South Carolina Insurance Exam Questions #1 Correctly Answered 2024/2025

An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? {Ans: Inflation protection}An indemnity plan {Ans: provides the insured a specific dollar amount for services}Which of the following actions is REQUIRED by a producer who is replacing an existing life insurance policy? {Ans: Submit to the replacing insurer a list of the policies to be replaced}In regards to a life insurance contract, which of the following statements is NOT true regarding the concept of insurable interest? {Ans: Insurable interest can be established sufficiently by sentimental attachment alone}Tyler purchased a disability policy with a waiver of premium rider on April 1. He is disabled on May 1. On June 1, he receives proof of permanent and total disability, and submits a claim. He begins receiving benefits on June 15. When are his premiums waived? {Ans: May 1}Which of these annuities require premium payments that vary from year to year? {Ans: Flexible premium deferred annuity}