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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...

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...

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...

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...

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