Final Exam - North Carolina Life and Health with Verified Solutions |100% Complete

Final Exam - North Carolina Life and Health with Verified Solutions Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n) decreasing term rider All of the following actions are considered rebating EXCEPT sharing commissions with other licensed and appointed agents One of the stated purposes of the Life and Health Insurance Guaranty Association is to assist in the prevention of insurer insolvencies Which of the following statements is CORRECT about the period in which a Term Policy can be converted? It varies according to the contracts Insurance agents MUST obtain a license from North Carolina's Commissioner of Insurance An accident policy will most likely pay a benefit for a(n) off-the-job accident K becomes ill after traveling overseas and is unable to work for 3 months. What kind of policy would cover her loss of income? Disability Income K has a health policy that must be renewed by the insurer and the premiums can only be increased if applied to the entire class of insureds. This type of policy is considered guaranteed renewable M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does the insurance company have to notify M of the denial before the policy will be automatically placed back in force? 45 days B is a teacher who was injured in a car accident and cannot work. She is now receiving monthly benefits as a result of this accident. Which type of policy does B have?