SC life insurance exam study set Latest Update

SC life insurance exam study set Latest Update

• 450 Questions and 100%

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A ____ company is owned by its shareholders

Mixed Interactive Stock

Mutual - CORRECT ANSWER: stock

A ____ company is owned by its shareholders.

Mixed interactive Stock

Mutual - CORRECT ANSWER: Stock

A business will typically use which type of life insurance to cover their employees?

Group policy Adjustable life policy Whole life policy

Endowment policy - CORRECT ANSWER: Group Policy

A Buyer's Guide MUST

display year-by-year cash surrender values 1 / 4

@ have it's content approved by the Director include the name of the Director

explain the company's specific underwriting procedures - CORRECT ANSWER: Have

its content approved by the director

A Buyer's Guide MUST

have it's content approved by the Director include the name of the Director explain the company's specific underwriting procedures

display year-by-year cash surrender values - CORRECT ANSWER: Have its content

approved by the director

A certificate of authority is issued by the

Department of Insurance Governor NAIC

U.S. Attorney General - CORRECT ANSWER: Department of Insurance

A field underwriter's main task is

assign a risk classification to the insured report medical information to the Medical Information Bureau (MIB) to ensure an applicant's medical information is accurate and complete

to approve or decline an applicant - CORRECT ANSWER: to ensure an applicant's

medical information is accurate and complete

A field underwriter's main task is 2 / 4

Assign a risk classification to the insured Report medical information to the medical information bureau To ensure an applicants medical information is accurate and complete

To approve or decline an applicant - CORRECT ANSWER: To ensure an applicants

medical information is accurate and complete

A guaranteed issue insurance policy has no

initial premium requirement Incontestable period Waiting period

Medical underwriting - CORRECT ANSWER: medical underwriting

A guaranteed issue insurance policy has no

Initial premium requirement Incontestable period Waiting period

Medical underwriting - CORRECT ANSWER: medical underwriting

A licensed producer MUST be_____ by an insurer to be eligible for soliciting insurance contracts.

Admitted Approved Authorized

Apppinted - CORRECT ANSWER: Appointed

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A licensee MUST notify the Department of a legal name change

upon the licensee's next license renewal upon the licensee's next insurance transaction Upon changing his or her legal name Notification is not required - CORRECT ANSWER: Upon changing his or her legal name

A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the

• Estate of the insured only
• Estate of the deceased beneficiaries only
• Named contingent beneficiary only

D. Named living primary beneficiaries - CORRECT ANSWER: Named primary

beneficiaries

A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called the

Mutual insurer Reinsurer Reciprocal insurer

Participating insurer - CORRECT ANSWER: Reinsurer

A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT

fare paying passenger

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