South Carolina Life Insurance Exam (questions and answers) 2024 updated

South Carolina Life Insurance Exam (questions and answers) 2024 updated The balance of the loan will be taken out of the death benefit - CORRECT ANSWER-If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - CORRECT ANSWER-An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - CORRECT ANSWER-The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as Term - CORRECT ANSWER-Children's riders attached to whole life policies are usually issued as what type of insurance? Decreasing Term - CORRECT ANSWER-An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation 24 total hours, including 8 hours approved for the line of licensing that the producer holds - CORRECT ANSWER-How many hours of CE must be completed every 2 years? The creditors have rights to the proceeds if they can show evidence of valid assignment - CORRECT ANSWER-Which of the following statements is true concerning the creditors of the deceased insured? Insurable interest and consent - CORRECT ANSWER-A life insurance policy has a legal purpose if both of which of the following elements exist? Cost of Living Rider - CORRECT ANSWER-A long stretch of national economic hardship causes a 7% rate of inflation. A policy owner notices that the face value of her life insurance policy has been raised 7% as a result. Which policy rider caused this change? Universal Life - CORRECT ANSWER-Which of the following Life Insurance policies would be considered interest-sensitive? Express Authority - CORRECT ANSWER-The authority granted to an agent through the agent's contract is referred to as The policyowner must sign a delivery receipt - CORRECT ANSWER-What must happen when an individual policy or annuity has been personally delivered to the policyowner? Reinsure policies of the insolvent insurer through other companies - CORRECT ANSWER-In the event of an insurer's insolvency, the South Carolina Life and Health Guaranty Association will within 30 days - CORRECT ANSWER-Once the Director issues a cease and desist order, how soon must an insurer comply with the order? It is reduced to the amount of what the cash value would buy as a single premium - CORRECT ANSWER-When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy? Suggesting negotiations in settling the claim - CORRECT ANSWER-All of the following are unfair claims settlement practices EXCEPT 3 - CORRECT ANSWER-How many hours of continuing education in Ethics are required each compliance period The Broker - CORRECT ANSWER-In the transaction of insurance, which of the following is considered to be representing the client? The beneficiary - CORRECT ANSWER-In a group life insurance policy, the employer may select all of the following EXCEPT Lower - CORRECT ANSWER-The premium of a survivorship life policy compared with that of a joint life policy would be It begins when the policy is delivered. - CORRECT ANSWER-Which of the following is TRUE about the 10- day-free=look period in a Life Insurance policy? It is a life contingency option - CORRECT ANSWER-All of the following statements are true regarding installments for a fixed period annuity settlement option EXCEPT The Client - CORRECT ANSWER-An insurance producer has not been appointed to an insurance company. Who is the producer considered to represent? Any form of life insurance - CORRECT ANSWER-Partners in a business enter int