Exam (elaborations)
NC Insurance Exam Questions and Answers 2024
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Exam of 8 pages for the course North Carolina accident and health insurance at North Carolina accident and health insurance (NC Insurance Exam)
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NC Insurance ExamThe Life and Health Insurance guaranty association of North Carolina has regulations
that ONLY apply to - answerLife and Health insurance policies issued by companies
authorized in North Carolina.
When a life insurance policy exceeds certain IRS table values, the result would create
which of the following - answer Modified Endowment Contract (MEC)
Which of the following types of policies pays a benefit if the insured goes blind? -
answerAD&D
If a contract of adhesion contains complicated language, to whom would the
interpretation be in favor of? - answer Insured
An applicant may NOT be refused insurance coverage due to - answerRace
A(n) life policy offers the owner investments in products such as money-market funds,
long-term bond, and equities - answerVariable
A employee with 25,000 group term life coverage was recently fired. This employee's
group coverage may be converted to a - answer25,000 indivisual
Credit life insurance is - answerissued in an amount not to exceed the amount of the
loan
an individual working part-time has an annual income of 25,000. If this individual has an
IRA, what is the maximum deductible IRA contribution allowable? - answer2,500
A health insurance policy applicant unintentionally fails to list a previous visit to a
neurologist. If the policy is issued and the insurer later decides to contest the policy, it
must do so - answerwithin 2 years from the date of issue
which of the following must be included with the continuation of coverage of group
Hospital, surgical, and major medical - answerhospital expenses
which of the following is the reimbursement of benefits for the treatment of beneficiary's
injury caused by third party - answerSubrogation
Medicaid was designed to assist individuals who are - answerbelow a specific income
limit
, An eligible employee has a MAXIMUM of days after their first day of employment to be
added to group health coverage - answer90
A Business Overhead Expense policy would cover which of the following if a business
owner becomes disabled? - answerUtilities and office rent
The Coordination of Benefits provision: - answerPrevents an insured covered by two
health plans from making a profit on a covered loss
Q applied for life insurance and submitted the initial premium on January 1. The policy
was issued February 1, but it was not delivered by the agent until February 7. Q is
dissatisfied and returns the policy February 13. How will the insurer handle this
situation? - answerPolicy was returned within the free-look period, premium will be fully
refunded
Which of these statements in INCORRECT regarding a Preferred Provider Organization
(PPO)? - answerPPO's are NOT a type of managed care systems
XYZ insurance company would like to begin conducting business in North Carolina.
Before XYZ can issue or deliver a Health policy, the form, classification of risks, and
premium rates MUST be filled with the - answercommissioner of insurance
All of these insurance products require an agent to have proper FINRA securities
registration in order to sell them, EXCEPT for: - answerModified Whole Life
An insurance company receives E's application for an individual health policy. E did not
complete all of the medical history questions because she could not remember the
exact dates. E signed the policy and submitted it to the insurance company anyway. A
few weeks later, E suffers a heart attack and is hospitalized without completing the
medical history questions and paying the initial premium. E is not insured. Which of the
following clauses details the conditions that E did not meet? - answerConsideration
Clause
The provision that defines to whom the insurer will pay benefits to is called: -
answerpayment of claims
Defamation is BEST described as publishing or circulating which of the following types
of information? - answerbrochures falsely criticizing the financial condition of an
insurance company
Which of these characteristics is consistent with a Straight Life policy? -
answerPremiums are payable for as long as there is insurance coverage in force
The first portion of a covered Major Medical insurance expense that the insured is
required to pay is called the: - answerinitial deductible
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