CALIFORNIA LIFE INSURANCE PRACTICE EXAM A | 75 Questions with 100% Correct Answers | Verified | Latest Update 2024

AN ANNUITY THAT IS PURCHASED WITH A LUMP SUM PREMIUM AND WHOSE BENEFITS BEGIN AFTER 12 MONTHS IS CALLED A - 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 - HUMAN LIFE VALUE APPROACH WHEN REPLACING A POLICY THE PRODUCER MUST PRESENT THE APPLICANT WITH A NOTICE REGARDING REPLACEMENT OF LIFE INSURANCE - 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 - RISK THE MEDICAL INFORMATION BUREAU (MIB) IS A NONPROFIT TRADE ASSOCIATION THAT MAINTAINS - MEDICAL INFORMATION ON APPLICANTS FOR LIFE AND HEALTH INSURANCE A PERSON WHO SIGNS A FRAUDULENT CLAIM FORM MAY BE FOUND GUILTY OF - PERJURY WHICH POLICY IS A COMBINATION OF ANNUAL RENEWABLE TERM INSURANCE AND INTEREST-SENSITIVE CASH VALUE - UNIVERSAL LIFE THE RIGHT TO A FULL REFUND OF PREMIUMS FOR INSUREDS AGE 60 OR OLDER IS - 30 DAYS