California Life Insurance Exam Questions with highest ratings

A special characteristic of the insurance contract where equal value is not exchanged between parties is known as - ANSWER-Aleatory Life insurance contracts are these agreements - ANSWER-Unilateral What is the proper definition of a take it or leave it contract, written by an insurer: - ANSWER-Adhesion The premium paid by the insured for an insurance policy is: - ANSWER-Consideration The best example of a Peril is: - ANSWER-Cause of loss An admitted insurer is: - ANSWER-Approved to transact An Actuary: - ANSWER-Works with statistics to establish premiums and is responsible for the company's financial soundness. A new Life-Only licensee will need to take continuing educations courses. The requirements are: - ANSWER-24 hours during each 24-month licensing interval. Which of these would be a substandard risk? - ANSWER-A person who may have less chance of surviving than the average. A person whose occupation would cause an increase in mortality hazard. A person whose hobby would cause an increase in mortality hazard. All of the Above. Rob, a licensed agent, is working under the authority of a Life Only Agent licensee. He may write which type of policies? - ANSWER-Life.