NC Life Insurance Study guides, Class notes & Summaries

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 - Answer J has an Accidental Death and Dismemberment policy with a principal sum of $50,000. While trimming the hedge...

When an existing life insurance policy is terminated so that a new life insurance policy can be purchased, this transaction is referred to as - Answer Replacement The Life and Health Insurance Guaranty Association is funded by authorized insurers in this state. One of the roles of this organization is to - Answer Assist in the prevention of insurer insolvencies An Accident/Health policyholder has ___ days to return the policy and receive a full refund on premiums - Answer 10 S is ...

Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? - Answer M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT - Answer free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n) - Answer decreasing term rider All of the following actions are considered ...

P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: A.irrevocable beneficiary B.revocable beneficiary C.secondary beneficiary - Answer B A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: A.indemnity contract B.investment contract C.endowment D.annuity - Answer D An insur...

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS

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. ...

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 insurance laws. Writing insurance law is not the Insurance Commissio...

NC Insurance Licensing Exam Questions and Answers 100% Pass P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Set up a meeting with the applicant to answer the remaining questions Which of the following does Social Security NOT provide benefits for? Dismemberment An Accident/Health policyholder has ____ days to return the policy and receive a full refund on premiums 10 Under a Renewable Term policy, the renewable prem...

Final Exam - North Carolina Life and Health with Verified Solutions Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n) decreasing term rider A...