South Carolina Life Insurance Exam |LATEST
VERSION |NEW UPDATE |GUARANTEED
PASS|2024-2025 |BEST STUDYING MATERIAL
WITH 150 + QUESTIONS
What type of beneficiary is next in line after the primary beneficiary?
- ANSWER contingent beneficiary
What are the most common exclusions in life insurance policies
- ANSWER War and military service, hazardous occupation, and aviation
What time is used to describe methods of payments of the death benefit to the
beneficiary upon the insured death
- ANSWER Settlement options
A policy owner borrowed a portion of cash value from his whole life policy. If the
loan is not repaid, how will that affect the death benefit to the beneficiary? -
ANSWER The amount of the loan will be subtracted from the death benefit
What is the name for a life insurance policy writer that provides coverage on the
insured family member
- ANSWER Other insured rider
With the reduction of premium dividend option how is the dividend used? -
ANSWER The dividend is applied to the next year's premium (it reduces the next
year's premium)
,What non-forfeiture option is automatically selected by the company if not
chosen by the policy owner
- ANSWER Extended term
What is the purpose of automatic, premium loan provision?
- ANSWER To prevent the unintentional lapse of a policy because of nonpayment
of the premium
When will a contingent beneficiary receive death benefits from a life insurance
policy
- ANSWER When the primary beneficiary dies before the insured
Who controls changes in premium payments, face values, and loans in a life
insurance policy?
- ANSWER Policyowner
Uninsured has discovered a representation on a life insurance policy application
regarding the insure age. The insured is 10 years older than he stated on the
application. What will the insured do regarding the death benefit?
- ANSWER Pay a reduced death benefit
Who has the right to the cash value of a life insurance policy?
- ANSWER Policyowner
, What happens to a policies cash value under an extended term nonforfeiture
option
- ANSWER The cash value is converted to the same face amount as in the whole
life policy
What life insurance policy provision states that both the policy and a copy of the
application form the contract between the policyowner and the insurer? -
ANSWER Entire Contract
What life insurance policy provision prevents an insurer from disputing or denying
a claim due to misstatements on the application after a certain period of time? -
ANSWER Incontestability
What beneficiary designation has first claim to the death proceeds of a life
insurance policy?
- ANSWER Primary beneficiary
What life policy rider allows the company to forgo collecting the premium if the
insured becomes disabled?
- ANSWER Waiver of Premium
To meet the requirement of the entire contract, policy, provision, and insurance
policy must contain what
- ANSWER A copy of the original insurance application
With the interest only settlement option what happens to the policies death
benefit
VERSION |NEW UPDATE |GUARANTEED
PASS|2024-2025 |BEST STUDYING MATERIAL
WITH 150 + QUESTIONS
What type of beneficiary is next in line after the primary beneficiary?
- ANSWER contingent beneficiary
What are the most common exclusions in life insurance policies
- ANSWER War and military service, hazardous occupation, and aviation
What time is used to describe methods of payments of the death benefit to the
beneficiary upon the insured death
- ANSWER Settlement options
A policy owner borrowed a portion of cash value from his whole life policy. If the
loan is not repaid, how will that affect the death benefit to the beneficiary? -
ANSWER The amount of the loan will be subtracted from the death benefit
What is the name for a life insurance policy writer that provides coverage on the
insured family member
- ANSWER Other insured rider
With the reduction of premium dividend option how is the dividend used? -
ANSWER The dividend is applied to the next year's premium (it reduces the next
year's premium)
,What non-forfeiture option is automatically selected by the company if not
chosen by the policy owner
- ANSWER Extended term
What is the purpose of automatic, premium loan provision?
- ANSWER To prevent the unintentional lapse of a policy because of nonpayment
of the premium
When will a contingent beneficiary receive death benefits from a life insurance
policy
- ANSWER When the primary beneficiary dies before the insured
Who controls changes in premium payments, face values, and loans in a life
insurance policy?
- ANSWER Policyowner
Uninsured has discovered a representation on a life insurance policy application
regarding the insure age. The insured is 10 years older than he stated on the
application. What will the insured do regarding the death benefit?
- ANSWER Pay a reduced death benefit
Who has the right to the cash value of a life insurance policy?
- ANSWER Policyowner
, What happens to a policies cash value under an extended term nonforfeiture
option
- ANSWER The cash value is converted to the same face amount as in the whole
life policy
What life insurance policy provision states that both the policy and a copy of the
application form the contract between the policyowner and the insurer? -
ANSWER Entire Contract
What life insurance policy provision prevents an insurer from disputing or denying
a claim due to misstatements on the application after a certain period of time? -
ANSWER Incontestability
What beneficiary designation has first claim to the death proceeds of a life
insurance policy?
- ANSWER Primary beneficiary
What life policy rider allows the company to forgo collecting the premium if the
insured becomes disabled?
- ANSWER Waiver of Premium
To meet the requirement of the entire contract, policy, provision, and insurance
policy must contain what
- ANSWER A copy of the original insurance application
With the interest only settlement option what happens to the policies death
benefit
