NC Life Insurance Study guides, Class notes & Summaries

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

Implied - Answer ______________ authority is established through verbalization and occurs when appropriate actions are taken to carry out the authority granted to fulfill the principal's goals. Apparant - Answer The appearance of power on behalf of the insurer through the actions or use of identifying materials by the agent, such as company advertising material, is called _____________ authority. Express - Answer ____________ authority spells out in contract form the activities that...

North Carolina Health Insurance State Exam Prep Tested Questions & Correct Answers < Already Passed!! Insured Contingent Beneficiary - ANSWER : If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the uniform Simultaneous Death Act? Reimbursement - ANSWER : Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy? $25,000...

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. - Answer c) Writing North Carolina insurance laws. Writing insurance law is not the Insuranc...

Term Insurance - Answer Used for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. Term Insurance - Answer 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 - Answer 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, to 20 years inclemen...

Commissioner of Insurance - Answer Enforces all laws of the state, governing insurance companies and makes rules and regulations relating to the business of insurance. Elected for 4 year term. Commissioner may call and hold hearings deemed for any purpose necessary. Written notice must be given at least: - Answer 10 days written notice At the very least, a company shall be examined: - Answer Once every five years Any person who willfully violates a cease/desist order from the Comm...

CREDIT LIFE - Answer 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 - Answer 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 - Answer to purchase insurance the policy owner must face the possibility of losing money or something of valu...

At the time the insured purchased her life insurance policy she added a rider that will allow her to purchase additional insurance in the future without having to prove insurability. This rider is called A. Accelerated benefits B. Cost of living C. Guaranteed insurability D. Waiver of cost of insurance - Answer C. Guaranteed insurability Guaranteed insurability is a rider that is included at the time of application (or can be added at a later date) which allows the insured to increase...

DP-1 - Answer Basic Form Perils DP-2 - Answer Broad Perils DP-3 - Answer Special Form (All Risk Of Perils) DP Coverage A - Answer Dwellings (Direct Loss) DP Coverage B - Answer Other Structures/Appurtenants (Direct Loss) DP Coverage C - Answer Personal Property (Direct Loss) DP Coverage D - Answer Fair Rental Value (Indirect Loss) DP Coverage E - Answer Additional Living Expenses (Indirect Loss) What is the Deductible unless for Coverage D and E and Fire S...

National Association of Insurance Commissioners - Answer The acronym NAIC stands for: The acronym NAIC stands for National Association of Insurance Commissioners. Asking for further information - Answer Which of the following is NOT an unfair claim practice? Any of the following acts, if committed without just cause and performed frequently, constitute improper and unfair claim practices: knowingly misrepresenting to claimants pertinent facts, failing to affirm or deny coverage of c...