1. Under North Carolina law, industrial life insurance is life insurance with premiums payable monthly or more often and a face amount that does not exceed:

$1,000

Industrial life insurance is defined as coverage with premiums payable monthly or oftener, a face amount of no more than $1,000, and the words "Industrial Policy" printed on the policy.

2. North Carolina defines credit life insurance as insurance on the life of:

A debtor, in connection with a debt owed to a creditor

Credit life insurance is insurance on the life of a debtor who owes money to the person or business that extended credit; it may also include total and permanent disability benefits.

3. North Carolina prohibits life insurers from delivering a plan that accumulates profits over a period of years and pays them only to policyholders who:

Remain policyholders to the end of a specified period

G.S. 58-58-15 bans survivorship (tontine-type) funds that pay accumulated profits only to members of a class who keep their policies until the end of a specified period.

4. Under North Carolina's variable life rule, a variable life policyholder may return the policy for a refund of all premiums within 45 days of signing the application or within how many days after receiving the policy, whichever is later?

10 days

Variable life policies must contain a captioned provision allowing return within 45 days of executing the application or 10 days after receipt of the policy, whichever is later, for a refund of all premiums.