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Final exam - North Carolina life, accident and health or sickness agent Questions and Answers Rated A+
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Final exam - North Carolina life, accident and health or sickness agent
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Final exam - North Carolina life, accidentand health or sickness agent
Cash Refund annuity - answer an annuity promises that if the annuitant dies the
payments will be continued to a beneficiary until an amount equal to the contract value
has been paid.
which statement is correct regarding the premium payment schedule for whole life
policies is: - answer “Premiums are payable throughout the insured's lifetime/coverage
lasts until death of the insured."
the primary purpose of the life insurance replacement regulation is to protect the -
answer interests of policyowners
A physician opens up a new practice and qualifies for a $7,000/month Disability Income
policy. What rider would the physician add if he wants the ability to increase his policy
benefit as his practice and income grow?-Extended Term rider-Cost of Living
Adjustment rider-Guaranteed Insurability Option rider-Waiver of Premium rider - answer
Guaranteed Insurability Option rider
T was insured under an individual Disability Income policy and was severely burned in a
fire. As a result, T became totally disabled. The insurer began making monthly benefit
payments, but later discovered that the fire was set by T in what was described as
arson. What actions will the insurer take?
- The insurer will rescind the policy, deny the claim, and recover all payments made
- Due to the policy not being post-claim underwritten, the insurer must continue to pay
this claim
- Claim will be rejected because of this criminal act, but no recovery of payments will be
made
- Claim will be denied but the policy will remain in force without further premium
payments due to the insured's total disabiliy - answerThe insurer will rescind the policy,
deny the claim, and recover all payments made
A certificate of authority permits an - answerinsurance company to transact business
group life insurance policies are generally written as - answerannually renewable term
Which of the following statements is CORRECT about a domestic insurance company
in North Carolina - answerIt must be organized under North Carolina insurance laws.
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