NC Life Insurance

NC Life Exam Simulation Questions and Answers Already PASSED !!! Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? ANSWER: increase face amount 2. If the Commissioner of insurance finds that a licensed person has used fraudulent, coercive, or dishonest practices or has proved to be incompetent, untrustworthy, or financially irresponsible, the law allows the Commissioner to ANSWER: suspend, revoke, or refuse to renew the ag...

NC Life Insurance - Other Life Topics - Chapter Quiz with Verified Solutions Contracts that are prepared by one party and submitted to the other party on a "take it or leave it" basis are classified as A. Binding contracts. B. Contracts of adhesion. C. Unilateral contracts. D. Aleatory contracts. (B) Contracts of adhesion Insurance policies are written by the insurer and submitted to the insured on a "take it or leave it" basis. The insured does not have any input into the contrac...

NC Life Insurance Cash Value Money accumulation in a permanent policy which the policy owner may borrow as a policy loan or receive if the policy is surrendered before maturity. Upon maturity or endowment the cash value is paid to the policy owner. Cash value may be used as a source of supplemental income. Non- Participating Policies Insurance policies which do not pay dividends to policy owners. Participating Policies Policies that may pay annual dividends to policy owners. ...

NC Life insurance state exam study guideline Term Insurance Used for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. Term Insurance Expire's at a certain age/Time in the future. May be renewable up to a certain age or date with out a phyical Exam. Level Term Insurance Term insurance can be Renewed annually. Has a level Face Amount at renewal, Premiums goes up. Can be purchased for a Year or as often as 5, 10, 15, ...

NC Life Insurance Study Test Questions and Answers Graded A+ The Family Plan Insurance Policy usually consists of: whole life insurance on the family head and term insurance on other family members A Jumping Juvenile Policy: automatically increases the face amount at a given age Excess interest credited under an index-linked method would pay interest in relation to: an external economic indicator Under a straight life annuity, an income is payable by the company: only so long...

NC LIFE insurance state exam questions and answers 100% pass CREDIT LIFE a special type of coverage written to the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. BUY-SELL AGREEMENTS a legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled. Otherwise known as a business continuation agreement INSURABLE INTEREST to purchase insurance the policy owner must face the possibility ...

NC Life insurance state exam study guideline already graded A+ Term Insurance Used for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. Term Insurance Expire's at a certain age/Time in the future. May be renewable up to a certain age or date with out a phyical Exam. Level Term Insurance Term insurance can be Renewed annually. Has a level Face Amount at renewal, Premiums goes up. Can be purchased for a Year or as o...

NC Life Insurance Practice Exam Questions and Answers Already Passed All of the following are included within the Insurance Commissioner's duties EXCEPT a) Conducting investigation of all domestic insurers. b) Reviewing the insurers' annual reports. c) Writing North Carolina insurance laws. d) Reporting any violations of insurance laws to the Attorney General. Writing insurance law is not the Insurance Commissioner's responsibility, but enforcing the law is. c) Writing North Carolina ...

NC Life Insurance Exam Prep Questions and Answers Already Passed An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner A policy summary and buyer's guide All of the following actions are considered rebating EXCEPT Sharing commissions with other licensed and appointed agents What benefit does the Payor Clause on a Juvenile Life Policy provide? Premiums are waived if payor becomes disabled An agent who signs a blank contract application or...

NC Life Insurance Study Test Questions and Answers Graded A+ The Family Plan Insurance Policy usually consists of: whole life insurance on the family head and term insurance on other family members A Jumping Juvenile Policy: automatically increases the face amount at a given age Excess interest credited under an index-linked method would pay interest in relation to: an external economic indicator Under a straight life annuity, an income is payable by the company: only so long...