NC Life Insurance Exam Prep Questions and Answers 100% Pass

NC Life Insurance Exam Prep Questions and Answers 100% Pass An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner - Correct Answer ️️ -A policy summary and buyer's guide All of the following actions are considered rebating EXCEPT - Correct Answer ️️ - Sharing commissions with other licensed and appointed agents What benefit does the Payor Clause on a Juvenile Life Policy provide? - Correct Answer ️️ -Premiums are waived if payor becomes disabled An agent who signs a blank contract application or policy of insurance - Correct Answer ️️ -Is guilty of a misdemeanor A person is required to be AT LEAST how old before he or she is licensed as an agent in NC? - Correct Answer ️️ -18 In a life insurance policy, which feature states that the policy will not cover certain risks? - Correct Answer ️️ -Exclusion Whole Life insurance are contractually guaranteed to provide each of the following EXCEPT? - Correct Answer ️️ -Partial withdrawal features beyond a surrender charge period A term life insurance policy matures - Correct Answer ️️ -Upon the insured's death during the term of the policy Which of these provisions require proof of insurability after a policy has lapsed? - Correct Answer ️️ -Reinstatement How does a typical Variable Life Policy Investment account grow? - Correct Answer ️️ -Through mutual funds, stocks, and bonds Circulation of any oral or written statement or any pamphlet, circular, article or literature that is false or maliciously critical of or derogatory to the financial condition of an insurer is known as - Correct Answer ️️ -Defamation All of the following are considered characteristics describing the nature of an insurance contract EXCEPT - Correct Answer ️️ -Bilateral A 15-year mortgage is best protected by what kind of life policy? - Correct Answer ️️ - 15-year decreasing term Companies in NC may transact solicitations for insurance ONLY through - Correct Answer ️️ -Licensed agents Which of these retirement plans can be started by an employee, even if another plan is in existence - Correct Answer ️️ -Individual Retirement Account (IRA) A life policy with a death benefit that can fluctuate according to the performance of its underlying investment portfolio is referred to as - Correct Answer ️️ -Variable life If an annuity is terminated prior to the beginning of the income payment period, the contract owner receives - Correct Answer ️️ -The contract surrender value at that time A provision in a life insurance policy that pays the policy owner an amount that doesn't surpass the guaranteed cash value is called the - Correct Answer ️️ -Policy Loan Provision When does a Guaranteed Insurability Rider allow the insured to buy additional coverage? - Correct Answer ️️ -At future dates specified in the contract with no evidence of insurability required T, age 70, withdrawals cash from a profit-sharing plan and purchases a Straight Life Annuity. What will this transaction provide? - Correct Answer ️️ -Income that cannot be outlived by the owner A level premium indicates - Correct Answer ️️ -The premium is fixed for the entire duration of the contract K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? - Correct Answer ️️ -Daughter Which of the following statements is correct about the period in which a Term Policy can be converted? - Correct Answer ️️ -It can be changed by the insured What group term life feature permits an individual to depart from the group and continue to be converted without providing evidence of insurability? - Correct Answer ️️ - Conversion An insured covered by life insurance has just died. What will happen if the primary beneficiary had already died before the insured and contingent beneficiary? - Correct Answer ️️ -Proceed will go to the contingent beneficiary