CALIFORNIA (CA LIFE INSURANCE) PRACTICE EXAM TEST 2023/2024

CALIFORNIA (CA LIFE INSURANCE) PRACTICE EXAM TEST 2023/2024 an annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a - correct answer-single premium deferred annuity a technique used to determine the amount of life insurance needed by focusing on the projected earning potential of an insured is called the - correct answer-human life value approach when replacing a policy the producer must present the applicant with a notice regarding replacement of life insurance - correct answer-at the time of taking the application the possibility of a financial loss incurred by a life insurance company for the premature death of an insured is know as a - correct answer-risk the medical information bureau (mib) is a nonprofit trade association that maintains - correct answer-medical information on applicants for life and health insurance a person who signs a fraudulent claim form may be found guilty of - correct answerperjury which policy is a combination of annual renewable term insurance and interest-sensitive cash value - correct answer-universal life the right to a full refund of premiums for insureds age 60 or older is - correct answer-30 days the premium modes can be best described as the - correct answer-frequency of premium payment intentionally omitting a history of heart problems on an application is - correct answerconcealment a tax-sheltered annuity (tsa) is a qualified plan available for - correct answer-nonprofit organizations the intent of replacement regulations is to protect the - correct answer-policyowner which provisio