SC Life Insurance Exam Latest Update 2024-2025 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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