SC Life Insurance Exam fully solved graded A+

SC Life Insurance ExamThe balance of the loan will be taken out of the death benefit - correct answer If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - correct answer An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - correct answer The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as Term - correct answer Children's riders attached to whole life policies are usually issued as what type of insurance? Decreasing Term - correct answer An individual has just borrowed $10,000 from his bank on a 5-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to this situation 24 total hours, including 8 hours approved for the line of licensing that the producer holds - correct answer How many hours of CE must be completed every 2 years? The creditors have rights to the proceeds if they can show evidence of valid assignment - correct answer Which of the following statements is true concerning the creditors of the deceased insured? Insurable interest and consent - correct answer A life insurance policy has a legal purpose if both of which of the following elements exist? Cost of Living Rider - correct answer A long stretch of national economic hardship causes a 7% rate of inflation. A policy owner notices that the face value of her life insurance policy has been raised 7% as a result. Which policy rider caused this change? Universal Life - correct answer Which of the following Life Insurance policies would be considered interest-sensitive? Express Authority - correct answer The authority granted to an agent through the agent's contract is referred to as The policyowner must sign a delivery receipt - correct answer What must happen when an individual policy or annuity has been personally delivered to the policyowner? Reinsure policies of the insolvent insurer through other companies - correct answer In the event of an insurer's insolvency, the South Carolina Life and Health Guaranty Association will within 30 days - correct answer Once the Director issues a cease and desist order, how soon must an insurer comply with the order? It is reduced to the amount of what the cash value would buy as a single premium - correct answer When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy? Suggesting negotiations in settling the claim - correct answer All of the following are unfair claims settlement practices EXCEPT 3 - correct answer How many hours of continuing education in Ethics are required each compliance period The Broker - correct answer In the transaction of insurance, which of the following is considered to be representing the client? The beneficiary - correct answer In a group life insurance policy, the employer may select all of the following EXCEPT Lower - correct answer The premium of a survivorship life policy compared with that of a joint life policy would be