nc life practice exam pt 2

At any time the Insurance Commissioner sees fit

The Insurance Commissioner may examine the records of an insurance company at which of the following times?

has forged another person's name on an insurance application

The Insurance Commissioner may revoke or suspend a producer's license if the producer:

To ensure that policyowners receive adequate information on which to base a replacement decision

The Life Insurance and Annuity Replacement Rule is designed for which of the following purposes?

Accidental Death

A Variable Life contract must contain all of the following provisions EXCEPT:

tells an insured the deductible on a policy is less than it actually is

A producer may be guilty of misrepresentation if the producer:

names and addresses of each beneficiary

All of the following elements must be included in a policy summary given to a purchaser of life insurance EXCEPT the:

volunteer religious groups

All of the following groups are considered eligible for group life insurance EXCEPT:

suicide

All of the following provisions must be included in group life insurance policies issued in this state EXCEPT:

an insurance producer

An individual appointed by an insurance company to solicit applications for a policy of insurance on its behalf is known as:

is a deceased licensed producer's next of kin

An individual may obtain a temporary insurance producer's license without passing the licensing examination if the individual:

A producer

An individual who, for the purpose of collecting premiums, acts for another in negotiating a contract of insurance is considered to be:

a certificate of authority

An insurance company doing business in this state must operate under:

a foreign company

An insurance company formed under the laws of a state other than this state is known as:

defamation

An insurance producer who makes false statements that harm the reputation of another insurance company is guilty of:

Neighbors

Controlled business is defined as insurance a producer writes on all of the following individuals EXCEPT the producer's:

an acceleration of life insurance benefit

In a life policy, a special benefit that prepays a portion of the death benefit during the lifetime of an insured in the event of a specified illness is called:

hold a like license in another state

In order for nonresident applicants to be eligible for an insurance producer license in this state, they MUST:

form of ownership each company is permitted

The major difference between a mutual insurance company and a stock insurance company is the:

The Insurance Commissioner

Which of the following persons is authorized to enforce state insurance laws?

A producer returns a portion of the commission to an insured.

Which of the following situations is considered rebating?

It may be provided through a group or individual policy.

Which of the following statements about Credit Life insurance is CORRECT?

Both the applicant for insurance and the insurance producer must sign a statement stating whether existing insurance is to be replaced.

Which of the following statements about replacement of existing life insurance is CORRECT?

Their licenses will be terminated.

Which of the following statements is CORRECT about insurance producers who fail to satisfy the continuing education requirements?

Universal Life Plan

Which of the following terms may be used in advertisements for life insurance?

group life

Which of the following types of insurance policies is EXEMPT from the Life Insurance and Annuity Replacement Rule?