NC Life Insurance Exam Questions with 100% Correct Answers

NC Life Insurance Exam Questions with 100% Correct Answers Which of the following is an eligibility requirement for all social security disability income benefits - Answer Have attained fully insured status A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then - Answer The benefit is received tax free A couple owns a life insurance policy with a Children's Term rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following will she need to provide for proof of insurability? - Answer Proof of insurability is not required. A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional Payor Benefit rider. If the father becomes disabled, what will happen to the life insurance premiums? - Answer The insured's premiums will be waived until she is 21. A person licensed to solicit application or to negotiate a policy of insurance is called - Answer An agent A variable policy's death benefit and cash value is based on a distinct pool of investments. These are held in separate accounts that act like - Answer Mutual Funds A viatical settlement is arranged between a viatical company and a/an - Answer Terminally ill insured According to the Entire Contract provision, a policy must contain - Answer A copy of the original application for insurance. All of the following are dividend options EXCEPT - Answer Fixed period installments All of the following are nonforfeiture option except - Answer Interest only All of the following are true about variable products EXCEPT - Answer The premiums are invested in the insurer's general account. All of the following are true of key person insurance except? - Answer The plan is funded by permanent insurance only.