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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)

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  • South Carolina Insurance

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

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  • August 9, 2024
  • 59
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • South Carolina Insurance
  • South Carolina Insurance
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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?






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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







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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







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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









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