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NC Life Insurance Practice Exam Questions and Answers Already Passed
NC Life Insurance Practice Exam Questions and Answers Already Passed 
 
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 Carolin...
- Exam (elaborations)
- • 35 pages •
NC Life Insurance Practice Exam Questions and Answers Already Passed 
 
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 Carolin...
NC Life Insurance Exam Prep Questions and Answers Already Passed
NC Life Insurance Exam Prep Questions and Answers Already Passed 
 
An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner 
A policy summary and buyer's guide 
All of the following actions are considered rebating EXCEPT 
Sharing commissions with other licensed and appointed agents 
What benefit does the Payor Clause on a Juvenile Life Policy provide? 
Premiums are waived if payor becomes disabled 
An agent who signs a blank contract application or policy of...
- Exam (elaborations)
- • 16 pages •
NC Life Insurance Exam Prep Questions and Answers Already Passed 
 
An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner 
A policy summary and buyer's guide 
All of the following actions are considered rebating EXCEPT 
Sharing commissions with other licensed and appointed agents 
What benefit does the Payor Clause on a Juvenile Life Policy provide? 
Premiums are waived if payor becomes disabled 
An agent who signs a blank contract application or policy of...
NC Life insurance state exam study guideline already graded A+
NC Life insurance state exam study guideline already graded A+ 
 
Term Insurance 
Used for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. 
Term Insurance 
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 
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...
- Exam (elaborations)
- • 14 pages •
NC Life insurance state exam study guideline already graded A+ 
 
Term Insurance 
Used for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. 
Term Insurance 
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 
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...
NC LIFE insurance state exam questions and answers 100% pass
NC LIFE insurance state exam questions and answers 100% pass 
 
CREDIT LIFE 
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 
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 
to purchase insurance the policy owner must face the possibility of los...
- Exam (elaborations)
- • 6 pages •
NC LIFE insurance state exam questions and answers 100% pass 
 
CREDIT LIFE 
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 
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 
to purchase insurance the policy owner must face the possibility of los...
NC Life Insurance Study Test Questions and Answers Graded A+ ||
NC Life Insurance Study Test Questions and Answers Graded A+ || 
 
The Family Plan Insurance Policy usually consists of: 
whole life insurance on the family head and term insurance on other family members 
A Jumping Juvenile Policy: 
automatically increases the face amount at a given age 
Excess interest credited under an index-linked method would pay interest in relation to: 
an external economic indicator 
Under a straight life annuity, an income is payable by the company: 
only so long as the...
- Exam (elaborations)
- • 3 pages •
NC Life Insurance Study Test Questions and Answers Graded A+ || 
 
The Family Plan Insurance Policy usually consists of: 
whole life insurance on the family head and term insurance on other family members 
A Jumping Juvenile Policy: 
automatically increases the face amount at a given age 
Excess interest credited under an index-linked method would pay interest in relation to: 
an external economic indicator 
Under a straight life annuity, an income is payable by the company: 
only so long as the...
NC State LIFE Insurance Exam Questions and Answers Already Graded A+
NC State LIFE Insurance Exam Questions and Answers Already Graded A+ 
 
Insurable Interest 
Something of value that, if lost, would cause you financial harm. Must exist upfront at time of application. Legitimate financial reason for buying insurance. 
Impersonation 
Wrong person takes medical examination/test in connection with application for insurance. *Can be contested beyond 2 year incontestable clause* 
Adhesion 
Ins. Co. designs original contract. Insured has little or no control of conten...
- Exam (elaborations)
- • 10 pages •
NC State LIFE Insurance Exam Questions and Answers Already Graded A+ 
 
Insurable Interest 
Something of value that, if lost, would cause you financial harm. Must exist upfront at time of application. Legitimate financial reason for buying insurance. 
Impersonation 
Wrong person takes medical examination/test in connection with application for insurance. *Can be contested beyond 2 year incontestable clause* 
Adhesion 
Ins. Co. designs original contract. Insured has little or no control of conten...
NC life and health insurance study questions with certified answers Graded A+
NC life and health insurance study questions with certified answers Graded A+ 
 
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 
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 wou...
- Exam (elaborations)
- • 30 pages •
NC life and health insurance study questions with certified answers Graded A+ 
 
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 
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 wou...
NC Life Insurance - Other Life Topics - Chapter Quiz with Verified Solutions
NC Life Insurance - Other Life Topics - Chapter Quiz with Verified Solutions 
 
Contracts that are prepared by one party and submitted to the other party on a "take it or leave it" basis are classified as 
 
A. Binding contracts. 
B. Contracts of adhesion. 
C. Unilateral contracts. 
D. Aleatory contracts. 
(B) Contracts of adhesion 
 
Insurance policies are written by the insurer and submitted to the insured on a "take it or leave it" basis. The insured does not have any input into the contr...
- Exam (elaborations)
- • 4 pages •
NC Life Insurance - Other Life Topics - Chapter Quiz with Verified Solutions 
 
Contracts that are prepared by one party and submitted to the other party on a "take it or leave it" basis are classified as 
 
A. Binding contracts. 
B. Contracts of adhesion. 
C. Unilateral contracts. 
D. Aleatory contracts. 
(B) Contracts of adhesion 
 
Insurance policies are written by the insurer and submitted to the insured on a "take it or leave it" basis. The insured does not have any input into the contr...
NC Life Exam Simulation Questions and Answers Already PASSED !!!
NC Life Exam Simulation Questions and Answers Already PASSED !! 
 
Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? 
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: suspend, revoke, or refuse to renew the agent...
- Exam (elaborations)
- • 14 pages •
NC Life Exam Simulation Questions and Answers Already PASSED !! 
 
Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? 
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: suspend, revoke, or refuse to renew the agent...
Final Exam - North Carolina Life and Health with Verified Solutions Graded A+
Final Exam - North Carolina Life and Health with Verified Solutions Graded A+ 
 
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...
- Exam (elaborations)
- • 11 pages •
Final Exam - North Carolina Life and Health with Verified Solutions Graded A+ 
 
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...
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