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SC Life Insurance Exam Prep Questions And Answers ()
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South Carolina Life and Health insurance Exam Prep Questions AndAnswers (202472025)
Greg has recently been terminated from his job that covered group life insurance. How long does
he have to convert his coverage to an individual policy? - ✔✔31 days
which of these would NOT be considered a presumptive disability? - ✔✔lost of an leg or arm
The premium payment mode that results in the highest overall cost would be? - ✔✔monthly
What is an insurance policy grace period? - ✔✔Period of time after the premium is due but the
policy remains in force
A Non contributory health insurance plan helps the insurer avoid? - ✔✔adverse selection
Twisting is best defined as - ✔✔Using misrepresentation to induce an insured person to terminate
an existing policy and purchase a new policy
The cause of a loss is referred to as a(n) - ✔✔peril
Which of these statements regarding the annuitant is CORRECT? - ✔✔The annuitant's life
expectancy determines the annuity payments.
a provision in a whole life policy that allows a policy owner to terminate the policy in return for a
reduced paid-up policy of the same type is called a(n) - ✔✔nonforfeiture provision
Which of the following is not a required provision in an accident and health insurance policy? -
✔✔change of occupation
A disability income policy can prevent an insured from earning a higher income than if she/he
were working by utilizing? - ✔✔benefit limits
,Which of the following is the BEST example of insurance fraud? - ✔✔A deliberate lie by an
insured to the insurer to obtain a lower premium.
Long-term care policies may provide coverage from claims arising from? - ✔✔Senile dementia
Who assumes the investment risk with a fixed annuity contract? - ✔✔The insurer
A life insurance REPLACEMENT transaction gives the policyowner the right to return the policy
for a 100% refund within ______ days of policy deliverer. - ✔✔30
A life insurance rider that allows an individual to purchase insurance as they grow older, regardless
of insurability is called a(n) ? - ✔✔guaranteed insurability rider
A health insurance policy where the insurer has the right to terminate the policy for reasons other
than the insured health is called? - ✔✔Conditionally Renewable
The authority granted to a licensed producer is provided via the - ✔✔Law of agency
An individual who removes the risk of losing money in the stock market by never purchasing
stocks is said to be engaging in - ✔✔Risk Avoidance
Which of the following statements regarding group disability income insurance is TRUE? - ✔✔it
provides benefits for nonoccupationally illnesses and injuries.
A policy owner has ____ days after policy delivery to return a major medical policy for a full
refund - ✔✔10
Index whole life insurance contains a securities component that acts as as a(n) - ✔✔hedge against
inflation
, The typical long-term care insurance is designed to provide a minimum of ____ years of coverage
- ✔✔1
When a preferred provider organization (PPO) insured goes out-of-network, which of the
following actions occur? - ✔✔The insurer will pay a reduced amount
A Medicare supplement policy may exclude coverage for a preexisting condition for up to _____
months from the effective date of coverage? - ✔✔6
A common exclusion or limitation on a dental policy is - ✔✔Endodontics
Decreasing term life insurance is often used to - ✔✔provide coverage for a home mortgage
What are an applicant statements concerning occupation, hobbies, and personal health history
regarded as? - ✔✔representation
A permanent life insurance policy where the policyowner pays premiums for a specified number
of years is called a(n) - ✔✔limited pay policy
A whole life insurance policy accumulates cash value that becomes - ✔✔the policy loan value
which the insured may borrow against
What does the word "Level" in level term describe? - ✔✔the face amount
Paul is an employee who caught a disease unique to the trade in which he was exposed to. Paul
has a(n) - ✔✔occupational disease
The open enrollment period for Medicare supplements begins at age - ✔✔65
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