NC Life insurance state exam study guideline | Strategies Review of Key Quizzes with 100% Verified Answers | 2026 | 2027 (Rated A)

NC Life insurance state exam study guideline | Strategies Review of Key Quizzes with 100% Verified Answers | 2026 | 2027 (Rated A) Quiz_________________? " Single" "Level (continuous /straight)" "Adjustable/Flexible" "Modified" "Graded" "Indeterminate(nonguaranteed)" - ANSWER What are the different types of Premium Variations? Quiz_________________? "Ordinary (Straight) Life" " Limited Pay" " Single-Premiums Whole Life" "Adjustable Whole Life" Universal Whole Life" Variable Whole Life" "Variable/Universal Whole Life" "Interest Sensitive Whole Life" " Equity-indexed Life - ANSWER What are the 9 types of Whole Life Insurance Policies? Quiz_________________? Adjustable whole life Universal whole life Variable/universal whole life Interest-sensitive whole life - ANSWER Which life insurance policies has a Flexible premium? Quiz_________________? Cash interest Paid-up addition Apply to premium when due One-year term - ANSWER What are the 5 types of dividends options offered by mutual insurers? Quiz_________________? Cash surrender Extended Term Reduced paid up - ANSWER What are the 3 types of Nonforfeiture provisions? Quiz_________________? May NOT be in reinstated Do not need to re-establish insurable interest in order to reinstate only at time of application Incontestability clause and Suicide Clause state over. - ANSWER A policy surrendered for cash Quiz_________________? ordinary whole life Limited-pay whole life Single-premium whole life Variable whole life Equity-indexed whole life - ANSWER Which Whole life Insurance policies have a level or Flexible premium? Quiz_________________? 2 or more annuitants ( usually husband and wife) Pays until the first annuitant dies. When either party dies, the policy pays the face amount, there is no more coverage for remaining party. - ANSWER Joint Life Annuity Quiz_________________? 2 or more annuitants ( usually husband and wife) pays until the last party dies (the survivor). Payments often adjusted upon death of the first party due to age difference. - ANSWER Joint suvivorship annuity Quiz_________________? 28 days grace period Small face amount $1,000 or less, has cash value. Premiums are collected weekly by agent in person - ANSWER Industrial Life Quiz_________________? 30 day grace period - ANSWER Individual Policies Quiz_________________? A 20 paylife will be paid up in 20 years If purchased at age 30, paid up at age 50. The premium is paid up, your still covered till the policy matures at age 100. A life paid up at age 65, will be paid up at age 65 (LP65) If purchased at age 30, paid up at age 65. The premium is paid up at age 65, your still covered until policy matures at age 100. - ANSWER Limited-pay Whole Life Quiz_________________? A Cash Value whole life policy for which premiums are paid for a limited number of years, such as age 65. If the insured is alive at the end of this premium paying period, he/she recieves Face Amount of the policy. If the insured dies before maturity of the policy, the beneficiary recieves the proceeds. The most expensive type of Cash Value life insurance, since the policy teaches maturity prior to age 100. Endowments are often purchased to supplement retirement or for children's education purposes. - ANSWER Endowment Quiz_________________? A combination plan covering your entire family, usually with permantent insurance on the fathres life, with mother and children automatically covered for lesser amounts. (usually Term) all included under one premium. - ANSWER Family Policy Rider Quiz_________________? A common benefit option on life insurance policies wherein the policy owner allows the dividends from policy to be used for the purpose of accumulating cash values. On death the beneficiaries recieve an increases death benefit from the cash value amount that was accured during the policy. - ANSWER Face Amount plus Cash Value Quiz_________________? A contract in which the amount of the periodic benefits, usually in relation to security market values, a cost-of-living index or some other variable factor invested in a "separate account". Which is very similar to a mutual fund, in contrast to a fixed or Guarantee return " annuity" - ANSWER Variable Quiz_________________? A life insurance policy on which the entire premium is paid in one payment (lump sum). Creates an immediate Cash Value. - ANSWER Single Quiz_________________? A life insurance, the provision or endorsements that designates the owner of the policy when such owner is someone other than the insured. - ANSWER Ownership clause Quiz_________________? A period of time after buying a policy where suicide is not covered. Protects the insurance company against adverse selection. Insurer will generally refund premiums to the beneficiary, if the insured dies of suicide before the suicide clause has passed by, less any loans outstanding. Suicide is covered, after the suicide clause has passed by ALWAYS. - ANSWER Suicide Exclusion Quiz_________________? A permanent life insurance policy on which premiums are paid for a specified number of years on to a specified age of the insured. (LP65 and 20 pay life) are example of Limited benefit. Is more expensive than traditional whole life since the premiums must be paid with in a shorter period of time. - ANSWER Limited benefit Quiz_________________? A rider added to a whole life policy under certain circumstances. Insured has whole lofe and wants to add coverage for a new spouse. Coverage subject to insurability (physical exam) Could also be used to add coverage for a newborn child. A parent is allowed to add coverage for a child by adding a Child term rider to their policy (Term Insurance rider on a child) - ANSWER Other Insured Rider Quiz_________________? A rider in a life policy authorizing the insurance company to use the Cash Value to pay premiums not paid by the end of the Grace period. This rider is FREE, but must be selected by the policy owner. If a loan and accumlated amount interest exceeds the Cash Value of the policy then the policy lapses. - ANSWER Automatic Premium Rider