South Carolina Insurance Exam Questions and Correct Answers 2024

South Carolina Insurance Exam Questions and Correct Answers 2024 An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? - CORRECT ANSWER-Inflation protection Which of these riders will pay a death benefit if the insured's spouse dies? - CORRECT ANSWER-Family term insurance rider Disability income plans which require that the insurer can NEVER change or alter premium rates are usually considered - CORRECT ANSWER-Nonconcellable What is the required action to be taken by a South Carolina licensee before operating under an assumed business name? - CORRECT ANSWER-Notify the Director The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid - CORRECT ANSWER-minus indebtedness and without interest If an annuitant dies before the annuity start date - CORRECT ANSWER-the premiums paid plus interest will be given to the beneficiary The purpose of the Coordination of Benefits provision in group accident and health plans is to - CORRECT ANSWER-avoid overpayment of claims The typical long-term care insurance policy is designed to provide a minimum of___year(s) of coverage - CORRECT ANSWER-1 Decreasing term life insurance is often used to - CORRECT ANSWER-provide coverage for a home mortgage Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? - CORRECT ANSWER-Endowment policy A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT - CORRECT ANSWER-farepaying passenger All _____ policies must be guaranteed renewable. - CORRECT ANSWER-long-term care