NC Life Insurance

NC Life Insurance - Other Life Topics - Chapter Quiz with Verified Solutions Contracts that are prepared by one party and submitted to the other party on a "take it or leave it" basis are classified as A. Binding contracts. B. Contracts of adhesion. C. Unilateral contracts. D. Aleatory contracts. (B) Contracts of adhesion Insurance policies are written by the insurer and submitted to the insured on a "take it or leave it" basis. The insured does not have any input into the contrac...

NC Life Exam Simulation Questions and Answers Already PASSED !!! Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? ANSWER: 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 ANSWER: suspend, revoke, or refuse to renew the ag...

Final Exam - North Carolina Life and Health with Verified Solutions Which of the following is the MOST important factor when deciding how much Disability Income coverage an applicant should purchase? M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT free-look period has expired Additional coverage can be added to a Whole Life policy by adding a(n) decreasing term rider A...

NC Health Insurance Exam Pearson Vue Latest Graded A+ Pure Risk chance of loss or no loss but not gain insurable Speculative Risk there is possibility of loss but of gain no insurablility exposure unit subject to loss peril cause of loss life insurance death Health insurance accident and sickness hazard increases the likelihood or severity of loss Three types of hazard physical, moral, morale physical hazard arise from the inherent characteristi...

Lesson 11: NC Statutes & Regulations Pertinent to Life Insurance Questions and Answers Graded A+ Contract of Insurance Agreement by which the insurer is bound to pay money or its equivalent, or do some act of value to the insured upon and as an indemnity or reimbursement for the destruction, loss, or injury of something in which the party has an interest. Commissioner Commissioner of Insurance of NC or authorized designee -Heads state Department of Insurance -Responsible for fair ratem...

NC Insurance Licensing Exam Questions and Answers 100% Pass P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Set up a meeting with the applicant to answer the remaining questions Which of the following does Social Security NOT provide benefits for? Dismemberment An Accident/Health policyholder has ____ days to return the policy and receive a full refund on premiums 10 Under a Renewable Term policy, the renewable prem...

NC Life Insurance Exam Prep Questions and Answers Already Passed An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner A policy summary and buyer's guide All of the following actions are considered rebating EXCEPT Sharing commissions with other licensed and appointed agents What benefit does the Payor Clause on a Juvenile Life Policy provide? Premiums are waived if payor becomes disabled An agent who signs a blank contract application or...

NC Life Insurance Practice Exam Questions and Answers Already Passed All of the following are included within the Insurance Commissioner's duties EXCEPT a) Conducting investigation of all domestic insurers. b) Reviewing the insurers' annual reports. c) Writing North Carolina insurance laws. d) Reporting any violations of insurance laws to the Attorney General. Writing insurance law is not the Insurance Commissioner's responsibility, but enforcing the law is. c) Writing North Carolina ...

NC Life insurance state exam study guideline already graded A+ Term Insurance Used for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. Term Insurance Expire's at a certain age/Time in the future. May be renewable up to a certain age or date with out a phyical Exam. Level Term Insurance Term insurance can be Renewed annually. Has a level Face Amount at renewal, Premiums goes up. Can be purchased for a Year or as o...

NC LIFE insurance state exam questions and answers 100% pass CREDIT LIFE a 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 a 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 to purchase insurance the policy owner must face the possibility ...