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Final Exam - North Carolina Life & Health Questions and Answers 100% Solved
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Final Exam - North Carolina Life & Health
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Final Exam - North Carolina Life &Health
Whole Life.
(Whole life provides the insured with a cash value as well as a level face amount.) -
answer A life insurance policy that provides a policyowner with cash value along with a
level face amount is called
Ten.
(For an individual health policy that is paid for on a monthly basis, the Grace Period
provision is a MINIMUM of ten days.) - answer For an individual health policy that is
paid for on a monthly basis, the Grace Period provision is a MINIMUM of how many
days?
Request of the change will be refused.
(An irrevocable designation may not be changed without the written consent of the
beneficiary.) - answerT is covered by an Accidental Death and Dismemberment (AD&D)
policy that has an irrevocable beneficiary. What action will the insurance company take
if T requests a change of beneficiary?
not issue the form in connection with any new application.
(If an insurer has been notified by the Commissioner of Insurance that an individual
Health Policy form does not comply with the state's laws, the insurer may not issue the
form in connection with any new application.) - answerIf an insurer has been notified by
the Commissioner of Insurance that an individual Health Policy form does not comply
with the state's laws, the insurer may
a blanket policy.
(Blanket health insurance is issued to cover a group who may be exposed to the same
risks, but the composition of the group (the individuals within the group) are constantly
changing.) - answerAll students attending a large university could be covered by
, An individual policy is given to each member.
(In group health insurance, each member receives a certificate of insurance, not an
individual policy.) - answerAll of the following statements regarding group health
insurance is true, EXCEPT
Irrevocable beneficiary
(An irrevocable designation may not be changed without the written consent of the
beneficiary.) - answerWhat kind of Accidental Death and Dismemberment (AD&D)
insurance beneficiary requires his/her consent when a change of beneficiary is made?
level.
(A Whole Life insurance policy has a level premium.) - answerWhat kind of premium
does a Whole Life policy have?
Salary-deferral contributions.
(A 401(k) plan normally provides participants with a salary-deferral option for
contributions to the plan.) - answerWhat does a 401(k) plan generally provide its
participants?
Modify a provision in the insurance contract.
(Changing contract provisions is not a policyowner right.) - answerWhich of these is
NOT considered to be a right given to a policyowner?
Those enrolled as a full-time student.
(All of these groups of people are typically eligible for Medicare except full-time
students.) - answerMedicare is intended for all of the following groups, EXCEPT
Aleatory.
(Insurance contracts are aleatory in that the amount the insured will pay in premiums is
unequal to the amount that the insurer will pay in the event of a loss.) - answerQ
purchases a $500,000 life insurance policy and pays $900 in premiums over the first six
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