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

Which of the following are common personal uses for life insuranceEstate planning, Cash accumulation, Protection of survivors Which of the following is a characteristic of an interest sensitive whole life policyFlexible premiums, Guaranteed minimum death benefit, Guaranteed minimum rate of return. What type of policy provides coverage for life, but the premiums are not due beyond age 65, has guaranteed premium, accumulates cash value and the coverage will never decreaseA limited pay life policy Under the PPACA, the shared responsibility payment is assessed on what basis?Monthly Which of the following statements is true about conditions to reinstate a lapsed life insurance policy?The policy has been expired no more than 3 years An insurance company whose main responsibility is to make money for its policyholders is called a:Mutual insurance company How does the California Insurance Code define an insurance contract?A legal agreement made between an insurance company and an individual An individual disability policy will be characterized in all of the following waysThe benefit is a stated dollar amount based on a percentage of income per month. The premium is established by the insured's occupation and health status The company may be able to increase premiums Disability benefits are required to be paid no less than monthly.. Which of the following nonforfeiture options permits the policyowner to use the cash values to purchase paid-up term life insurance coverage?Extended term Which of the following statements is true about the Guaranteed Insurability rider?The policy will provide specific dates on which additional life insurance policies can be bought. Which of the following is true about licensed life-only agents?Licensed life-only agents can be appointed by an unlimited number of companies. What kind of policy provides the option for the policyowner to pay for the entire policy over a specific and usually shorter period of time and grows cash value faster than ordinary life and matures when the insured reaches age 100 or dies?A limited-payment whole life What business continuation plan would be best for a furniture company owned by five partners?Entity plan When is maternity coverage available on a family health plan?