NC Life Insurance State Exam 2024/2025 Questions & Answers with Complete Solution

NC Life Insurance State Exam 2024/2025 Questions & Answers with Complete Solution A contractual agreement under which the owner of a life insurance policy sells the policy to another person in exchange for a bargained-for payment, generally less than the expected benefit - Answer Viatical settlement contract A delivery receipt is - Answer a signed document that initiates the free-look period A licensee may not transact insurance business in North Carolina until they are: - Answer appointed by an insurer A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that the __________________ may need to resume premium payments, depending on actual results - Answer policyowner A terminated agent has ___ ______ to submit written comments to the Commissioner concerning termination from an insurer - Answer 30 days After terminating an appointed agent, an insurer must mail of copy of notice within ___ ______ - Answer 15 days Agents must report a change in address or name to the Commissioner within __ - Answer 10 business days Alien company - Answer Home office is located in any country other than the United States, but is authorized to transact within the United States and a specific state. A company domiciled in Canada can conduct business in the USA under federal laws, and in NC under state laws An agent cannot act as an agent until they are ____________ to work for that insurer - Answer appointed An agent must be _______________ to transact viatical settlements in North Carolina - Answer licensed An agent who has combined premiums with personal funds has engaged in - Answer commingling An insurance policy has the right to defer granting a policy loan for a maximum of __ _________ after receiving a request for the loan - Answer 6 months