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Exam of 11 pages for the course North Carolina accident and health insurance at North Carolina accident and health insurance (Final Exam)
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Final ExamIf after satisfactory proof of loss, an insurer fails or refuses to pay death proceeds, the
insurer must pay interest on the proceeds after how many days? - answer30
AT LEAST how many days before the effective date of a rate increase must an insurer
provide written notice to individual accident and health policyowners? - answer30 days
Agent J takes an application and initial premium from an applicant and sends the
application and premium check to the insurance company. The insurance company
returns the check back to J because the check is made out to J instead of the insurance
company. What action should J take? - answerReturn to the customer, collect a new
check made out to the insurance company, and send the new check out to the
insurance company
When an existing life insurance policy is being reissued with a reduction in cash value,
the agent must sign the - answerNotice Regarding Replacement of Life Insurance or
Annuity
All of the following statements about traditional individual retirement accounts are false
EXCEPT - answer10% penalty is applied to withdrawals before age 59 1/2
Which of the following statements is correct regarding an employer/employee group
health plan? - answerthe employer receives a master policy and the employees receive
certificates
The Consideration clause of an insurance contract includes - answerthe schedule and
amount of premium payments
Whole Life insurance policies are contractually guaranteed to provide each of the
following EXCEPT - answerpartial withdrawal features beyond a surrender charge
period
The phrase "This policy will only pay for a semi-private room" is an example of a(n) -
answerinternal limit
K is the insured and P is the sole beneficiary on a life insurance policy. Both are
involved in a fatal accident where K dies before P. Under the Common Disaster
provision, which of these statements is true? - answerProceeds will be payable to K's
estate if P dies within a specified time
, What kind of life insurance policy pays a specified monthly income to a beneficiary for
30 years and then pays a lump sum benefit at the end of that 30 years? - answerFamily
Maintenance Policy
All students attending a large university could be covered by - answera blanket policy
Every Group Health Policy providing benefits for chemical dependency treatments must
include, for the life of the contract, a - answerminimum benefit of $16,000
According to the Affordable Care Act (ACA), a dependent child's eligibility status is
determined by - answerage
Which is true concerning a Variable Universal Life policy? - answerPolicyowner controls
where the investment will go and selects the amount of the premium payment
Which of the following policy provisions prohibits an insurance company from
incorporating external documents into an insurance policy? - answerentire contract
B has a $100,000 Accidental Death and Dismemberment policy that pays triple
indemnity for common carrier death. If B is killed from an accident on a commercial
flight, what will the policy pay B's beneficiary? - answer$300,000
How does group insurance differ from individual insurance? - answerpremiums are
lower
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba
accident shortly afterwards. How much of the death benefit will the mother receive? -
answer$0
The funds used by the Life and Health Insurance Guaranty Association to carry out its
purpose are obtained from the - answermember companies
Which of the following statements is true about most Blue Cross/Blue Shield
organizations? - answerThey are nonprofit organizations
Which statement about a whole life policy is correct? - answerCash value may be
borrowed against
A vacancy that occurs during the North Carolina Commissioner of Insurance's term of
office MUST be filled by the - answerGovernor
An insured pays premiums on an annual basis for an individual health insurance policy.
What is the MINIMUM number of days for the Grace Period provision? - answer31
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