Life Insurance Exam NC || A Verified A+ Pass.

Which of the following is an eligibility requirement for all social security disability income benefits correct answers Have attained fully insured status If the Commissioner denies an initial application for an agent, how long does the applicant have to request a review after receiving notification of the denial? correct answers 30 days Traditional IRA contributions are tax deductible based on which of the following? correct answers Owners income Which of the following will NOT be considered unfair discrimination by insurers? correct answers Discriminating in benefits and coverages based on the insured's habits and lifestyle How long must a complaint record be maintained? correct answers 5 years How must a replacing producer respond to an applicant wishing to replace existing life insurance? correct answers The producer must provide the applicant with a Notice Regarding Replacement. Which of the following statements would best describe the different between vatical settlements and accelerated death benefits? correct answers Viaticals are funded by a third party; accelerated death benefits are provided by the insurer that issued the original policy A viatical settlement is arranged between a viatical company and a/an correct answers Terminally ill insured Which of the following terms is used to name the non taxed return of unused premiums? correct answers Dividends Under which installments option does the annuitant select the amount of each payment, and the insurer determines how long they will pay benefits? correct answers Fixed amount Your clients wants both protection and savings from the insurance and is willing to pay premiums until retirement at age 65. What would be the right policy for this client? correct answers Limited pay whole life An agent and an applicant for a life insurance policy fill out and sign the application. However, the applicant does not wish to give the agent the initial premium, no conditional receipt is issued. When will coverage begin? correct answers When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable Statement of Good Health Which rule would apply if an agent knows an applicant is going to case in an old policy and use the funds to purchase new insurance? correct answers Replacement rule Which of the following will NOT be an appropriate use of a deferred annuity? correct answers Creating an estate