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NC Life-Accident and Health State Exam Prep Questions and Answers 100% Solved
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NC Life-Accident and Health State Exam Prep
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NC Life-Accident and Health State ExamPrep
An accident/health policyholder has ___ days to return the policy and receive a rull
refund on premiums - answer10
With a Straight Life Annuity, after the insured dies, the insurance company... -
answerdoes not have to make any more payments, the annuitant died
Under what system do a group of doctors and hospitals in a designated area acontract
with an insurer to provide services at a prearranged cost to the insured? - answerPPO
(Preferred Provider Organization)
The Entire Contract Provision includes - answerHealth insurance policy, with a copy of
the signed application and attached riders and amendments
When a disability income insurance plan is paid for entirely by the employer, the
premiums are ______ to the employer. The benefits, in turn, are ________ to the
recipient - answerdeductible.....taxablex
This annuity was purchased with one payments and begins immediately and also
covers K and her spouse for the rest of their lives - answerSingle Premium Immediate
Joint with Survivor Annuity
The premiums paid by an employer for his employee's group life insurance are usually
considered to be - answertax-deductible to the employer
A contract owner terminates an annuity before the income payment period begins. The
owner will then receive - answerthe current contract surrender value.
Under what condition may a lender require the purchase of insurance as a condition of
making a loan? - answeronly if the borrower is not restricted in his/her choice of
insurance
What is the maximum number of employees (earning at least $5,000) that an employer
can have in order to start a SIMPLE retirement plan? - answer100
T has a qualified retirement plan with his employer that is currently considered to be
80% "vested". What does that mean? - answerIf Tom is fired, 20% of the funds would
be forfeited. "80% vested" means that 20% of the funds could be forfeited if tom is fired
, What is the standard grace period for premium payments on all individual life insurance
policies issued in North Carolina? - answer31 days
Which settlement option pays a stated amount to an annuitant, but no residual value to
a beneficiary? - answerLife Income
A Major Medical policy typically contains a provision that requires the insurer to pay only
part of a loss, while the balance is paid by the insured. This provision is called -
answerCoinsurance
Which type of renewability best describes a Disability Income policy that covers an
individual until the age of 65, but the insurer has the right to change the premium rate
for the overall risk class? - answerGuaranteed Renewable
With Accidental Death and Dismemberment policies, what is the purpose of the Grace
Period? - answerGives the policyowner additional time to pay overdue premiums
H is looking to buy a life insurance policy that will provide the greatest amount of
protection for a temporary period of time. What policy should H purchase? -
answerTerm Life
What is the underlying concept of level premiums? - answerThe early years are charged
more than what is needed
K becomes disabled and is unable to work for 6 months. K dies soon after from
complications arising from this disability. K has a Disability Income policy that pays
$2000 a month. What is owed to her estate? - answerearned, but unpaid benefits
Which type of plan allows an employer to give money to an employee for buying a life
insurance policy and also permits the employee to select the beneficiary? - answerSplit-
dollar plan
An agent who sells insurance policies for an unauthorized insurer in North Carolina may
be personally liable for - answerall claims from policies sold by the agent.
After a policy has been in force for 2 (sometimes 3) years, it enters - answerthe
incontestable period, in which the insurer may not deny a claim based on information
not disclosed at the time of application.
This policy is characterized by a flexible premium and death benefit and allows the
policyowner control of the investment aspect of the plan: - answerVariable Universal
Life
Any policy whose title includes the term "_________" indicates that the policy has a
flexible or adjustable premium - answerUniversal
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