Exam (elaborations)
North Carolina Laws and Rules Insurance Questions and Answers 2024
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North Carolina Laws and Rules Insurance
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North Carolina Laws and RulesInsurance
When an existing life insurance policy is terminated so that a new life insurance policy
can be purchased, this transaction is referred to as - answer Replacement
The Life and Health Insurance Guaranty Association is funded by authorized insurers in
this state. One of the roles of this organization is to - answer Assist in the prevention of
insurer insolvencies
An Accident/Health policyholder has ___ days to return the policy and receive a full
refund on premiums - answer10
S is a life insurance policyowner and enters into a written agreement to receive
immediate cash in exchange for the sale and transfer of her life insurance policy. This
agreement is referred to as a(n) - answerViatical Settlement
Before an insurer can increase the rates for individual accident and health policyowners,
the insurer must provide written notice at least ___ days before the effective rate
increase - answer30
How long must every insurance agent maintain all records, books, and documents
related to each insurance transaction? - answer5 years
The commissioner of Insurance has notified an insurer that an Individual Health Policy
form does not comply with North Carolina laws. The insurer may - answerNot issue the
form in connection with any new application
Insurance agent licenses normally must be renewed every - answer2 years
Which of these circumstances REQUIRE an insurer to clearly specify questions
designed to obtain information solely for marketing research? - answerAny insurance
transaction
Which of the following is an effort to influence a person to buy an insurance product
from you? - answerSoliciting
A health insurance policy applicant unintentionally fails to list a previous visit to a
neurologist. If the policy is issued and the insurer later decides to contest the policy, it
must do so - answerwithin 2 years from the date of issue
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