 cash value to buy a $35,000 of whole life coverage for the length of his life. Dan has chosen which of the following? They are commonly used to s