California Life, Accident, and Health Licensing(2024) ,232 Questions and Answers(A+ Solution guide)

Co-insurance - The policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratio - The formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. Occupational policy - When a disability income policy provides coverage for injuries which occur on and off the job Most disability income policies are non occupational, meaning - They only cover the insured if they become disabled while away from work. Self employed individuals doesn't have - workers compensation coverage. They need coverage both on and off the job (occupational). A life agent who offers for sale or sells any financial product on the basis of its treatment under the MediCal Program must provide - The Notice Regarding Standards for Medi-Cal Eligibility. Must be signed by applicant. A widow or widower without any children is eligible for social security survivors benefits at age - 60 A surviving spouse is eligible for social security survivor's benefits at age - 60 An authorized, or admitted carrier (insurer) - one which is under compliance with the California Insurance Code (CIC) and can operate legally in California Which type of life insurance utilizes the "level premium concept" - Traditional whole lifeDisability income policy proceeds must be paid out at least - monthly What life insurance rider will pay a monthly benefit to the insured when they become disabled - The disability income rider. It is a type of health (disability) insurance Dread (Specified) Disease policies, such as cancer insurance, covers - Treatment for one specific disease The benefit paid out for a residual disability in a disability income policy is based upon - a loss of a minimum of 20% of income Agent may be either - Captive (Exclusive) or independent Captive agents - agents who agree by contract to represent only one insurer in the sale of insurance Independent agents - usually self-employed and often represent several insurance companies Under state law, agents must have at least - one appointment in order to keep their license active Agents are prohibited from engaging in any of the following activities - 1. using a business name that implies that they are an insurer 2. advertising on behalf of a non-admitted insurer 3. offering free insurance as an inducement to purchase or sale Under a group insurance plan a certificate of insurance is issued to - the participants, usually employees. The policy owner, usually employer, gets the master policy