California Life Insurance| 232 Questions with 100% Correct Answers | Verified 2023

According to the California Insurance Code, what is "insurance"? - ️️A contract Which of these statements correctly describes risk? - ️️Pure risk is the only insurable risk Only pure risks are insurable Which of the following does NOT have to be included on life insurance policy illustrations? - ️️Statement that all values and benefits are guaranteed An agent's attempt to stop the replacement of an existing life insurance policy is known as - ️️conservation If a material warranty violation on the part of the insured is found, what recourse does an insurer have? - ️️Rescind the policy Which of the following pieces of information is NOT gathered during the personal financial planning process? - ️️An individual's civic organization memberships Which of the following does the California Insurance Code NOT require an insurance policy to specify? - ️️Insurer's financial rating What is an "insurance broker" according to California Insurance Code? - ️️A person compensated for transacting insurance on behalf of another person with an insurer The objective of underwriting is to - ️️avoid selecting a disproportionate number of bad risks