NC Insurance Licensing Exam Questions & Answers(Graded A)

NC Insurance Licensing Exam Questions & Answers(Graded A) 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 the insured's attained age Which of the following BEST describes a short-term medical expense policy? -ANSWER Nonrenewable W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EXCEPT a(n) -ANSWER Immediate annuity How are Roth IRA distributions normally taxed? -ANSWER Distributions are received tax-free An insurance applicant was recently denied insurance coverage. The applicant is requesting access from the insurer to recorded personal information regarding this decision. Under the Information and Privacy Protection Act, the insurer MUST make the information available within ___ business days -ANSWER 30 What is a warranty? -ANSWER is a statement guaranteed to be true S is a life insurance policyowner and enters into a written agreement to receive immediate cash in exchange for the sale and transfer of her life insurance policy. This agreement is referred to as a(n) -ANSWER Viatical Settlement How is the Life and Health Insurance Guaranty Associated funded? -ANSWER from member companies Quarterly premium payments increase the annual cost of insurance because -ANSWER interest to the insurer is decreased while the administrative costs are increased Who does an insurance broker in North Carolina represent? -ANSWER Insured When an existing life insurance policy is being reissued with a reduction in cash value, the agent must sign the -ANSWER Notice Regarding Replacement of Life Insurance of Annuity Whole Life insurance policies are contractually guaranteed to provide each of the following, EXCEPT -ANSWER partial withdrawal features beyond a surrender charge period K works for XYZ Clothing Store from September through December each year. K works 45 hours a week for this period of time. The employer's Group Policy would consider K -ANSWER not eligible for the insurance because as a seasonal employee K does not meet the definition of "employee" under NC law 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