AND 100% CORRECT ANSWERS|LATEST
What happens under a misstatement of age clause on a disability policy? -
ANSWER All amounts payable under this policy shall be what the premium originally
would have purchased and been paid at the correct age.
Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or
"domestic" insurer? - ANSWER A "foreign" insurer is organized under the laws of
another state within the United States.
What happens if an owner requests an immediate investment of monies in a variable
annuity policy be returned during the 30 day cancellation period? - ANSWER The
owner shall receive the market value at the time of the cancellation.
Can any life insurer issue group life insurance with premium rates less than the usual rates
for such insurance? - ANSWER Yes, they may do so on any group plan, with or
without annuities
Except as provided by sections 10203.5 and 10203.8 in the CIC, the insurer shall provide
which document to be delivered by the employer to the employee? - ANSWER An
individual certificate of insurance.
After what time period is the policy considered to have been delivered in an acceptable way
if premiums have been paid? - ANSWER after 6 months if the premiums have been
paid
Concealment, whether intentional or unintentional, entitles the injured party to? -
ANSWER Rescind insurance.
1
, Which of the following can the insurer do if the insured intentionally conceals or
misrepresents a material fact concerning any coverage part? - ANSWER Rescind the
contract.
Which is an ACCURATE statement regarding long-term care advertisements and the "cold
lead device" disclosure? - ANSWER The fact that a cold lead device was used must
be immediately announced to the customer.
How long does an employee in a group insurance policy have to exercise the conversion
privilege after employment is terminated? - ANSWER 31 days to use the conversion
privilege and begin an individual life insurance policy.
Which is a requirement of an insurer who offers long-term care policies? -
ANSWER Provide the name, address and phone number for the local Health
Insurance Counseling and Advocacy Program.
According to the Administrative Procedures Act, what is required to make changes to the
California Insurance Code? - ANSWER The Department of Insurance is required to
publish proposed changes at least 45 days prior to the hearing or decision to adopt the
change
Insurance is which type of contract? - ANSWER One agrees to indemnify against
loss, damage or liability arising from a contingent or unknown risk.
Which form of negotiation is covered under the definition of "transact" as applied to
insurance? - ANSWER Negotiations preliminary to execution.
When examination of an insurer shows the insurer to be insolvent and a danger to the
public, which authority is granted to the Commissioner by the CIC? - ANSWER The
commissioner may take possession of offices, books and property immediately without
court order.
2
What happens under a misstatement of age clause on a disability policy? -
ANSWER All amounts payable under this policy shall be what the premium originally
would have purchased and been paid at the correct age.
Whether admitted or nonadmitted, how does a "foreign" insurer differ from an "alien" or
"domestic" insurer? - ANSWER A "foreign" insurer is organized under the laws of
another state within the United States.
What happens if an owner requests an immediate investment of monies in a variable
annuity policy be returned during the 30 day cancellation period? - ANSWER The
owner shall receive the market value at the time of the cancellation.
Can any life insurer issue group life insurance with premium rates less than the usual rates
for such insurance? - ANSWER Yes, they may do so on any group plan, with or
without annuities
Except as provided by sections 10203.5 and 10203.8 in the CIC, the insurer shall provide
which document to be delivered by the employer to the employee? - ANSWER An
individual certificate of insurance.
After what time period is the policy considered to have been delivered in an acceptable way
if premiums have been paid? - ANSWER after 6 months if the premiums have been
paid
Concealment, whether intentional or unintentional, entitles the injured party to? -
ANSWER Rescind insurance.
1
, Which of the following can the insurer do if the insured intentionally conceals or
misrepresents a material fact concerning any coverage part? - ANSWER Rescind the
contract.
Which is an ACCURATE statement regarding long-term care advertisements and the "cold
lead device" disclosure? - ANSWER The fact that a cold lead device was used must
be immediately announced to the customer.
How long does an employee in a group insurance policy have to exercise the conversion
privilege after employment is terminated? - ANSWER 31 days to use the conversion
privilege and begin an individual life insurance policy.
Which is a requirement of an insurer who offers long-term care policies? -
ANSWER Provide the name, address and phone number for the local Health
Insurance Counseling and Advocacy Program.
According to the Administrative Procedures Act, what is required to make changes to the
California Insurance Code? - ANSWER The Department of Insurance is required to
publish proposed changes at least 45 days prior to the hearing or decision to adopt the
change
Insurance is which type of contract? - ANSWER One agrees to indemnify against
loss, damage or liability arising from a contingent or unknown risk.
Which form of negotiation is covered under the definition of "transact" as applied to
insurance? - ANSWER Negotiations preliminary to execution.
When examination of an insurer shows the insurer to be insolvent and a danger to the
public, which authority is granted to the Commissioner by the CIC? - ANSWER The
commissioner may take possession of offices, books and property immediately without
court order.
2
