SC life insurance exam study set Latest Update 2024-2025 Actual Exam 450 Questions and 100% Verified Correct Answers Guaranteed A+
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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