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SC life insurance exam study set Questions and Answers (Graded A+) $11.29   Add to cart

Exam (elaborations)

SC life insurance exam study set Questions and Answers (Graded A+)

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  • Course
  • SC life insurance
  • Institution
  • SC Life Insurance

Incontestable period Probation period Reinstatement period Grace period - ANSWER_Grace period A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Standard Substandard Acceptable Preferred - ANSWER_Preferred Whic...

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  • February 28, 2024
  • 77
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • SC life insurance
  • SC life insurance
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IMORA
SC life insurance exam study set
Questions and Answers (Graded A+)
An insurer will accept a premium from the insured and continue theicoverage in full
force as though it
was NOT late during which time period?

Incontestable period
Probation period
Reinstatement period
Grace period - ANSWER_Grace period

A person who is a nonsmoker, of average weight, and in excellent health would most
likely be in which risk classification?

Standard
Substandard
Acceptable
Preferred - ANSWER_Preferred

Which of these is affected by the frequency of an insurance policy's premium
payments?

Settlement options
Cash value
Death benefit
Cost - ANSWER_Cost

A Buyer's Guide MUST

display year-by-year cash surrender values
@ have it's content approved by the Director
include the name of the Director
explain the company's specific underwriting procedures - ANSWER_Have its content
approved by the director

A life insurance claim which involves a per capita distribution of policy proceeds would
be payable to the

A. Estate of the insured only
B. Estate of the deceased beneficiaries only
C. Named contingent beneficiary only
D. Named living primary beneficiaries - ANSWER_Named primary beneficiaries

,A provision that allows a policyowner to temporarily give up ownership rights to secure a
loan is called

A. Automatic premium lion
B. Nonforfeiture option
C. Collateral assignment
D. Irrevocable assignment - ANSWER_Collateral assignment

A limited payment whole life policy provides

A. Protection for 20 years
B. Lifetime protection
C. Protection for more than one person
D. Discounted premiums - ANSWER_Lifetime protection

When does a life insurance policy typically become effective?

A. When the policy is issued
B. When initial premium is collected and policy is issued
C. When the application is completed and signed
D. When the completed application is signed and initial premium is collected -
ANSWER_When initial premium is collected and policy is issued

What makes an insurance policy a unilateral contract?

Only the insured pays the premium
Only the insured can change the provisions
Only the insurer is legally bound
Only the insured is legally bound - ANSWER_Only the insurer is legally bound

A whole life policy option where extended term insurance is selected is called a(n)

dividend option
Settlement option
Nonforfeiture option
Interest-only option - ANSWER_Nonforfeiture option

An annuity is primarily used to provide

retirement income
disability income
long-term care benefits
death benefits - ANSWER_retirement income

In what part of an insurance policy are policy benefits found?

,Declarations
Entire contract
Waivers
Conditions - ANSWER_Declarations

Which of the following is an example of the insured's consideration?

Insurer's promise to pay benefits
A paid premium
Legal purpose
Intent - ANSWER_A paid premium

Term insurance is appropriate for someone who

seeks living benefits for themselves
seeks a policy that builds cash value
seeks temporary protection and lower premiums
seeks permanent protection and higher premiums - ANSWER_seeks temporary
protection and lower premiums

Under a non-qualified annuity, interest is taxed after the

deposits have been made
death of the annuitant
distribution of payments
exclusion ratio has been calculated - ANSWER_exclusion ratio has been calculated
(The taxable and non-taxable portions of annuity payments are determined by the
exclusion ratio.)

A rollover from a Traditional IRA to another IRA MUST be done within ____ days to
avoid tax
consequences.

15
30
60
90 - ANSWER_60

In an insurance contract, the applicant's "consideration" is the

Offer and acceptance
Premium only
Statements made in the application and the premium
Statements made in the application only - ANSWER_statements made in the
application and the premium

, All producers shall maintain full and correct transaction records of the business done by
them for a period of AT LEAST

1 year
3 years
5 years
7 years - ANSWER_5 years

Which market index is normally associated with an indexed annuity's rate of return?

NAIC
SEC
S&P 500
A&P 300 - ANSWER_S&P 500

Every producer licensed in South Carolina must notify the Director within ____ days of
any change of address.

15
20
25
30 - ANSWER_30

When the Director is examining an insurer's books and records, the insurer

is NOT required to assist in the examination procedures
O can determine which records to make available
has the authority to stop the examination at any time
must NOT impede an examination - ANSWER_Must NOT impede an examination

Where would policy proceeds be paid if both the insured and primary beneficiary were
killed in the
same accident?

Primary beneficiary's estate
Contingent beneficiary
Insureds estate
Children of the insured - ANSWER_Contingent beneficiary

An endorsement found in an insurance plan which modifies the provisions of the policy
is called a(n)

Attachment
Add on
Rider

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