NC Life Insurance Study guides, Class notes & Summaries

NC Medicare Supplement & Long Term Care Insurance Licensing Exam Questions and Answers 100% Pass Medicare - Correct Answer ️️ -Health insurance for those over age 65, people under 65 with certain disabilities & those with ESRD (end stage renal disease - permanent kidney failure requiring dialysis or kidney transplant) CMS - Correct Answer ️️ -Centers for Medicare and Medicaid Services administers the Medicare program. Social Security Administration handles most of the enrollment &...

Medicare, Medicaide, LTC NC Insurance Exam Questions and Answers 100% Pass Federal Program - Correct Answer ️️ -Medicare is a federal health insurance program. Part of the Social Security program, Medicare is run by the Centers for Medicare & Medicaid Services of the Department of Health and Human Services. Private firms contract with the federal government to handle the paperwork, review claims, and disburse claim payments. Medicare Part A - Correct Answer ️️ -Designed primarily ...

NC Life Insurance Practice Exam Questions with 100% Correct Solutions 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. - Correct Answer ️️ -...

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. ...

Contract of Insurance - Answer Agreement by which the insurer is bound to pay money or its equivalent, or do some act of value to the insured upon and as an indemnity or reimbursement for the destruction, loss, or injury of something in which the party has an interest. Commissioner - Answer Commissioner of Insurance of NC or authorized designee -Heads state Department of Insurance -Responsible for fair ratemaking, injury prevention efforts, and close regulation of insurance solvency and...

The period in which illness-related disabilities are excluded from coverage. - Answer Probationary period An approach in which a certain amount of "points" are assigned to a procedure based on an amount relative to a maximum cost for similar procedures in that geographic area. - Answer Relative value approach Which type of policy allows the policyowner to renew the policy to a stated age without evidence of insurability, but allows for the insurance company to raise the premium on th...

Which of these statements concerning an individual Disability Income policy is TRUE? - Answer Normally includes an Elimination period Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contract? - Answer Entire contract M is insured under a basic Hospital/Surgical Expense policy. A physician performs surgery on M. What determines the claim M is eligible for? - Answer Determined by the te...

Pure Risk - Answer chance of loss or no loss but not gain insurable Speculative Risk - Answer there is possibility of loss but of gain no insurablility exposure unit - Answer subject to loss peril - Answer cause of loss life insurance - Answer death Health insurance - Answer accident and sickness hazard - Answer increases the likelihood or severity of loss Three types of hazard - Answer physical, moral, morale physical hazard - Answer arise from the inhe...

Which of the following is NOT a characteristic of universal life insurance? A Flexible death benefit B Cash account C Fixed premium D Unbundled premium - Answer C Universal life policies allow the policy owner to increase the amount of premium going into the policy and to later decrease it again. They may even skip a premium payment. The rest of the features apply to universal life policies. Which of the following would help prevent a universal life policy from lapsing? A Corridor of ...

Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? - Answer 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 ANSWER: suspend, revoke, or refuse to renew the agent's license 3. A Whole Life Insurance Poli...