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Final Exam - North Carolina Life and Health Questions and Answers
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Final Exam - North Carolina Life and Health
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Final Exam - North Carolina Life andHealth
Which of the following is the MOST important factor when deciding how much Disability
Income coverage an applicant should purchase? - answer
M completes an application for life insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT - answerfree-look
period has expired
Additional coverage can be added to a Whole Life policy by adding a(n) - answer
decreasing term rider
All of the following actions are considered rebating EXCEPT - answer sharing
commissions with other licensed and appointed agents
One of the stated purposes of the Life and Health Insurance Guaranty Association is to
- answerassist in the prevention of insurer insolvencies
Which of the following statements is CORRECT about the period in which a Term Policy
can be converted? - answerIt varies according to the contracts
Insurance agents MUST obtain a license from North Carolina's - answerCommissioner
of Insurance
An accident policy will most likely pay a benefit for a(n) - answeroff-the-job accident
K becomes ill after traveling overseas and is unable to work for 3 months. What kind of
policy would cover her loss of income? - answerDisability Income
K has a health policy that must be renewed by the insurer and the premiums can only
be increased if applied to the entire class of insureds. This type of policy is considered -
answerguaranteed renewable
M's insurance company denied a reinstatement application for her lapsed health
insurance policy. The company did not notify M of this denial. How many days from the
reinstatement application date does the insurance company have to notify M of the
denial before the policy will be automatically placed back in force? - answer45 days
B is a teacher who was injured in a car accident and cannot work. She is now receiving
monthly benefits as a result of this accident. Which type of policy does B have? -
answerDisability Income
, Which of the following services is NOT covered under a hospitalization expense policy?
- answersurgeon's fees
Statements made on an insurance application that are believed to be true to the best of
the applicant's knowledge are called - answerrepresentations
M completes an application for life insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT - answerfree-look
period has expired
Rick recently died and left behind an individual IRA account in his name. His widow was
forwarded the balance of the IRA. The widow qualifies for the - answermarital deduction
J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value? - answer20-
pay Life
The most important factor to consider when determining whether to convert term
insurance at the insured's attained age or the insured's original age is - answercost
The Consideration clause of an insurance contract includes - answerthe schedule and
amount of premium payments
T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life
Annuity. What will this transaction provide? - answerIncome that cannot be outlived by
the owner
If an individual has an Accidental Death and Dismemberment policy and dies, an
autopsy can be performed in all these situations EXCEPT - answerWhen the state
prohibits this by law
The type of annuity that can be purchased with one monetary deposit is called a(n) -
answerImmediate annuity
Which of the following statements is CORRECT about accelerated death benefits? -
answerMust have a terminal illness to qualify
Which rider provides coverage for a child under a parent's life insurance policy? -
answerChild term rider
Which of the following BEST describes how pre-admission certifications are used? -
answerUsed to prevent nonessential medical costs
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