California Life, Accident, and Health Licensing Questions and Answers Already Passed

California Life, Accident, and Health Licensing Questions and Answers Already Passed Co-insurance - Answer ️️ -The policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratio - Answer ️️ -The formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. Occupational policy - Answer ️️ -When a disability income policy provides coverage for injuries which occur on and off the job Most disability income policies are non occupational, meaning - Answer ️️ -They only cover the insured if they become disabled while away from work. Self employed individuals doesn't have - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -60 A surviving spouse is eligible for social security survivor's benefits at age - Answer ️️ -60 An authorized, or admitted carrier (insurer) - Answer ️️ -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" - Answer ️️ -Traditional whole life Disability income policy proceeds must be paid out at least - Answer ️️ -monthly What life insurance rider will pay a monthly benefit to the insured when they become disabled - Answer ️️ -The disability income rider. It is a type of health (disability) insurance Dread (Specified) Disease policies, such as cancer insurance, covers - Answer ️️ -Treatment for one specific disease The benefit paid out for a residual disability in a disability income policy is based upon - Answer ️️ -a loss of a minimum of 20% of income Agent may be either - Answer ️️ -Captive (Exclusive) or independent Captive agents - Answer ️️ -agents who agree by contract to represent only one insurer in the sale of insurance Independent agents - Answer ️️ -usually self-employed and often represent several insurance companies Under state law, agents must have at least - Answer ️️ -one appointment in order to keep their license active Agents are prohibited from engaging in any of the following activities - Answer ️️ -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 - Answer ️️ -the participants, usually employees. The policy owner, usually employer, gets the master policy Domestic insurer - Answer ️️ -one that domiciled (organized) in this state Foreign insurer - Answer ️️ -one that organized in another state Alien insurer - Answer ️️ -one that organized in another c