Nc life insurance stuvia Study guides, Class notes & Summaries

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. - ANSWERc) Writing North Carolina insurance laws. Writing insurance law is not the Insurance C...

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. - ANSWERc) Writing North Carolina insurance laws. Writing insurance law is not the Insurance C...

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 - ANSWERC 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 ins...

CREDIT LIFE - ANSWERa 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 - ANSWERa 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 - ANSWERto purchase insurance the policy owner must face the possibility of losing money or something of value in the ...

P is a producer who notices 5 questions on a life application were not answered. What actions should P take? - ANSWER-Set up a meeting with the applicant to answer the remaining questions Which of the following does Social Security NOT provide benefits for? - ANSWER-Dismemberment An Accident/Health policyholder has ____ days to return the policy and receive a full refund on premiums - ANSWER-10 Under a Renewable Term policy, - ANSWER-the renewable premium is calculated on the basis of t...

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. - ANSWERc) Writing North Carolina insurance laws. Writing insurance law is not the Insurance C...

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

Term Insurance - ANSWERUsed for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. Term Insurance - ANSWERExpire'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 - ANSWERTerm 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 inclements with a...

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

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 - ANSWERC 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 ins...