NC Health Insurance Bundled Exams with complete solution

An agent who sells an individual life insurance policy in NC MUST deliver to the policyownerA policy summary and buyer's guide All of the following actions are considered rebating EXCEPTSharing commissions with other licensed and appointed agents What benefit does the Payor Clause on a Juvenile...

Insurance - a plan of spreading the risk of possible loss over a large number of people Representation - information believed to be true to the best of one's knowledge Agents - Representatives of the INSURER - represents single insurer Brokers - Representatives of the INSURED - represents multip...

Under the Affordable Care Act, what is the limiting age for coverage of children of the insured - Age 26 Premium will be refunded - After the elimination period, a totally disabled insured qualified for benefits from a disability income policy that has a wavier of premium rider. What will happen ...

Which of these statements concerning an individual Disability Income policy is TRUE? - Normally includes an Elimination period Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that it is part of the contract? - Entire co...

Which of the following requires insurers to disclose when an applicant's consumer or credit history is being investigated: - 1970 - Fair Credit Reporting Act What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Treaty What is the name of the law ...

Which of the following provides coverage on a first-dollar basis? - Basic expense. Which of the following answers does NOT describe the principal goal of a Preferred Provider Organization? - Provide medical services only from physicians in the network. A small business owner is the insured under ...

Which of the following is NOT a characteristic of universal life insurance? A Flexible death benefit B Cash account C Fixed premium D Unbundled premium - Answer C Universal life policies allow the policy owner to increase the amount of premium going into the policy and to later decrease it aga...

Pure Risk - chance of loss or no loss but not gain insurable Speculative Risk - there is possibility of loss but of gain no insurablility exposure unit - subject to loss peril - cause of loss life insurance - death Health insurance - accident and sickness hazard - increases the likelihood or s...

risk avoidance - occurs when individuals evade risk entirely risk reduction - occurs when chances of risk are lessened risk retention - is being aware of the risks involved and taking precautions for financial protection. risk transference - is the act of shifting the responsibility of risk to an...

All of the following are true regarding Key Employee Disability Income insurance EXCEPT A) Premiums are not tax deductible for the employer. B) Benefits are taxable to the employer. C) The employer owns the policy. D) Benefits are paid to the employer to retrain a new person. - Answer B) Benefit...

Definitions - Broker - Means a person who, being a licensed agent, procures insurance for a party other than himself through a duly authorized agent or an insurer that is licensed to do business in this State bur for which the broker is not authorized to act as an agent. Definitions - Limited Rep...

Insured Contingent Beneficiary - If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the uniform Simultaneous Death Act? Reimbursement - Which type of policy pays benefits to a po...