Comprehensive Final Examination- NC Life Agent EXAM 2024-2025 QUESTIONS
AND ANSWERS 100 % PASS SOLUTION A+ GRADE
If a life insurance company becomes insolvent, the fund that guarantees policyowners payment of death
benefits is known as the: - answer>>Life and Health Insurance Guaranty Association
Which type of life policy contains a monthly mortality charge as well as self-directed investment
choices? - answer>>Variable Universal Life
A life insurance policy can be reinstated upon meeting company requirements within a maximum of -
answer>>3 years
When is the face amount paid under a Joint Life and Survivor policy? - answer>>upon death of the last
insured
Which of the following provisions guarantees that premiums will be waived if a Juvenile Life policyowner
becomes disabled? - answer>>Payor Clause
A 42 year old executive wants to purchase life insurance that will allow for increases or decreases to
coverage as his/her needs change. Which of the following policies will best meet this need? -
answer>>Universal Life
What benefit does the Payor clause on a Juvenile Life policy provide? - answer>>Premiums are waived if
payor becomes disabled
An individual life insurance policy issued in North Carolina MUST have a grace period for premium
payment of how many days? - answer>>31
Which of the following actions is NOT possible with a Universal Life policy? - answer>>Premiums may be
applied as credit against income tax
, Which of these types of life insurance allows the policyowner to have level premiums and to also choose
from a selection of investment options? - answer>>Variable Life
L, aged 50, and L's spouse, 48, have one natural child and one adopted child. They purchase a Family
Policy that covers L's spouse to age 65. A death benefit will NOT be paid in which of the following
circumstances? - answer>>L's spouse dies at 66
Which type of life insurance beneficiary requires his/her consent when a change of beneficiary is
attempted by the policyowner? - answer>>Irrevocable Beneficiary
Which provision allows the policyowner to change a term life policy to a permanent one without
providing proof of good health? - answer>>Conversion
A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a
faster rate in the early years of the policy. Which of these statements made by the producer would be
correct? - answer>>20-Pay Life accumulates cash value faster than Straight Life
Statements made on an insurance application that are believed to be true to the best of the applicant's
knowledge are called - answer>>representations
Which type of contract liquidates an estate through recurrent payments? - answer>>annuity
Lapsed individual life insurance may be reinstated at any time within - answer>>3 years
The investment gains from a Universal Life Policy usually go toward - answer>>the cash value
S is covered by a whole life policy. Which insurance product can cover his children? - answer>>Child
term rider
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