e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
Final Exam: California Life, Accident,
and Health Insurance
The time at which benefit payments start
What distinguishes a deferred annuity from an immediate annuity?
60 payments
Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5
years, Cindy dies. How many remaining payments will the insurer make to her beneficiary?
To protect against the risk of outliving their financial resources
What is a common reason people purchase an annuity?
Joint and survivor annuity
What kind of annuity pays income to two annuitants until their deaths?
Provides payments the annuity to two people. If either person dies, the same income payments
continue to the survivor for life. When the surviving annuitant dies, no further payments are made to
anyone.
e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
,e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
What is a joint and survivor annuity?
for a minimum of 120 months and a maximum of the remainder of her life
Victoria owns a life annuity and elects to receive annuity payments monthly for the remainder of her life
with "ten years certain". Her annuity will make payments
It is the distribution of excess of funds accumulated by the insurer on participating policies.
Which of the following statements regarding a life insurance policy dividend is TRUE?
mutual insurer
An insured owned by its policyholders is called a
Reinsurance
An insurer enters into a contract with a third party to insure itself against losses from insurance policies
it issues. What is the agreement called?
An arrangement by which an insurance company transfers a portion of a risk it has assumed to another
insurer
What is reinsurance?
e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
,e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
Increases the unearned premium reserve
Which of the following is NOT a characteristic of reinsurance?
Insurance policy
Which of the following is a contract that involves one party which indemnifies another when a loss
arises from an unknown event?
A contract where one party promises to indemnify another against loss that arises from an unknown
event
What is an insurance policy?
The amount of the insured's income is reduced by the disability
What is residual disability income insurance payments based on?
Driving
Manuel is considered to be a disabled person as defined by the Americans with Disabilities Act (ADA). As
such, he is unable to perform any of the following life activities EXCEPT
e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
Final Exam: California Life, Accident,
and Health Insurance
The time at which benefit payments start
What distinguishes a deferred annuity from an immediate annuity?
60 payments
Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5
years, Cindy dies. How many remaining payments will the insurer make to her beneficiary?
To protect against the risk of outliving their financial resources
What is a common reason people purchase an annuity?
Joint and survivor annuity
What kind of annuity pays income to two annuitants until their deaths?
Provides payments the annuity to two people. If either person dies, the same income payments
continue to the survivor for life. When the surviving annuitant dies, no further payments are made to
anyone.
e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
,e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
What is a joint and survivor annuity?
for a minimum of 120 months and a maximum of the remainder of her life
Victoria owns a life annuity and elects to receive annuity payments monthly for the remainder of her life
with "ten years certain". Her annuity will make payments
It is the distribution of excess of funds accumulated by the insurer on participating policies.
Which of the following statements regarding a life insurance policy dividend is TRUE?
mutual insurer
An insured owned by its policyholders is called a
Reinsurance
An insurer enters into a contract with a third party to insure itself against losses from insurance policies
it issues. What is the agreement called?
An arrangement by which an insurance company transfers a portion of a risk it has assumed to another
insurer
What is reinsurance?
e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
,e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
Increases the unearned premium reserve
Which of the following is NOT a characteristic of reinsurance?
Insurance policy
Which of the following is a contract that involves one party which indemnifies another when a loss
arises from an unknown event?
A contract where one party promises to indemnify another against loss that arises from an unknown
event
What is an insurance policy?
The amount of the insured's income is reduced by the disability
What is residual disability income insurance payments based on?
Driving
Manuel is considered to be a disabled person as defined by the Americans with Disabilities Act (ADA). As
such, he is unable to perform any of the following life activities EXCEPT
e,am
Accident,
California
Final
andLife,
Exam
Health
Accident,
California
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$$$$$$)!
andLife,
Health
Accident,
Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@@(*$$$$$$$$$$$
and Health Insurance.pdf~~~~~~~~~~~~~~~~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@)*#(&^$(***********)@@@@@@@@@@@@@@@@@@
