100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
South Carolina SC Life Insurance Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert) $13.49   Add to cart

Exam (elaborations)

South Carolina SC Life Insurance Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

 13 views  0 purchase
  • Course
  • South Carolina Insurance
  • Institution
  • South Carolina Insurance

South Carolina SC Life Insurance Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

Preview 4 out of 59  pages

  • August 9, 2024
  • 59
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • South Carolina Insurance
  • South Carolina Insurance
avatar-seller
BESTGOODIES
SC Life Insurance Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/SC%20Life%20Insuran




SC Life Insurance Exam



1. If a policy has a automatic loan provision, what happens if the insured diesbefore the


loan is paid back?


ANS The balance of the loan will be taken out of the death benefit


2. An insurer receives a report regarding potential insured that includes finan-cial status,


hobbies, and habits.What type of report is that?


ANS Inspection Report


3. The clause that protects the proceeds of a life insurance policy from credi-tors after the


death of the insured is known as


ANS Spendthrift Clause


4. Children's riders attached to whole life policies are usually issued as whattype of


insurance?






1 of 59 8/8/2024, 3:35

,SC Life Insurance Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/SC%20Life%20Insuran




ANS Term


5. An individual has just borrowed $10,000 from his bank on a 5-year install-ment loan


requiring monthly payments. What type of life insurance policy would be best suited to


this situation


ANS Decreasing Term


6. How many hours of CE must be completed every 2 years?


ANS 24 total hours,including 8 hours approved for the line of licensing that the producer


holds


7. Which of the following statements is true concerning the creditors of thedeceased


insured?


ANS The creditors have rights to the proceeds if they can showevidence of valid assignment


8. A life insurance policy has a legal purpose if both of which of the followingelements


exist?


ANS Insurable interest and consent







2 of 59 8/8/2024, 3:35

,SC Life Insurance Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/SC%20Life%20Insuran




9. A long stretch of national economic hardship causes a 7% rate of inflation.A policy


owner notices that the face value of her life insurance policy has beenraised 7% as a result.


Which policy rider caused this change?


ANS Cost of Living Rider


10. Which of the following Life Insurance policies would be considered inter-est-


sensitive?


ANS Universal Life


11. The authority granted to an agent through the agent's contract is referredto as


ANS Express Authority


12. What must happen when an individual policy or annuity has been person-ally


delivered to the policyowner?


ANS The policyowner must sign a delivery receipt


13. In the event of an insurer's insolvency, the South Carolina Life and HealthGuaranty


Association will







3 of 59 8/8/2024, 3:35

,SC Life Insurance Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/SC%20Life%20Insuran




ANS Reinsure policies of the insolvent insurer through othercompanies


14. Once the Director issues a cease and desist order, how soon must an insurer


comply with the order?


ANS within 30 days


15. When a reduced-paid up nonforfeiture option is chosen, what happens to the face


amount of the policy?


ANS It is reduced to the amount of what the cash valuewould buy as a single premium


16. All of the following are unfair claims settlement practices EXCEPT


ANS Sug-gesting negotiations in settling the claim









4 of 59 8/8/2024, 3:35

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller BESTGOODIES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.49
  • (0)
  Add to cart