California Life and Health Final Exam Questions And Correct
Answers | Already Graded A+
Whole Life Policies
-Solution
also called permanent insurance, builds cash value, policy endows at age
100
401(k)
-Solution
a Cash or Deferred Arrangement (CODA) plan that is a modified profit-
sharing or pension plan.
403(b)
-Solution
a Cash or Deferred Arrangement (CODA) plan that is a modified profit-
sharing or pension plan.
Limit of Liability
-Solution
The total amount the insurer will pay for an insured risk.
-Flexible premiums,
-Guaranteed minimum death benefit
-Guaranteed minimum rate of return.
-Solution
are characteristics of an interest sensitive whole life policy
Creditor
-Solution
is the policyowner and beneficiary, and is issued the master policy
regarding creditor groups that provide group credit insurance protection
on the lives of debtors
Extension of benefits and offer conversion to an individual policy
-Solution
Mindy became disabled while a group policy was in force. When the
policy was terminated, which of the following is a responsibility of the
insurer?
1
,Accumulation period
-Solution
"putting in" time and the growth time of the annuity. It is the time
between when an annuity is purchased and the time when benefits begin.
The insurer
-Solution
not the producer, is required to notify insurers of policies to be replaced,
and if requested, provide insurers with the policy comparison statement.
Annuities
-Solution
like insurance policies involve some risk, there is little if any guaranteed
60%
-Solution
Under the PPACA, what is the actuarial value for a bronze plan?
-full disclosure of compensation to broker
-contact information for broker
-gross purchase price paid for policy
-the amount to be paid to policy owner.
-Solution
Disclosures required at the time of the offer:
Date by which funds will be available is
-Solution
required to be disclosed at the time of a life settlement contract
application.
Implied warranty
-Solution
A representation in an insurance contract qualifies as:
Limited pay life policy
-Solution
What type of policy provides coverage for life, but the premiums are not
due beyond age 65, has guaranteed premium, accumulates cash value and
the coverage will never decrease?
A limited pay life plan
-Solution
2
, provides the same benefits as a standard whole life plan, but has a shorter
premium paying period.
Adult day care
-Solution
What is medical or nonmedical care on a less than 24-hour basis,
provided in a licensed facility outside the residence, for persons in need
of personal services, supervision, protection, or assistance in sustaining
daily needs, including eating, bathing, dressing, ambulating, transferring,
toileting, and taking medications?
The California Department of Insurance
-Solution
Who has jurisdiction over entities that provide coverages designed to pay
for health care providers' services that are not certified by other
governmental agencies?
Partnership policies provide lifetime asset protection and Medi-Cal
services. Premiums for Partnership policies are approximately the same
as for non-Partnership policies.
-Solution
What is the major difference between Partnership policies and non-
Partnership policies?
Reimbursement. Medical expenses are structured to reimburse some level
of medical expense.
-Solution
Medical expense plans are what type of contracts?
The policyowner chooses where their premiums are to be invested
-Solution
With a variable annuity
138%
-Solution
Some of the costs of the PPACA will be offset by tax credits and
subsidies available to families with incomes starting at what percentage
of the poverty level?
138%-400% of the poverty level
-Solution
Some of the costs of the PPACA will be offset by tax credits and
subsidies available to families with incomes between
3
Answers | Already Graded A+
Whole Life Policies
-Solution
also called permanent insurance, builds cash value, policy endows at age
100
401(k)
-Solution
a Cash or Deferred Arrangement (CODA) plan that is a modified profit-
sharing or pension plan.
403(b)
-Solution
a Cash or Deferred Arrangement (CODA) plan that is a modified profit-
sharing or pension plan.
Limit of Liability
-Solution
The total amount the insurer will pay for an insured risk.
-Flexible premiums,
-Guaranteed minimum death benefit
-Guaranteed minimum rate of return.
-Solution
are characteristics of an interest sensitive whole life policy
Creditor
-Solution
is the policyowner and beneficiary, and is issued the master policy
regarding creditor groups that provide group credit insurance protection
on the lives of debtors
Extension of benefits and offer conversion to an individual policy
-Solution
Mindy became disabled while a group policy was in force. When the
policy was terminated, which of the following is a responsibility of the
insurer?
1
,Accumulation period
-Solution
"putting in" time and the growth time of the annuity. It is the time
between when an annuity is purchased and the time when benefits begin.
The insurer
-Solution
not the producer, is required to notify insurers of policies to be replaced,
and if requested, provide insurers with the policy comparison statement.
Annuities
-Solution
like insurance policies involve some risk, there is little if any guaranteed
60%
-Solution
Under the PPACA, what is the actuarial value for a bronze plan?
-full disclosure of compensation to broker
-contact information for broker
-gross purchase price paid for policy
-the amount to be paid to policy owner.
-Solution
Disclosures required at the time of the offer:
Date by which funds will be available is
-Solution
required to be disclosed at the time of a life settlement contract
application.
Implied warranty
-Solution
A representation in an insurance contract qualifies as:
Limited pay life policy
-Solution
What type of policy provides coverage for life, but the premiums are not
due beyond age 65, has guaranteed premium, accumulates cash value and
the coverage will never decrease?
A limited pay life plan
-Solution
2
, provides the same benefits as a standard whole life plan, but has a shorter
premium paying period.
Adult day care
-Solution
What is medical or nonmedical care on a less than 24-hour basis,
provided in a licensed facility outside the residence, for persons in need
of personal services, supervision, protection, or assistance in sustaining
daily needs, including eating, bathing, dressing, ambulating, transferring,
toileting, and taking medications?
The California Department of Insurance
-Solution
Who has jurisdiction over entities that provide coverages designed to pay
for health care providers' services that are not certified by other
governmental agencies?
Partnership policies provide lifetime asset protection and Medi-Cal
services. Premiums for Partnership policies are approximately the same
as for non-Partnership policies.
-Solution
What is the major difference between Partnership policies and non-
Partnership policies?
Reimbursement. Medical expenses are structured to reimburse some level
of medical expense.
-Solution
Medical expense plans are what type of contracts?
The policyowner chooses where their premiums are to be invested
-Solution
With a variable annuity
138%
-Solution
Some of the costs of the PPACA will be offset by tax credits and
subsidies available to families with incomes starting at what percentage
of the poverty level?
138%-400% of the poverty level
-Solution
Some of the costs of the PPACA will be offset by tax credits and
subsidies available to families with incomes between
3
