Final Exam - California Life and Health questions with correct answers

Employer-provided group term life insurance is exempt from income taxation up to ans $50,000 Medicare Part B has an initial enrollment period. How many months after an individual's 65th birthday month does this enrollment period end? ans 3 months Which statement is true regarding policy dividends? ans A dividend option is selected by the insured at the time of policy purchase What does the insurance term "indemnity" refer to? ans Make whole What is a common reason people purchase an annuity? ans To protect against the risk of outliving their financial resources The importance of a representation is demonstrated in what rule? ans Materiality of concealment Who does a life settlement broker represent? ans Individual wanting to sell their life policy to a third party Who is financially liable for the payment of covered claims in a fully insured group health plan? ans Insurer