NC Life Exam Questions With 100% Correct Answers 2024

NC Life Exam Questions With 100% Correct Answers 2024 The validity of the policy cannot be conested once it has been in force for at least how many years after its date of issue? - answer2 Years A rider attached to a life insurance policy that provides coverage on the insured's family members is called the - answerOther-insured rider When an insured makes truthful statements on the application for insurance and pays the required premium, it is know as what - answerConsideration The regulation of the insurance industry primarily rests with - answerThe State Upon dead of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean - answerThe beneficiary will only receive payments on the interest earned on the death benefit A licensee decides to terminate his residency in this state. Which of the following would be an appropriate action - answerDelivering the license to the commissioner within 30 days If the annuitant dies during the accumulation period, who will receive the annuity benefits - answerbeneficiary Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy - answerPremiums are not tax deductible as a business expense. Which of the following statements about the reinstatement provision is TRUE - answerIt requires the policyowner to pay all overdue premiums with interest before the policy is reinstated If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined - answerThe surrender charge is a percentage of the cash value and decreases over time Which settlement option allows the insurer to retain the face amount but pay some income based on gain on the proceeds to the beneficiary at regular intervals - answerInterest only If $100k of life insurance proceeds were used in a settlement option, which paid $13k per year for ten years, which of the following would be taxable annually? - answer$3000