CALIFORNIA LIFE ONLY LIFE INSURANCE STATE EXAM QUESTION & ANSWERS 100% ACCURATE

Which of the following pieces of information is NOT gathered during the personal financial planning process? - ANSWER-"An individual's civic organization memberships" are NOT gathered. An individual's expenses, assets, and income. All of these pieces of information are normally gathered during the personal financial planning process A life insurance policy'slimit of liabilitv would be - ANSWER-"the policy's face amount". The face amournt of the policy is the limit of liability in a life insurance policy. 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. Every policy of individual life insurance shall have a notice stating that after receipt of the policy by the owner, the policy may be returned by the owner for cancellation by delivering it or mailing it to the insurer or to the agent through whom it was purchased. This period shall not be less than 10 days nor more than 30 days. Which of the following is NOT characteristic of the conversion privilęge? - ANSWER-"Employer pays the premium for the converted policy". Proof of insurance ability is not required, conversion must take place within 31 days of employment termination, ex-employee pays the premium for the converted policy all of these about the conversion privilege are true EXCEPT "Employer pays the premium for the converted policy". Which of the following is NOT a common life insurance policy rider? - ANSWER-accidental death waiver of premium automatic premium loan extended term ANSWER "Extended term" is not considered a life insurance rider.