Final Exam - North Carolina Life & Health
Questions with Detailed Verified Answers
Whole Life.
(Whole life provides the insured with a cash value as well as a level face amount.) Ans:
A life insurance policy that provides a policyowner with cash value along with a level
face amount is called
Ten.
(For an individual health policy that is paid for on a monthly basis, the Grace Period
provision is a MINIMUM of ten days.) Ans: For an individual health policy that is paid
for on a monthly basis, the Grace Period provision is a MINIMUM of how many days?
Request of the change will be refused.
(An irrevocable designation may not be changed without the written consent of the
beneficiary.) Ans: T is covered by an Accidental Death and Dismemberment (AD&D)
,policy that has an irrevocable beneficiary. What action will the insurance company take
if T requests a change of beneficiary?
not issue the form in connection with any new application.
(If an insurer has been notified by the Commissioner of Insurance that an individual
Health Policy form does not comply with the state's laws, the insurer may not issue
the form in connection with any new application.) Ans: If an insurer has been notified
by the Commissioner of Insurance that an individual Health Policy form does not
comply with the state's laws, the insurer may
a blanket policy.
(Blanket health insurance is issued to cover a group who may be exposed to the same
risks, but the composition of the group (the individuals within the group) are
constantly changing.) Ans: All students attending a large university could be covered
by
An individual policy is given to each member.
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, (In group health insurance, each member receives a certificate of insurance, not an
individual policy.) Ans: All of the following statements regarding group health
insurance is true, EXCEPT
Irrevocable beneficiary
(An irrevocable designation may not be changed without the written consent of the
beneficiary.) Ans: What kind of Accidental Death and Dismemberment (AD&D)
insurance beneficiary requires his/her consent when a change of beneficiary is made?
level.
(A Whole Life insurance policy has a level premium.) Ans: What kind of premium
does a Whole Life policy have?
Salary-deferral contributions.
(A 401(k) plan normally provides participants with a salary-deferral option for
contributions to the plan.) Ans: What does a 401(k) plan generally provide its
participants?
© Get it right 2025 Getaway - Stuvia US All rights reserved
Questions with Detailed Verified Answers
Whole Life.
(Whole life provides the insured with a cash value as well as a level face amount.) Ans:
A life insurance policy that provides a policyowner with cash value along with a level
face amount is called
Ten.
(For an individual health policy that is paid for on a monthly basis, the Grace Period
provision is a MINIMUM of ten days.) Ans: For an individual health policy that is paid
for on a monthly basis, the Grace Period provision is a MINIMUM of how many days?
Request of the change will be refused.
(An irrevocable designation may not be changed without the written consent of the
beneficiary.) Ans: T is covered by an Accidental Death and Dismemberment (AD&D)
,policy that has an irrevocable beneficiary. What action will the insurance company take
if T requests a change of beneficiary?
not issue the form in connection with any new application.
(If an insurer has been notified by the Commissioner of Insurance that an individual
Health Policy form does not comply with the state's laws, the insurer may not issue
the form in connection with any new application.) Ans: If an insurer has been notified
by the Commissioner of Insurance that an individual Health Policy form does not
comply with the state's laws, the insurer may
a blanket policy.
(Blanket health insurance is issued to cover a group who may be exposed to the same
risks, but the composition of the group (the individuals within the group) are
constantly changing.) Ans: All students attending a large university could be covered
by
An individual policy is given to each member.
© Get it right 2025 Getaway - Stuvia US All rights reserved
, (In group health insurance, each member receives a certificate of insurance, not an
individual policy.) Ans: All of the following statements regarding group health
insurance is true, EXCEPT
Irrevocable beneficiary
(An irrevocable designation may not be changed without the written consent of the
beneficiary.) Ans: What kind of Accidental Death and Dismemberment (AD&D)
insurance beneficiary requires his/her consent when a change of beneficiary is made?
level.
(A Whole Life insurance policy has a level premium.) Ans: What kind of premium
does a Whole Life policy have?
Salary-deferral contributions.
(A 401(k) plan normally provides participants with a salary-deferral option for
contributions to the plan.) Ans: What does a 401(k) plan generally provide its
participants?
© Get it right 2025 Getaway - Stuvia US All rights reserved
