NC LIFE insurance state exam questions and answers 100% pass

CREDIT LIFE a special type of coverage written to the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. BUY-SELL AGREEMENTS a legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled. Otherwise known as a business continuation agreement INSURABLE INTEREST to purchase insurance the policy owner must face the possibility of losing money or something of value in the event of loss, insurable interest must exist between the policy owner and the insured at the time of application CONCEALMENT the legal term for the intentional withholding of information of a material fact that is crucial in making a decision MISREPRESENTATION statement that if discovered would alter the underwriting decision of the insurance company