Final exam: California Life Insurance Graded A+ Questions & Answers

When an insurance company request an attending physician's report, the request must be accompanied by a - ANSWER-Copy of the signed authorization Which of these is the automatic mode of settlement for life insurance policy proceeds? - ANSWER-lump sum Which of the following best describes the statement "the more times an event is repeated, the more predictable the outcome becomes"? - ANSWER-Law of large numbers What area of group health insurance is regulated under the Employee Retirement Security Act of 1974 (ERISA)? - ANSWER-Disclosure and reporting If an insured dies because of an accident, which type of life insurance rider will provide additional coverage? - ANSWER-Accidental death rider A report which is based on creditworthiness and personal characteristics that influences an insurance applicant's eligibility for life and health insurance is called a(n) - ANSWER-Consumer report Tim was recently terminated from his employment and opted to change his existing group term life insurance to individual permanent life insurance. What is this process called? - ANSWER-conversion The California insurance code allows an individual how many days to cancel a life policy for a full-refund? - ANSWER-Between 10 and 30 days A creditor would be allowed rights to life insurance policy proceeds if which of the following beneficiaries is chosen? - ANSWER-The insured's estate