California Life, Accident, and Health Licensing Top rated Exam Questions & Answers

Co-insurance - ANSWER-The policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratio - ANSWER-The formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. Occupational policy - ANSWER-When a disability income policy provides coverage for injuries which occur on and off the job Most disability income policies are non occupational, meaning - ANSWER-They only cover the insured if they become disabled while away from work. Self employed individuals doesn't have - ANSWER-workers 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 provide - ANSWER-The 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 age - ANSWER-60 A surviving spouse is eligible for social security survivor's benefits at age - ANSWER-60 An authorized, or admitted carrier (insurer) - ANSWER-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" - ANSWER-Traditional whole life