South Carolina Accident. Health, and Life Insurance Exam 2024

South Carolina Accident. Health, and Life Insurance Exam 2024 Annuity Certain - CORRECT ANSWER-Maria would like an annuity that provides a guaranteed accumulation or payout. The type of annuity she is seeking is called Survivorship Life - CORRECT ANSWER-The type of policy which pays on the death of the last person is called Malign another insurer - CORRECT ANSWER-Defamation occurs when a producer makes a false statement intended to A 70 year old NOT eligible for Social Security *You are not eligible to receive Medicare Part A benefits at age 65 or older if you are eligible to receive Social Security benefits - CORRECT ANSWER-Part A Hospital coverage provided under Medicare is automatically made available to each of the following EXCEPT At the time of application - CORRECT ANSWER-According to life insurance contract law, insurable interest exists the policy loan value which the insured may borrow against - CORRECT ANSWER-A whole life insurance policy accumulates cash value that becomes upon changing his or her legal name *the producer must notify the Department upon changing his or her legal name. - CORRECT ANSWER-A licensee MUST notify the Department of a legal name change Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid. *coordination of benefits allows the secondary payor to reduce their benefit payments so that no more than 100% fo the claim is paid. - CORRECT ANSWER-Which of the following does Coordination of Benefits allow? Determines what is paid by the primary and secondary insurers in the event of a claim. - CORRECT ANSWER-In group health care, what is the purpose of the coordination of benefits provision? Losing money at a casino *Pure risk is a category of risk in which loss is the only possible outcome, which is the opposite of speculative risk. Gambling is considered a speculative risk where there is a chance of either gain or loss. - CORRECT ANSWER-All of the following are examples fo pure risk EXCEPT Term Life Insurance - CORRECT ANSWER-Which of the following policies does NOT build cash value? Roth IRA - CORRECT ANSWER-Which of these retirement plans do NOT qualify for a federal income tax deduction? Incontestable Clause - CORRECT ANSWER-Which of the following protects a policy owner from a misrepresentation caused by an innocent mis