California Life, Accident, and Health Insurance Final Exam
(2023 – 2024) Verified Answers
What is considered the most common type of specified disease insurance policy? - Cancer
Minimum participation standards exist for a group health insurance plans in order to - Prevent
Adverse Selection
How does underwriting differ between group life and individual life insurance? - Medical questions
must be answered on individual life insurance
when handling premiums for an insured an agent is acting in which capacity? - Fiduciary
what is the term used to describe the frequency and severity of certain illnesses and accidents? -
Morbidity
Which of the following describes the statement "The more times an event is repeated, the more
predictable the outcome becomes"? - Law of large numbers
In order to be considered "currently insured" under Social Security, an individual must be credited
with? - 6 quarters of coverage during the last 13-quarter period
How long must a policy be in force before an insurer is prohibited from denying claims based on
misstatements made on the health policy application? - 2 Years
Which of the following does the California Insurance Code NOT require an insurance policy to
specify? - Insurer's financial rating
Which of the following is NOT required in the content of a policy? - Probability of loss
, Which of the following pieces of information is NOT gathered during the personal financial planning
process? - An individual's civic organization memberships
Which of the following is not considered to be an unfair claims settlement practice? - Advising a
claimant to hire an attorney
When an applicant applies for insurance, the process by which the insurer determines whether to
issue a policy is called? - Underwriting
How is a Medicare claim submitted? - Expenses are submitted to Medicare by the health provider
According to the PPACA, the medical enrollment tier that has 80% actuarial value is called: - Gold
Employer contributions to qualified plans are - Tax-deductible by the employer
Employee participation in a noncontributory group life plan must be - 100%
What does the term "illustration" mean when used in the phrase "life insurance policy illustration",
according to the California Insurance Code? - Presentation of policy features that includes
nonguaranteed elements
Which of the following is NOT a characteristic of a preferred provider organization (PPO)? - Primary
physicians serve as gatekeepers
John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind
of policy is this? - Participating
a life agent who has misappropriated fiduciary funds to his own use. What is Pete guilty of? - Theft
(2023 – 2024) Verified Answers
What is considered the most common type of specified disease insurance policy? - Cancer
Minimum participation standards exist for a group health insurance plans in order to - Prevent
Adverse Selection
How does underwriting differ between group life and individual life insurance? - Medical questions
must be answered on individual life insurance
when handling premiums for an insured an agent is acting in which capacity? - Fiduciary
what is the term used to describe the frequency and severity of certain illnesses and accidents? -
Morbidity
Which of the following describes the statement "The more times an event is repeated, the more
predictable the outcome becomes"? - Law of large numbers
In order to be considered "currently insured" under Social Security, an individual must be credited
with? - 6 quarters of coverage during the last 13-quarter period
How long must a policy be in force before an insurer is prohibited from denying claims based on
misstatements made on the health policy application? - 2 Years
Which of the following does the California Insurance Code NOT require an insurance policy to
specify? - Insurer's financial rating
Which of the following is NOT required in the content of a policy? - Probability of loss
, Which of the following pieces of information is NOT gathered during the personal financial planning
process? - An individual's civic organization memberships
Which of the following is not considered to be an unfair claims settlement practice? - Advising a
claimant to hire an attorney
When an applicant applies for insurance, the process by which the insurer determines whether to
issue a policy is called? - Underwriting
How is a Medicare claim submitted? - Expenses are submitted to Medicare by the health provider
According to the PPACA, the medical enrollment tier that has 80% actuarial value is called: - Gold
Employer contributions to qualified plans are - Tax-deductible by the employer
Employee participation in a noncontributory group life plan must be - 100%
What does the term "illustration" mean when used in the phrase "life insurance policy illustration",
according to the California Insurance Code? - Presentation of policy features that includes
nonguaranteed elements
Which of the following is NOT a characteristic of a preferred provider organization (PPO)? - Primary
physicians serve as gatekeepers
John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind
of policy is this? - Participating
a life agent who has misappropriated fiduciary funds to his own use. What is Pete guilty of? - Theft
