NC Life Insurance Study Test Questions and Answers Graded A+

NC Life Insurance Study Test Questions and Answers Graded A+ The Family Plan Insurance Policy usually consists of: whole life insurance on the family head and term insurance on other family members A Jumping Juvenile Policy: automatically increases the face amount at a given age Excess interest credited under an index-linked method would pay interest in relation to: an external economic indicator Under a straight life annuity, an income is payable by the company: only so long as the annuitant is alive The premium for Interest Sensitive Whole Life is: fixed with the policy lapsing if not paid The purpose of the Life, Accident, and Health Guaranty Association is to: provide guarantees of payment to those individuals whose insurer is insolvent(bankrupt) Maximum benefit payment from the Life, Accident, and Health Guaranty Association is: $300,000 Payment of death proceeds must be paid within a specified number of days after receiving satisfactory proof of loss. What is this requirement? 30 days The grace period can be no fewer than: 31 days The policyowner of a Universal Life Policy withdrawals $60,000 of the cash value to purchase a car. If the cumulative premiums paid to date total $40,000, how much of the cash withdrawal is taxable as ordinary income? $20,000 A Universal Life policy resembles a yearly renewable term policy in that the: cost of the portion of the death benefit for which the company is "at risk" increases annually with the insured's age An annuity whose benefits start within 1 year of purchase is called: Immediate Annuity