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Exam (elaborations)

NC Life Exam Practice Questions and Answers 100% Pass

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  • NC Life Insurance

NC Life Exam Practice Questions and Answers 100% Pass The validity of the policy cannot be conested once it has been in force for at least how many years after its date of issue? - ANSWER-2 Years A rider attached to a life insurance policy that provides coverage on the insured's family members...

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  • November 19, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NC life insurance
  • NC life insurance
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SophiaBennett
NC Life Exam Practice Questions and
Answers 100% Pass

The validity of the policy cannot be conested once it has been in force for at least how

many years after its date of issue? - ANSWER✔✔-2 Years


A rider attached to a life insurance policy that provides coverage on the insured's

family members is called the - ANSWER✔✔-Other-insured rider


When an insured makes truthful statements on the application for insurance and pays

the required premium, it is know as what - ANSWER✔✔-Consideration


The regulation of the insurance industry primarily rests with - ANSWER✔✔-The State


Upon dead of the insured, the primary beneficiary discovers that the insured chose the

interest only settlement option. What does this mean - ANSWER✔✔-The beneficiary

will only receive payments on the interest earned on the death benefit


A licensee decides to terminate his residency in this state. Which of the following would

be an appropriate action - ANSWER✔✔-Delivering the license to the commissioner

within 30 days


If the annuitant dies during the accumulation period, who will receive the annuity

benefits - ANSWER✔✔-beneficiary

Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/10

, Which of the following is correct concerning the taxation of premiums in a key-person

life insurance policy - ANSWER✔✔-Premiums are not tax deductible as a business

expense.


Which of the following statements about the reinstatement provision is TRUE -

ANSWER✔✔-It requires the policyowner to pay all overdue premiums with interest

before the policy is reinstated


If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How

is the surrender charge determined - ANSWER✔✔-The surrender charge is a

percentage of the cash value and decreases over time


Which settlement option allows the insurer to retain the face amount but pay some

income based on gain on the proceeds to the beneficiary at regular intervals -

ANSWER✔✔-Interest only


If $100k of life insurance proceeds were used in a settlement option, which paid $13k

per year for ten years, which of the following would be taxable annually? -

ANSWER✔✔-$3000


Under an extended term nonforfeiture option, the policy cash value is converted to -

ANSWER✔✔-The same face amount as in the whole life policy


Which of the following must an insurer obtain in order to transact insurance within a

given state - ANSWER✔✔-Certificate of Authority



Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/10

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