Califomia Life Insurance Final Exam Questions With 100% Correct Verified Answers

Califomia Life Insurance Final Exam Questions With 100% Correct Verified Answers When an insurance company requests an attending physician's report, the request must be accompanied by a — ANSWER: Copy of the signed authorization Which of these is the automatic mode of settlement for life insurance policy proceeds? ANSWER: lump sum Which of the following best describes the statement "the more times an event is repeated, the more predictable the outcome becomes"? - ANSWER: Law of large numbers What area of group health insurance is regulated under the Employee Retirement Security Act of 1974 (ERISA)? - ANSWER: Disclosure and reporting If an insured dies because of an accident, which type of life insurance rider will provide additional coverage? - ANSWER: Accidental death rider A report which is based on creditworthiness and personal characteristics that influences an insurance applicant's eligibility for life and health insurance is called a(n) - ANSWER: Consumer report Tim was recently terminated from his employment and opted to change his existing group term life insurance to individual permanent life insurance. What is this process called? - ANSWER: conversion The California insurance code allows an individual how many days to cancel a life policy for a fullrefund? - ANSWER: Between 10 and 30 days A creditor would be allowed rights to life insurance policy proceeds if which of the following beneficiaries is chosen? - ANSWER: The insured's estate When an applicant for insurance, the process by which the insurer determines whether to issue a policy is called - ANSWER: Underwriting Who are the parties to the master contract in a group life insurance policy? - ANSWER: Insurer and employer What is the price of insurance for each exposure unit? - ANSWER: rate When an accidental death benefit is added to a whole life policy, how does this affect the policy's cash value? - ANSWER: Policy's cash value is not affected Which of the following acts in NOT a federal offense committed by an insurance agent? - ANSWER: Misrepresentation on an insurance application Which type of risk is gambling? - ANSWER: Speculative risk