California Life-Only Agent Key Terms A+ Exams Questions & Answers

What parties are involved in a group contract? - ANSWER-A group contract is between the insurer and the employer. What is a Keogh plan? - ANSWER-A retirement plan for those who are self employed. What is an "Illustration"? - ANSWER-A presentation or depiction that includes non-guaranteed elements of a policy of life insurance over a period of years. What does "non-guaranteed elements" mean in a life insurance policy illustration? - ANSWER-The premiums, benefits, values, credits or charges under a policy of life insurance that are not guaranteed or not determined at issue. What does a stock redemption buy/sell agreement facilitates? - ANSWER-The purchase of a deceased shareholder's shares from the shareholder's heirs by a corporation. When is a widow or widower without children eligible for Social Security survivors benefits? - ANSWER-at age 60 If a senior has purchased an annuity which is invested in a mutual fund and they cancel during the free look, what does the CIC requires? - ANSWER-the CIC requires seniors be refunded the value of the account. Where in the free look notice for seniors must the print be in no less than 10-point uppercase type? - ANSWER-On the cover page of the policy or certificate and the outline of coverage How can a collateral assignment be utilized? - ANSWER-It can be utilized to obtain a loan.