South Carolina Insurance Exam/ 108 Questions with Definitive Solutions.
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Course
South Carolina Insurance
Institution
South Carolina Insurance
South Carolina Insurance Exam/ 108 Questions with Definitive Solutions. Terms like:
A whole life insurance policy accumulates cash value that becomes - Answer: the policy loan value which the insured may borrow against
Mike has inherited his father's traditional IRA. As beneficiary, he will pa...
South Carolina Insurance Exam/ 108 Questions
with Definitive Solutions.
A whole life insurance policy accumulates cash value that becomes - Answer: the policy loan
value which the insured may borrow against
Mike has inherited his father's traditional IRA. As beneficiary, he will pay ____ taxes on any
money withdrawn. - Answer: income
An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value
interest free. The provision that allows this is called - Answer: Partial Surrender
Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000.
Which of these statements is true? - Answer: The face amount and premium will remain
constant over the 10-year period
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, Kristi purchases an annuity that will pay her husband an income for 15 years. If he dies, this
income will become payable to their children for the remainder of the period. Kristi has what
kind of annuity? - Answer: Temporary annuity certain
When a qualified plan starts making payments to its recipient, which portion of the distributions
is taxable? - Answer: Gains
Pre-death distributions from a modified endowment contract (MEC) receive different tax
treatment than other life insurance policies because - Answer: the MEC tends to be an
investment vehicle
An insurer is REQUIRED to offer which of the following to each long-term care applicant at the
time of purchase? - Answer: Inflation protection
Which of these riders will pay a death benefit if the insured's spouse dies? - Answer: Family
term insurance rider
Disability income plans which require that the insurer can NEVER change or alter premium rates
are usually considered - Answer: Nonconcellable
What is the required action to be taken by a South Carolina licensee before operating under an
assumed business name? - Answer: 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 - Answer: minus indebtedness and without interest
If an annuitant dies before the annuity start date - Answer: the premiums paid plus interest will
be given to the beneficiary
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