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North Carolina Life and Health State Exam Questions with Verified Solutions

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North Carolina Life and Health State Exam Questions with Verified Solutions A 42-year-old executive wants to purchase life insurance that will allow for increases or decreases to coverage as his/her needs change. Which of the following policies will best meet this need? - Answer - Universal Life A Business Overhead Expense policy: - Answer - Covers business expenses such as rent and utilities A Health Reimbursement Arrangement MUST be established: - Answer - By the employer A l...

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North Carolina Life and Health Final Exam Questions with Verified and Updated Answers

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North Carolina Life and Health Final Exam Questions with Verified and Updated Answers A Disability Income policy owner suffers a disability which was due to the same cause as a previous disability. Both disabilities occurred within a five-month period. The insurer may cover the second disability without a new elimination period under the - Answer Recurrent Disability provision A person is required to be AT LEAST how old before he or she is licensed as an agent in North Carolina? ...

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NC Life Insurance Study Guide Questions with Correct Answers 100% Verified

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NC Life Insurance Study Guide Questions with Correct Answers 100% Verified $1,120 - Answer Each Social Security credit equals _______ annual FICA taxed earnings in 2011. $2,000 - Answer Bob's life insurance policy cash value is $10,000 and he has paid $8,000 in premiums. He now wants to surrender the policy for its cash value. How much is considered taxable? $2,000 - Answer The Social Security payroll tax is known as ____________ tax. $255 - Answer Social Security provides for...

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NC Life Insurance State Exam Study Guide Questions With Correct Answers 100% Verified

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NC Life Insurance State Exam Study Guide Questions With Correct Answers 100% Verified 401k - Answer To provide employee for retirement plans. As means of distributing company stock to employees. Is an arrangement that allows an employee to choose between taking compensation in cash or deferring a percentage of it to an account under the plan. The amount deferred is usually not taxable to the employee. A policy surrendered for cash - Answer >May NOT be in reinstated Do not need...

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NC LIFE Insurance State Exam Questions with Verified Solution

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NC LIFE Insurance State Exam Questions with Verified Solution ABSOLUTE ASSIGNMENT - Answer involves transferring all rights of ownership to another person or entity. This is a permanent and total transfer of all the policy rights. The new policy owner does not need to have an insurable interest in the insured. ACCIDENTAL DEATH BENEFIT AND DISMEMBERMENT BENEFIT - Answer pays the principal (face amount) for accidental death, and pays a percentage of that amount, or a capital sum, fo...

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NC Life Insurance State Exam 2024/2025 Questions & Answers with Complete Solution

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NC Life Insurance State Exam 2024/2025 Questions & Answers with Complete Solution A contractual agreement under which the owner of a life insurance policy sells the policy to another person in exchange for a bargained-for payment, generally less than the expected benefit - Answer Viatical settlement contract A delivery receipt is - Answer a signed document that initiates the free-look period A licensee may not transact insurance business in North Carolina until they are: - Answer...

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NC Life Insurance Practice Exam Questions with 100% Current Answers

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NC Life Insurance Practice Exam Questions with 100% Current Answers A college student will graduate next year. His studies have limited his ability to work, so he has borrowed funds to pay for his education. He would like to start a permanent life insurance program that would cover his debt and still be affordable during the period he is establishing his earning potential. An appropriate policy would be a). Level Term to age 65 b). Single Premium Whole Life c). Modified Whole Lif...

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NC Life Insurance Exam Questions with 100% Correct Answers

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NC Life Insurance Exam Questions with 100% Correct Answers Which of the following is an eligibility requirement for all social security disability income benefits - Answer Have attained fully insured status A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then - Answer The benefit is received tax free A couple owns a life insurance policy with a Children's Term rider. Their daughter is reaching the maximum...

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NC Life Insurance Exam Prep Questions with Verified Solutions

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NC Life Insurance Exam Prep Questions with Verified Solutions A 15-year mortgage is best protected by what kind of life policy? - Answer 15-year decreasing term A 42 year old executive wants to purchase life insurance that will allow for increases or decreases to coverage as his/her needs change. Which of the following policies will best meet this need? - Answer Universal life A father who dies within 3 years after purchasing a life insurance policy on his infant daughter can hav...

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