XCEL Chapter 7 Questions With Complete Solutions
A person who asserts a right of recovery under an insurance
policy is called Correct Answer claimant
A representation may be altered or withdrawn Correct Answer
only before the insurance is in effect
According to PPACA, how long can an adult be covered as a
dependent under their parents' insurance plan? Correct Answer
Up to age 26
According to PPACA, what is a health benefits exchange?
Correct Answer An entity to which individuals and small
businesses can have access to affordable health coverage
According to the California Insurance Code, how is the word
"may" interpreted? Correct Answer Permissive
According to the California Insurance Code, what is
"insurance"? Correct Answer A contract
According to the California Insurance Code, what is the
maximum penalty per violation for anyone who unwillfully
commits an unfair method of competition? Correct Answer
$5,000
According to the California Insurance Code, what term is used
to describe a fact so important it could affect the policy
premium? Correct Answer Materiality
, According to the PPACA, an adult can be covered by a parent's
health care plan until what age? Correct Answer Age 26
According to the PPACA, the medical enrollment tier that has
80% actuarial value is called Correct Answer gold
An agent's attempt to stop the replacement of an existing life
insurance policy is known as Correct Answer conservation
An individual who transacts life, disability, or life and accident
and health insurance on behalf of an insurer is called a(n)
Correct Answer Life agent
Anyone employed in California to assist an insurance agent in
transacting insurance is called an insurance Correct Answer
solicitor
Both the Federal and state governments jointly finance which
health insurance entitlement program? Correct Answer Medi-
Cal
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? Correct Answer 2 years
How long must life agents keep their transaction records?
Correct Answer 5 years
How many "activities of daily living" must an insured be
UNABLE to perform in order to meet the chronically ill
A person who asserts a right of recovery under an insurance
policy is called Correct Answer claimant
A representation may be altered or withdrawn Correct Answer
only before the insurance is in effect
According to PPACA, how long can an adult be covered as a
dependent under their parents' insurance plan? Correct Answer
Up to age 26
According to PPACA, what is a health benefits exchange?
Correct Answer An entity to which individuals and small
businesses can have access to affordable health coverage
According to the California Insurance Code, how is the word
"may" interpreted? Correct Answer Permissive
According to the California Insurance Code, what is
"insurance"? Correct Answer A contract
According to the California Insurance Code, what is the
maximum penalty per violation for anyone who unwillfully
commits an unfair method of competition? Correct Answer
$5,000
According to the California Insurance Code, what term is used
to describe a fact so important it could affect the policy
premium? Correct Answer Materiality
, According to the PPACA, an adult can be covered by a parent's
health care plan until what age? Correct Answer Age 26
According to the PPACA, the medical enrollment tier that has
80% actuarial value is called Correct Answer gold
An agent's attempt to stop the replacement of an existing life
insurance policy is known as Correct Answer conservation
An individual who transacts life, disability, or life and accident
and health insurance on behalf of an insurer is called a(n)
Correct Answer Life agent
Anyone employed in California to assist an insurance agent in
transacting insurance is called an insurance Correct Answer
solicitor
Both the Federal and state governments jointly finance which
health insurance entitlement program? Correct Answer Medi-
Cal
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? Correct Answer 2 years
How long must life agents keep their transaction records?
Correct Answer 5 years
How many "activities of daily living" must an insured be
UNABLE to perform in order to meet the chronically ill
