SC Life Insurance Exam Questions And Answers Rated A+ 2024.

The balance of the loan will be taken out of the death benefit - Answer If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - Answer An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - Answer The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as Term - Answer Children's riders attached to whole life policies are usually issued as what type of insurance? Decreasing Term - Answer An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation 24 total hours, including 8 hours approved for the line of licensing that the producer holds - Answer How many hours of CE must be completed every 2 years? The creditors have rights to the proceeds if they can show evidence of valid assignment - Answer Which of the following statements is true concerning the creditors of the deceased insured? Insurable interest and consent - Answer A life insurance policy has a legal purpose if both of which of the following elements exist? Cost of Living Rider - Answer A long stretch of national economic hardship causes a 7% rate of inflation. A policy owner notices that the face value of her life insurance policy has been raised 7% as a result. Which policy rider caused this change?