Study guides, Class notes & Summaries

NC LIFE insurance State Exam Questions With 100% Correct Answers 2024 CREDIT LIFE - answera 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 - answera 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 - answerto purchase insurance the policy owner ...

NC Life Exam Questions With 100% Correct Answers 2024 Commercial Insurers - answer(also known as private insurance companies) are in the business of selling insurance for a profit. Multi-line insurer - answerAn insurance company selling more than one line of insurance Stock Companies - answerare organized and incorporated under state laws for the purpose of making a profit for its stockholders Mutual Companies - Participating - answerare owned by their policyholders. Mutual insurers are ...

NC Life Insurance Exam Questions With 100% Correct Answers 2024 Fraternal Benefit Society - answerAn organization of people who share a month ethnic, religious or vocational affiliation. They are entities they have no capital stock, have a representative form of government. They exist not for profit but solely for the benefit of their members and their beneficiaries and operate on a lodge system. Fraternal Benefit Societies - answerAgents of these societies must comply with the SAME gener...

NC Life Exam Questions With 100% Correct Answers 2024 K purchased a Life insurance policy in 1986 which paid 10% interest in the early years of the policy. Twenty years after the purchase, she received a notice from the insurer stating that the policy will soon terminate unless a much-higher premium is paid because of falling interest rates. This type of policy is known as a(n) _________ life policy. - answeruniversal K is an annuitant currently receiving payments. If she were to die befor...

NC Life Exam Questions With 100% Correct Answers 2024 Post-tax dollar contributions are found in: - answerRoth IRA investments How do life insurance companies handle cases where the insured commits suicide within the contract's stated Contestable period? - answerClaims are denied under the Suicide clause of the policy Variable Whole Life Insurance can be described as: - answerboth an insurance and securities product An agent gives a conditional receipt to a client for an insurance polic...

NC Life Exam Questions With 100% Correct Answers 2024 The validity of the policy cannot be conested once it has been in force for at least how many years after its date of issue? - answer2 Years A rider attached to a life insurance policy that provides coverage on the insured's family members is called the - answerOther-insured rider When an insured makes truthful statements on the application for insurance and pays the required premium, it is know as what - answerConsideration The regu...

NC Life Exam Simulation Questions With 100% Correct Answers 2024 Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? - answerANSWER: increase face amount 2. If the Commissioner of insurance finds that a licensed person has used fraudulent, coercive, or dishonest practices or has proved to be incompetent, untrustworthy, or financially irresponsible, the law allows the Commissioner to - answerANSWER: suspend, revoke, or refuse ...

NC Life Insurance Annuities Questions With 100% Correct Answers 2024 Deferred - answerwithheld or postponed until a specified time or event in the future Life contingency - answerDependent upon whether or not the insured is alive Liquidation of an Estate - answerconverting a person's net worth into a cash flow Natural person - answera human being Qualified plan - answera retirement plan that meets the IRS guidelines for receiving favorable tax treatment Suitability - answera requirement...

NC Life Insurance Exam Prep Chapter I Questions With 100% Correct Answers 2024 Liquidity - answerindicates a company's ability to make unpredictable payouts to policy owners Insurance - answerevolved to produce a practical solution to economic uncertainties and losses Reserves - answerthe accounting measurement of an insurer's future obligations to its policyholders. They are classified as liabilities on the insurance company's accounting statements since they must be settled at a f...

nc life practice exam Questions With 100% Correct Answers 2024 Grace period provision. - answerWhich of the following features allows an insurance policy to remain in force for a specific number of days beyond the premium due date? Make collateral assignment to the insurer - answerReinstatement of a life insurance policy requires an insured to take all of the following actions EXCEPT: The insured's signed statement of continued good health - answerAn insurance producer takes an applicati...