NC Life Exam Questions with Verified Solutions

NC Life Exam Questions with Verified Solutions A distribution from an employer-sponsored retirement or from an IRA is eligible for a tax-free rollover if is reinvested in an IRA within - Answer 60 days A licensee decides to terminate his residency in this state. Which of the following would be an appropriate action - Answer Delivering the license to the commissioner within 30 days A married couple purchase a life insurance policy on their newbord baby. They are concerned about what would to the policy if either one of them were unable to continue making the premium payments due to death or disability. Which policy rider should their agent reccomend? - Answer Payor Benefit A policy which pays monthly income upon the death of the breadwinner for a predetermined number of years after death, plus a lump sum at death, and combines level and whole life is known as which policy? - Answer Family maintenance A rider attached to a life insurance policy that provides coverage on the insured's family members is called the - Answer Other-insured rider A universal life insurance policy has two types of interest rate that are called - Answer Guaranteed and Current According to the life insurance replacement regulations, which of the following would be an example of policy replacement? - Answer A policy is reissued with a reduction in cash value? All of the following are true of the Survivorship life expectancy policy EXCEPT - Answer The premium is based on the age of each insured All of the following are true regarding the guaranteed insurability rider EXCEPT - Answer This rider is available to all insureds with no additional premium All of the following describe the purpose of the NC regulations governing the solicitation of life insurance EXCEPT - Answer Educate the buyer about policy protection by the Guaranty Association All of the following entities regulate variable life policies EXCEPT - Answer The Guaranty Association