Final (Exam Questions With Correct Answers 2024) - North Carolina Life And Health

M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? {Ans: Revocable}An insurance company receives E's application for an individual health policy. E did not complete all of the medical history questions because she could not remember the exact dates. E signed the policy and submitted it to the insurance company anyway. A few weeks later, E suffers a heart attack and is hospitalized without completing the medical history questions and paying the initial premium. E is not insured. Which of the following clauses details the conditions that E did not meet? {Ans: Consideration clause}Additional coverage can be added to a Whole Life policy by adding a(n) {Ans: decreasing term rider}The fund that assures policyholders payment of death benefits on Life Policies, if the company is insolvent at the time of the claim, is called the {Ans: Life and Health Insurance Guaranty Association}The type of annuity that can be purchased with one monetary deposit is called a(n) {Ans: Immediate annuity}An individual who purchases a Life annuity is given protection against {Ans: