SC Life Insurance Exam Latest Update -

SC Life Insurance Exam Latest Update - Actual Exam 270 Questions and 100% Verified Correct Answers Guaranteed A+

$100 - CORRECT ANSWER: Anyone who willfully violates a cease and desist order can be fined what maximum amount per day?

$15,000 - $30,000 - CORRECT ANSWER: An insurer may be fined for nonwillful or for willful violations of insurance laws with which of the following respective fines:

$2,500/$5,000 - CORRECT ANSWER: A licensed produer may be fined for nonwillful

and for willful violations of insurance laws with the following respective fines

$50,000 - CORRECT ANSWER: An insured owns a $50,000 whole life policy. At age 47 the insured decides to cancel his policy and exercise the extended term option for the policy's cash value. Which is currently $20,000. What would be the face amount of the new term policy?

20 year level term - CORRECT ANSWER: A policy states that it will pay a specified face amount if the insured dies during the 20 year premium-paying period and nothing if death occurs after the 20 year period. What type of policy is this?

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

holds - CORRECT ANSWER: How many hours of CE must be completed every 2

years?

3 - CORRECT ANSWER: How many hours of continuing education in Ethics are

required each compliance period

3 - CORRECT ANSWER: How many hours of continuing education in Ethics are

required in each compliance period?

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30 days - CORRECT ANSWER: Fines levied by the director in lieu of license revocation or suspension must be paid within

30 days - CORRECT ANSWER: When a producer's appointment is canceled by the

company, the Department of insurance must be notified within

• months - CORRECT ANSWER: A producer failed to complete the required continuing

education credit hours for this compliance period. Within what time period after the deadline may the license be reinstated

A level premium for the life of the insured - CORRECT ANSWER: What type of premium is charged on a straight life policy?

A life insurance license and a securities license - CORRECT ANSWER: What type of license(s) is/are required in order to sell variable annuities?

A minor - CORRECT ANSWER: Who is insured under a juvenile life policy?

A modified endowment contract (MEC) - CORRECT ANSWER: What is the name for an

overfunded life insurance policy?

A paramedic or examining physician at the insurer's expense - CORRECT ANSWER:

When J. applied for a life insurance policy, the agent informed him that a medical exam would be required. The exam may be completed by

Accumulation and annuitization for pay in and pay out - CORRECT ANSWER: What are the two phases of an annuity?

Adverse Selection - CORRECT ANSWER: When risks with higher probability of loss are seeking insurance more often than other risks, this is known as what?

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Age 100 - CORRECT ANSWER: The policy owner of a whole life insurance policy is

also the insured. What age must the insured attain in order to receive the policy's face amount?

Age 100 - CORRECT ANSWER: Whole life policies provide protection until the insured reaches what age?

Agent or Producer - CORRECT ANSWER: According to the Law of Agency, a principal

is represented by whom?

Agreement (offer and acceptance), consideration, competent parties, and legal purpose

- CORRECT ANSWER: What are the four elements of an insurance contract?

Alien - CORRECT ANSWER: What type of insurer is formed under the laws of another country?

Amount of premium - CORRECT ANSWER: In flexible premium payment annuities, the

term "flexible " refers to what

An absolutely true statement upon which the validity of the insurance policy depends. -

CORRECT ANSWER: What is a warranty in an insurance contract?

An agreement between a ceding insurer an assuming insurer - CORRECT ANSWER:

What is reinsurance

An individual not covered by an employee-sponsored plan who has earned income - CORRECT ANSWER: Who can make a fully deductible contribution to a traditional IRA

Annually Renewable Term - CORRECT ANSWER: Group life insurance policies are

written as what type of insurance?

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