100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
NC Life Insurance Practice Exam Questions with Correct Answers 100% Pass $13.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. NC Life Insurance
  4.  
  5. NC life insurance

Exam (elaborations)

NC Life Insurance Practice Exam Questions with Correct Answers 100% Pass
 0 view  0 purchase
  • Course
  • NC life insurance
  • Institution
  • NC Life Insurance

NC Life Insurance Practice Exam Questions with Correct Answers 100% Pass All of the following are included within the Insurance Commissioner's duties EXCEPT a) Conducting investigation of all domestic insurers. b) Reviewing the insurers' annual reports. c) Writing North Carolina insurance laws...

[Show more]

Preview 4 out of 81  pages

Document information

  • November 19, 2024
  • 81
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nc life insurance practice exam questions with cor

Written for

  • NC life insurance
  • NC life insurance

Seller

avatar-seller
SophiaBennett

Reviews received

Content preview

NC Life Insurance Practice Exam Questions
with Correct Answers 100% Pass


All of the following are included within the Insurance Commissioner's duties EXCEPT




a) Conducting investigation of all domestic insurers.


b) Reviewing the insurers' annual reports.


c) Writing North Carolina insurance laws.


d) Reporting any violations of insurance laws to the Attorney General. Writing

insurance law is not the Insurance Commissioner's responsibility, but enforcing the law

is. - ANSWER✔✔-c) Writing North Carolina insurance laws.




Writing insurance law is not the Insurance Commissioner's responsibility, but enforcing

the law is.


Which of the following insurance providers must be nonprofit and sell insurance only

to its members?




a) Reciprocal

Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/81

,b) Fraternal


c) Service


d) Mutual - ANSWER✔✔-b) Fraternal




To be characterized as a fraternal benefit society, the organization must be nonprofit,

have a lodge system that includes ritualistic work and maintain a representative form of

government with elected officers. Insurance may only be sold to members of the society.


A married couple owns a permanent policy which covers both of their lives and pays

the death benefit only upon the death of the first insured. Which policy is that?




a)Second-to-Die


b)Family Income Policy


c)Joint Life Policy


d)Survivorship Life Policy - ANSWER✔✔-c)Joint Life Policy




Joint life policies cover the lives of two insureds; rates are blended. Upon the death of

the first insured, the policy ends.




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/81

,The insured under a $100,000 life insurance policy with a triple indemnity rider for

accidental death was killed in a car accident. It was determined that the accident was

his fault. The triple indemnity rider in the policy specifies that the death must not be

contributed to by the insured in any manner. In this case, what will the policy

beneficiary receive?




a)$0


b)$50,000 (50% of the policy value)


c)$100,000


d)$300,000 (triple the amount of policy value) - ANSWER✔✔-c)$100,000




The triple indemnity accidental death rider obligates the company to pay three times

the face amount of the policy if the insured dies as a result of an accident. The death

must be accidental and not contributed to by any other factors and must occur within 90

days of the accident. In this case, since the insured contributed to his own death, the

triple indemnity rider is void, but the beneficiary will still receive the policy's death

benefit.


In term policies, what happens to the premium throughout the term of the policy?




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 3/81

, a) Premium gradually increases.


b) Premium gradually decreases.


c) Premium fluctuates.


d) Premium always remains level. - ANSWER✔✔-d) Premium always remains level.




There are three basic types of term coverage available, based on how the face amount

(death benefit) changes during the policy term: Level, Increasing, and Decreasing.

Regardless of the type of term insurance purchased, the premium is often level

throughout the term of the policy.


An insurer neglects to pay a legitimate claim that is covered under the terms of the

policy. Which of the following insurance principles has the insurer violated?




a) Representation


b) Adhesion


c) Consideration


d) Good faith - ANSWER✔✔-c) Consideration




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 4/81

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75057 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.49
  • (0)
  Add to cart