NC State LIFE Insurance Exam Bundle(RATED A)

An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner - ANSWERA policy summary and buyer's guide All of the following actions are considered rebating EXCEPT - ANSWERSharing commissions with other licensed and appointed agents What benefit does the Payor ...

Term Insurance - ANSWERUsed for Temporary Situations. Net cost highest in the long run. Premiums goes up every year based on current (attained)age. Term Insurance - ANSWERExpire's at a certain age/Time in the future. May be renewable up to a certain age or date with out a phyical Exam. Level ...

CREDIT LIFE - ANSWERa special type of coverage written to the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. BUY-SELL AGREEMENTS - ANSWERa legal contract that determines what will be done with a business in the event that an owner dies or becomes dis...

Admitted insurer - ANSWERBlackstone Insurers is incorporated in New York, where it has also received a certificate of authority to transact insurance. what type of insurer is Blackstone in New York? Legal Delivery - ANSWERJennifer applied for a $500,000 whole life insurance policy. the insurer is...

Which of the following is NOT a characteristic of universal life insurance? A Flexible death benefit B Cash account C Fixed premium D Unbundled premium - ANSWERC Universal life policies allow the policy owner to increase the amount of premium going into the policy and to later decrease it again...

Insurable Interest - ANSWERSomething of value that, if lost, would cause you financial harm. Must exist upfront at time of application. Legitimate financial reason for buying insurance. Impersonation - ANSWERWrong person takes medical examination/test in connection with application for insurance....

Insurable Receipt - ANSWERThe reciept given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) Representations - ANSWERStatements in the application for insurance that are believed to be true to the best of the applicants knowledge a...