Life Insurance Exam (NC)

The applicant is currently licensed as a resident and is in good standing in his/her own state

A nonresident of Nc May be licensed without taking a required written examination if

A policy is reissued with a reduction in cash value

According to the life insurance replacement regulations, which of the following would be an example of policy replacement?

The policy face amount remains level throughout the life of the policy

All statements are correct about Indexed whole life insurance EXCEPT

Currently insured

An employee does having 6 quarters of coverage during the previous 13-quarter period. What status of coverage does the employee have under social security?

Children's Term Rider

An insured and his spouse recently had a child. Which rider would allow the couple to insure the child for a limited period of time at a specified amount

Nonforfeiture Values

Cash value guarantees in a whole life policy are called

Misrepresentation

Guaranteeing future dividends is considered to be an unfair or deceptive act know as

Before accepting the initial premium deposit.

In life insirance, when must the policy summary be presented?

It is illegal for an insurer to advertise that policies are covered by the Life and Health Guaranty Association

It is illegal for an insurer to advertise that policies are covered by the Life and Health Guaranty Association Or The Life and Health Guaranty Association is comprised of representatives from the DOI's of every state

The owner of a shop (owner = principal)

Not eligible for coverage under key person

4 YEARS

The commissioner of insurance serves a term of office of how many years?

The premium is based on the age of each insured

What is NOT true of the Survivorship Life policy

Both guarantees that the principal and interest will be fully paid out

What is true of both the fixed-period and the fixed-amount settlement options?

Contract Interest Rate

What type of an interest rate is guaranteed in universal life policies?

Joint & Survivor

Your client wants to provide a retirement income for his elderly parents in case anything happens to him. He wants to make sure that both beneficiaries are guaranteed an income for life. Which settlement option should his policyowner select?