South Carolina Insurance Exam Questions and Correct Answers

An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Inflation protection Which of these riders will pay a death benefit if the insured's spouse dies? Family term insurance rider Disability income plans which require that the insurer can NEVER change or alter premium rates are usually considered Nonconcellable What is the required action to be taken by a South Carolina licensee before operating under an assumed business name? Notify the Director The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid minus indebtedness and without interest If an annuitant dies before the annuity start date the premiums paid plus interest will be given to the beneficiary The purpose of the Coordination of Benefits provision in group accident and health plans is to avoid overpayment of claims The typical long-term care insurance policy is designed to provide a minimum of___year(s) of coverage 1 Decreasing term life insurance is often used to provide coverage for a home mortgage Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? Endowment policy A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT fare-paying passenger All _____ policies must be guaranteed renewable. long-term care What type of injury would NOT be covered under a health insurance policy? Work related