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NC Life Insurance Exam Prep Chapter 3 Questions and Answers 100% Solved
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NC Life Insurance Exam Prep Chapter 3
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NC Life Insurance Exam Prep Chapter 3Ordinary life insurance - answer individual life insurance that includes many types of
temporary and permanent insurance protection plans written on individuals. Premiums
are normally paid monthly, quarterly, semiannually, or annually. Includes such types of
insurance as whole, term, universal, and variable life coverage as well as endowment
policies.
industrial insurance - answeris characterized by comparatively small issue amounts,
such as $1,000, with premiums collected on a weekly or monthly basis by the agent at
the policyowner's home. Quite often it is marketed and purchased as burial insurance.
group insurance - answeris written for employer, employee groups, associations,
unions, and creditors to provide coverage for a number of individuals under one
contract. Underwriting is based on the group, not the individuals who are insured.
Term Life Insurance - answerit is the simplest type of life insurance plan. Term life
provides low-cost insurance protection for a specified period (or term) and pays a
benefit only if the insured dies during that period. They do not build cash values.
level term policies - answerprovides a level amount of protection for a specified period,
after which the policy expires. These policies are able to offer level premiums because
the premiums are averaged over the term of the policy.
decreasing term policies - answerthey are characterized by benefit amounts that
decrease gradually over the term of protection.
increasing term policies - answerit is term insurance that provides a death
benefit that increases at periodic intervals over the policy's term. The amount of
increase is usually stated as specific amounts or as a percentage of the original
amount.
Option to Renew - answerA guaranteed renewable policy allows the policyowner to
renew the term policy before its expiration date, without
having to provide evidence of insurability (that is, without having to prove good health).
Option to Convert - answergives the insured the right to convert or exchange the term
policy for a whole life (or permanent) plan without evidence of insurability.
whole life insurance - answerit provides permanent protection for one's entire life-from
the date of issue to the date of the insured's death. The benefit payable is the face
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