Final Exam: California Life, Accident, and Health Insurance Questions & Answers(RATED A+)

What is considered the most common type of specified disease insurance policy? - ANSWERCancer Minimum participation standards exist for a group health insurance plans in order to - ANSWERPrevent Adverse Selection How does underwriting differ between group life and individual life insurance? - ANSWERMedical questions must be answered on individual life insurance when handling premiums for an insured an agent is acting in which capacity? - ANSWERFiduciary what is the term used to describe the frequency and severity of certain illnesses and accidents? - ANSWERMorbidity Which of the following describes the statement "The more times an event is repeated, the more predictable the outcome becomes"? - ANSWERLaw of large numbers In order to be considered "currently insured" under Social Security, an individual must be credited with? - ANSWER6 quarters of coverage during the last 13-quarter period How long must a policy be in force before an insurer is prohibited from denying claims based on misstatements made on the health policy application? - ANSWER2 Years Which of the following does the California Insurance Code NOT require an insurance policy to specify? - ANSWERInsurer's financial rating Which of the following is NOT required in the content of a policy? - ANSWERProbability of loss Which of the following pieces of information is NOT gathered during the personal financial planning process? - ANSWERAn individual's civic organization memberships Which of the following is not considered to be an unfair claims settlement practice? - ANSWERAdvising a claimant to hire an attorney When an applicant applies for insurance, the process by which the insurer determines whether to issue a policy is called? - ANSWERUnderwriting How is a Medicare claim submitted? - ANSWERExpenses are submitted to Medicare by the health provider According to the PPACA, the medical enrollment tier that has 80% actuarial value is called: - ANSWERGold Employer contributions to qualified plans are - ANSWERTax-deductible by the employer Employee participation in a noncontributory group life plan must be - ANSWER100% What does the term "illustration" mean when used in the phrase "life insurance policy illustration", according to the California Insurance Code? - ANSWERPresentation of policy features that includes non-guaranteed elements Which of the following is NOT a characteristic of a preferred provider organization (PPO)? - ANSWERPrimary physicians serve as gatekeepers John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? - ANSWERParticipating a life agent who has misappropriated fiduciary funds to his own use. What is Pete guilty of? - ANSWERTheft If an insured dies because of an accident, which type of life insurance rider will provide additional coverage? - ANSWERAccidental death rider Tom is shopping for a policy that covers two people and would pay the face amount ONLY when the first person dies. The type of life policy he is looking for is called a - ANSWERJoint life policy Which of these statements i