NC Life insurance state exam study guideline Complete Questions & Answers(RATED A)
Term Insurance - ANSWER Used for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. Term Insurance - ANSWER Expire's at a certain age/Time in the future. May be renewable up to a certain age or date with out a phyical Exam. Level Term Insurance - ANSWER Term insurance can be Renewed annually. Has a level Face Amount at renewal, Premiums goes up. Can be purchased for a Year or as often as 5, 10, 15, to 20 years inclements with average premium. Premiums and Face Amounts are "Level" for a period of "Time". Decreasing Term Insurance - ANSWER It is NOT Annual Renewable term. Face Amount goes down, while Premiums remain the same. Decreasing Term insurance is often used as a mortage redemption. Can be converted to Whole Life, regardless of health. Premiums stays the same. Costs increases as Face Amount decreases, by expiration the Face Amount is Zero. Increasing Term Insurance - ANSWER Term is added as a rider to Whole Life policies, at an extra cost. Face Amount goes up. It Allows beneficiary to recieve Face Amount plus Premiums or Cash Value.
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