CA Life Insurance Exam with Questions and Answers

CA Life Insurance Exam with Questions and Answers Open enrollment periods are offered on an annual basis that allows individuals to enroll without evidence of insurability or to make changes. For those individuals who have health issues, which of the following would be an insurance plan to consider? ANSWER Group If an individual has health issues, then a group insurance plan could be a valuable consideration. It offers the opportunity to obtain coverage without providing evidence of insurability. A(n)__________ plan is when business partners buy life insurance policies on one another. ANSWER Cross Purchase A cross purchase plan calls for the partners to buy life insurance policies on one another. An entity plan has the business entity buy life insurance plans on the business owners. In the event a terminated or ineligible employee dies during the conversion period from a group life plan, whether they were going to elect individual coverage or not, a death claim will be paid by the group policy, less the premium due for the benefit, which means that the conversion period is really: ANSWER Grace period