Exam (elaborations)
SC Life Insurance Exam Practice Questions and Answers (100% Pass)
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SC Life Insurance Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMSC Life Insurance Exam Practice
Questions and Answers (100% Pass)
The balance of the loan will be taken out of the death benefit - ✔️✔️If a policy has a
automatic loan provision, what happens if the insured dies before the loan is paid back?
Inspection Report - ✔️✔️An insurer receives a report regarding potential insured that
includes financial status, hobbies, and habits. What type of report is that?
Spendthrift Clause - ✔️✔️The clause that protects the proceeds of a life insurance policy
from creditors after the death of the insured is known as
Term - ✔️✔️Children's riders attached to whole life policies are usually issued as what
type of insurance?
Decreasing Term - ✔️✔️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 - ✔️✔️How many hours of CE must be completed every 2 years?
1
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
The creditors have rights to the proceeds if they can show evidence of valid assignment
- ✔️✔️Which of the following statements is true concerning the creditors of the deceased
insured?
Insurable interest and consent - ✔️✔️A life insurance policy has a legal purpose if both of
which of the following elements exist?
Cost of Living Rider - ✔️✔️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 - ✔️✔️Which of the following Life Insurance policies would be considered
interest-sensitive?
Express Authority - ✔️✔️The authority granted to an agent through the agent's contract is
referred to as
The policyowner must sign a delivery receipt - ✔️✔️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 - ✔️✔️In the event of
an insurer's insolvency, the South Carolina Life and Health Guaranty Association will
within 30 days - ✔️✔️Once the Director issues a cease and desist order, how soon must
an insurer comply with the order?
2
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
It is reduced to the amount of what the cash value would buy as a single premium -
✔️✔️When a reduced-paid up nonforfeiture option is chosen, what happens to the face
amount of the policy?
Suggesting negotiations in settling the claim - ✔️✔️All of the following are unfair claims
settlement practices EXCEPT
3 - ✔️✔️How many hours of continuing education in Ethics are required each compliance
period
The Broker - ✔️✔️In the transaction of insurance, which of the following is considered to
be representing the client?
The beneficiary - ✔️✔️In a group life insurance policy, the employer may select all of the
following EXCEPT
Lower - ✔️✔️The premium of a survivorship life policy compared with that of a joint life
policy would be
It begins when the policy is delivered. - ✔️✔️Which of the following is TRUE about the 10-
day-free=look period in a Life Insurance policy?
It is a life contingency option - ✔️✔️All of the following statements are true regarding
installments for a fixed period annuity settlement option EXCEPT
The Client - ✔️✔️An insurance producer has not been appointed to an insurance
company. Who is the producer considered to represent?
3
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