Exam (elaborations)
NC Life and Health Insurance Questions Graded A+
- Course
- Institution
NC Life and Health Insurance
[Show more]
Content preview
NC Life and Health InsuranceA company attempting a life policy replacement must notify the existing company
within... - answer5 working days
The commissioner must be notified within ____ - answer10 days of any change of
address/name
Free look provision allow how many days to examine the policy? - answer10 days
starting withe the day the policy is delivered
Notice of hearing must be sent at least... - answer10 days prior to the scheduled
hearing dates
A company must respond to the request for the reason why an adverse decision was
made within - answer21 business days
Replacing life insurance policies requires how many day long free look policy? -
answer30 days
How many days to answer disputed information? - answer30 business days
Within how many days must the death benefits be paid? - answer30 days after receiving
the death notice
What happens if the death benefits are not paid on time? - answerThe company must
pay interests on the payout
What must happen if a person leaves the state? - answerThey must turn in their license
within 30 days of terminating residency
How many days to file new appointment? - answer30 days
How many days to file the cancellation of an appointment? - answer30 days
Conversion from a group plan to individual must be made within ______ days from the
termination of the group - answer31 days
If an employee's termination is permanent, the coverage under the group life plan will
continue for ___ days. - answer31 days
The grace period for industrial life insurance that is - answer20 days or four weeks for
weekly premium policies, and 31 days for monthly premiums
,The certified holders must be notified if the insurance fiduciary is going to stop paying
the premiums how many days in advance? - answer45 days
How many days are permitted between an IRA rollover? - answerWithin 60 days
How often are IRA rollovers permitted? - answerOne per year
How many days does a person have to request a reason for an adverse underwriting
decision? - answer90 business days
Death by an accident must occur within how many days to pay extra for the accidental
death benefit? - answer90 days
A temporary card is good for how many days? - answer180 days
How many months in a group policy stipulate that in order for person to be able to
exercise his conversion privileges must be covered? - answerThree consecutive months
Applications for life insurance can be backdated for how many months? - answerSix
months
Policy loans can be deferred up to how many months? - answerSix months
How many months is a person required to be disabled before the premiums are waived
under the waiver of premium provision? - answerSix months
The time limit for avoiding a policy or denying the claim due to the concealment is
usually how many years? - answerTwo years
Suicide is usually excluded up to the first ____ years and I life-insurance policy? -
answerTwo years
Premiums will be refunded if the death occurs within how many years? - answerTwo
years
All life insurance policy information documents must be retained for how many years? -
answerFive years
How long is the commissioner's term? how are they appointed? - answerEvery four
years, by election
Life insurance policies can be reinstated up to how many years from the date of laps? -
answerFive years
The grace period for individual life insurance policy is how many days? - answer31 days
, The age to legally sign an insurance policy is how old? - answer15 years
How old must a person be to become licensed? - answer18
Contributions to an IRA cannot be withdrawn without penalty prior to what age? -
answer59 1/2 except in the case of death or disability
What age is withdrawal required for ira's? - answer70 1/2
What age do Social Security retirement benefits start? - answer62, but usually at age 65
How long does whole life provide protection? - answerUntil age 100
What is the face value of industrial life policies? - answer$1000 or less
How much can a single person set aside in one year and an IRA account? -
answer$5500, but $1100 for a couple
How much is in the brokers bond? - answerNo less than $15,000
What type of retirement plan is available for self-employed individuals? - answerKeogh
plans
What is the maximum gauranty association will pay out to anyone policy holder? -
answer300,000
What must an agent complete in order to keep their license? - answer24 credit hours of
continuing education every two years
How many hours of pre-licensing education is required for each license type? -
answer20 hours
The participation percentage in a contributory plan must be at least how much? -
answer75%
The participation percentage in a noncontributory plan is how much? - answer100%
What is a jumping juvenile policy? - answerFace amount of the policy usually increases
five times when the child reaches a certain age such as 18 or 21
A buyers guide and policy summary must be given no later than what date? -
answerThan the policy delivery date
What must happen if areplacement is involved? - answerA "notice regarding
replacement" must be signed at the time of the application
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83750 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now