NC LIFE INSURANCE EXAM PREP 2024 WITH 100% CORRECT ANSWERS

An agent who sells an individual life insurance policy in NC MUST deliver to the policyownerAnswer - A policy summary and buyer's guide All of the following actions are considered rebating EXCEPTAnswer - 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 insuranceAnswer - Is guilty of a misdemeanor A person is required to be AT LEAST how old before he or she is licensed as an agent in NC?Answer - 18 In a life insurance policy, which feature states that the policy will not cover certain risks?Answer - Exclusion Whole Life insurance are contractually guaranteed to provide each of the following EXCEPT?Answer - Partial withdrawal features beyond a surrender charge period A term life insurance policy maturesAnswer - Upon the insured's death during the term of the policy Which of these provisions require proof of insurability after a policy has lapsed?Answer - Reinstatement How does a typical Variable Life Policy Investment account grow?Answer - Through mutual funds, stocks, and bonds Circulation of any oral or written statement or any pamphlet, circular, article or literature that is false or maliciously critical of or derogatory to the financial condition of an insurer is known asAnswer - Defamation All of the following are considered characteristics describing the nature of an insurance contract