SC LIFE INSURANCE EXAM

PDF Download

SC LIFE INSURANCE EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Insurable interest and consent

Answer:

What two elements are necessary for a life insurance contract to have a legal purpose?

Question 2: The owner

Answer:

In life settlement contract, who does the life settlement broker represent?

Question 3: Mutual

Answer:

An insurance policy paid a nontaxable dividend to the insured one year and nothing the next. From what type of insurer did the insured purchase the policy?Question 4: It is reduced to the amount of what the cash value would buy as a single premium

Answer:

When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy?

Question 5: Insurance Company

Answer:

Whom does an insurance agent represent?

Question 6: It begins when the policy is delivered.

Answer:

Which of the following is TRUE about the 10- day-free=look period in a Life Insurance policy?

Question 7: Policy Summary

Answer:

What describes the specific information about a policy

Question 8: The Broker

Answer:

In the transaction of insurance, which of the following is considered to be representing the client?

Question 9: Signed waiver of premium

Answer:

Upon policy delivery, the producer may be required to obtain any of the following Except

Question 10: Those who have been insured under the plan for at least 5 years

Answer:

Which of the following employees insurance under a group of life plan would be allowed to covert to individual insurance of the same coverage once the is plan is terminated

Question 11: The agent's

Answer:

Whose responsibility is it to determine that all the questions on an insurance application are answered?

Question 12: The agent

Answer:

If an applicant does not receive his or her insurance policy, who would be held responsible?

Question 13: The Client

Answer:

An insurance producer has not been appointed to an insurance company. Who is the producer considered to represent?

Question 14: Pay the policy proceeds only if it would have issued the policy.

Answer:

A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will

Question 15: Morale

Answer:

A person who does not lock the doors to his or hers house shows an indifferent attitude. This person presents what type of hazard?

Question 16: $50,000

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?

Question 17: Express Authority

Answer:

The authority granted to an agent through the agent's contract is referred to as Question 18: The charge may be waived if the annuitant is confined to a long-term care facility for at least 30 days

Answer:

Which of the following is true regarding a waiver of a surrender charge on an annuity contract

Question 19: Agent or Producer

Answer:

According to the Law of Agency, a principal is represented by whom?

Question 20: Foreign

Answer:

An insurance company that is formed under the laws of another state is known as what type of insurer?

Question 21: Moral

Answer:

An applicant conceals relevant health information on the application. The applicant presents what type of hazard?

Question 22: Insurance

Answer:

What do individuals use to transfer their risk of loss to a larger group?

Question 23: Loss

Answer:

The reduction, decrease, or disappearance of value of the person or property insured in a policy is known as what?

Question 24: Express, Implied and apparent

Answer:

What are the three types of agent authority?

Question 25: Size of each installment

Answer:

Which of the following determines the length of time that benefits will be received under the Fixed-Amount settlement option?

Question 26: When the insurance application is submitted

Answer:

In insurance, when is the offer usually made on a contract?

Question 27: Authorized or Admitted

Answer:

If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered what type of insurer?

Question 28: When the insurer approves a prepaid application

Answer:

In forming an insurance contract, when does an acceptance usually occur?

Question 29: 3

Answer:

How many hours of continuing education in Ethics are required each compliance period