SC Life Insurance Exam Questions and Answers 100% Pass

SC Life Insurance Exam Questions and Answers 100% Pass If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? The balance of the loan will be taken out of the death benefit An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Inspection Report The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as Spendthrift Clause Children's riders attached to whole life policies are usually issued as what type of insurance? Term 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 Decreasing Term How many hours of CE must be completed every 2 years? 24 total hours, including 8 hours approved for the line of licensing that the producer holds Which of the following statements is true concerning the creditors of the deceased insured? The creditors have rights to the proceeds if they can show evidence of valid assignment A life insurance policy has a legal purpose if both of which of the following elements exist? Insurable interest and consent 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? Cost of Living Rider Which of the following Life Insurance policies would be considered interest-sensitive? Universal Life The authority granted to an agent through the agent's contract is referred to as Express Authority What must happen when an individual policy or annuity has been personally delivered to the policyowner? The policyowner must sign a delivery receipt In the event of an insurer's insolvency, the South Carolina Life and Health Guaranty Association will Reinsure policies of the insolvent insurer through other companies Once the Director issues a cease and desist order, how soon must an insurer comply with the order? within 30 days When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy? It is reduced to the amount of what the cash value would buy as a single premium All of the following are unfair claims settlement practices EXCEPT Suggesting negotiations in settling the claim How many hours of continuing education in Ethics are required each compliance period 3 In the transaction of insurance, which of the following is considered to be representing the client? The Broker