Study guides, Class notes & Summaries

ExamFX Life Insurance Final Exam Questions and Answers 100% AccurateExamFX Life Insurance Final Exam Questions and Answers 100% AccurateExamFX Life Insurance Final Exam Questions and Answers 100% Accurate A buyer's guide - ANSWER-The entire contract includes all of the following EXCEPT... The death benefit is not increased - ANSWER-All of the following statements about indexed whole life insurance EXCEPT... A Warranty - ANSWER-What guarantees that the information explained in the insur...

Life Insurance (North Carolina) Exam Prep with 100% Correct Answers | Latest Update

ife income with period certain - ANSWER What annuity settlement option provides income payments to the annuitant for the duration of his or her life, and also guarantees payment for a specified number of years when if the annuitant dies, it will go to the beneficiary?

An insurer that operates for one or more social, educational, charitable, benevolent, or religious purposes for the benefit of its members is known as a a) Reciprocal insurer. b) Stock insurer. c) Fraternal insurer. d) Mutual insurer. - ANSWER C Life insurance creates an immediate estate. Which of the following best explains this statement? The policy has cash values and nonforfeiture values. b) The policy generates immediate cash value. c) The death benefit will always be paid to the ...

CCELERATED BENEFITS - ANSWER Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses ACCIDENTAL DEATH BENEFITS - ANSWER A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death ACCIDENTAL DEATH INSURANCE - ANSWER An insurance policy that provides payment if the insured's death is the result of an accident

Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Ferguson Act, what is the minimum penalty for this? - ANSWER $10,000 or up to one year in jail A type of insurer that is owned by its policyowners is called - ANSWER Mutual insurer What is considered to be the primary reason for buying life insurance? - ANSWER Provide death benefits

Elements of a Contract - ANSWER Competent parties, legal purpose, offer and acceptance, consideration Waiver - ANSWER Voluntary giving up of a known right or privilege, can be express or implied Estoppel - ANSWER A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the past conduct Aleatory Contract - ANSWER a contract where the values exchanged may not be equal but depend on an uncertain event

A ____________ company is one that is domiciled in another state and has Not received a license to do business in Alabama. - ANSWER Foreign Nonamitted A 15-year mortgage - ANSWER 15 year decreasing term A collateral assignment allows a policy owner to assign: - ANSWER A portion of the policy provides to the assignee

An individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant and t submit a medical exam. If the policy was issued, what would be the policy's effective date? A. The date of policy delivery B. The date of the Issue C. The date of application D. The date of the medical exam - ANSWER D. The date of the medical exam

The balance of the loan will be taken out of the death benefit - ANSWER If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - ANSWER An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - ANSWER The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as

Replacement regulation is designed to protect - ANSWER Policyowners from mirepresentation and loss of benefits All Health Benefit Plans issued after January 1, 2014 must provide - ANSWER Preventative health services Which of these will have the highest monthly payout upon annuitization - ANSWER Straight life Which of the following is included in the entire contract according ti the entire contract provison? - ANSWER Clauses