California Life, Accident, and Health Licensing Questions and Answers 100% Correct

Co-insuranceThe policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratioThe formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. Occupational policyWhen a disability income policy provides coverage for injuries which occur on and off the job Most disability income policies are non occupational, meaningThey only cover the insured if they become disabled while away from work. Self employed individuals doesn't haveworkers compensation coverage. They need coverage both on and off the job (occupational). A life agent who offers for sale or sells any financial product on the basis of its treatment under the MediCal Program must provideThe Notice Regarding Standards for Medi-Cal Eligibility. Must be signed by applicant. A widow or widower without any children is eligible for social security survivors benefits at age60 A surviving spouse is eligible for social security survivor's benefits at age60 An authorized, or admitted carrier (insurer)one which is under compliance with the California Insurance Code (CIC) and can operate legally in California Which type of life insurance utilizes the "level premium concept"Traditional whole life Disability income policy proceeds must be paid out at leastmonthly What life insurance rider will pay a monthly benefit to the insured when they become disabledThe disability income rider. It is a type of health (disability) insurance Dread (Specified) Disease policies, such as cancer insurance, coversTreatment for one specific disease The benefit paid out for a residual disability in a disability income policy is based upona loss of a minimum of 20% of income Agent may be eitherCaptive (Exclusive) or independent Captive agentsagents who agree by contract to represent only one insurer in