California Life Insurance Study guides, Class notes & Summaries
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![California Life-Only Study Guide with 100% Complete Solutions](/docpics/5520844/665dd11ca7be0_5520844_121_171.jpeg)
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California Life-Only Study Guide with 100% Complete Solutions
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California Life-Only Study Guide with 
100% Complete Solutions 
What does insurance do? - Correct Answer ️️ -transfers the risk of loss from an 
individual/ business entity to an insurance company, which then spreads the costs of 
unexpected losses to many individuals 
What is insurance? - Correct Answer ️️ -the legal agreement/ contract whereby the 2 
parties involved agree to the limits of the indemnification, the circumstances under 
which it will occur and what things of value (consi...
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Life and Health License Exam Questions and Answers 100% Pass
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Life and Health License Exam Questions and 
Answers 100% Pass 
Only one party makes a legally enforceable promise - Correct Answer ️️ -What is 
meant by referring to an insurance policy as a unilateral contract? 
At all times - Correct Answer ️️ -When must insurance records of insurance agents 
and brokers be made available to the Insurance Commissioner? 
a loss exposure - Correct Answer ️️ -Any situation that presents the possibility of a 
loss is known as 
Personal judgment - Corre...
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CA Life Insurance Exam Questions With Solved Answers 2024.
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What is meant by referring to an insurance policy as a unilateral contract? - Answer Only one party makes a legally enforceable promise. 
 
When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? - Answer At all times. 
 
Any situation that presents the possibility of a loss is known as - Answer a loss exposure 
 
Which of the following information is not required to be communicated in a Life insurance contract? - Answer Personal judgm...
![CA Life Insurance Revision Exam And Actual Answers 2024.](/docpics/5490929/6658e515a8258_5490929_121_171.jpeg)
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CA Life Insurance Revision Exam And Actual Answers 2024.
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A key person is typically all of the following, except: - Answer -Not directly involved in sales, production, or service 
 
Key persons are employees whose contributions have a significant impact on the revenue and profitability of the company, especially in small businesses. They are typically: part of the management team, more highly paid, respected by customers, creditors, suppliers, and vendors, and have direct responsibilities for sales, production, or service. 
 
Which one of the followi...
![California Life, Accident and Health Cram Course Exam 1-3 Fully Solved 2024.](/docpics/5490922/6658e4dbe9d56_5490922_121_171.jpeg)
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California Life, Accident and Health Cram Course Exam 1-3 Fully Solved 2024.
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Carol is injured driving a company car at work. Her Health insurance coverage: 
 
 
AProvides excess or supplementary coverage 
BWill provide coverage on a pro-rata basis with Workers Compensation 
CWill cover her injuries 
DWill not cover her since this is an occupational injury - Answer D 
Explanation: 
Most Health insurance provides 'non-occupational' (off the job) coverage for sickness or injury, meaning that occupational coverage is excluded. However, if a person is not required to be c...
![California Insurance Final Exam With Solutions Rated A+ 2024.](/docpics/5490913/6658e4a058773_5490913_121_171.jpeg)
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California Insurance Final Exam With Solutions Rated A+ 2024.
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Two methods of determining insurance need: - Answer - Human Life Approach 
- Needs Approach 
 
Human Life Value Approach~ - Answer - One of two ways of calculating insurance need. 
- By discounting estimated future income 
- Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today 
- 10X salary 
- Based on age, gender, planned retirement age, occupation, annual wage, employment benefits, as we...
![California Life Accident and Health Exam Review Questions And Answers 100% Verified 2024.](/docpics/5490904/6658e46745704_5490904_121_171.jpeg)
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California Life Accident and Health Exam Review Questions And Answers 100% Verified 2024.
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A 
ABC INSURANCE - Answer JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP? 
A 
ABC INSURANCE 
B 
JOHN 
C 
JANE 
D 
NONE 
 
D 
ADMITTED - Answer A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. 
A 
DOMESTIC 
B 
NON-ADMITTED 
C 
FOREIGN 
D 
ADMITTED 
 
B
![California Life and Health Final Exam And Answers Rated A+ 2024.](/docpics/5490896/6658e42a32727_5490896_121_171.jpeg)
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California Life and Health Final Exam And Answers Rated A+ 2024.
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Whole Life Policies - Answer also called permanent insurance, builds cash value, policy endows at age 100 
 
401(k) - Answer a Cash or Deferred Arrangement (CODA) plan that is a modified profit-sharing or pension plan. 
 
403(b) - Answer a Cash or Deferred Arrangement (CODA) plan that is a modified profit-sharing or pension plan. 
 
Limit of Liability - Answer The total amount the insurer will pay for an insured risk. 
 
-Flexible premiums, 
-Guaranteed minimum death benefit 
-Guarantee...
![California Life And Health Final Exam Well Answered 100% 2024.](/docpics/5490873/6658e37ed09fb_5490873_121_171.jpeg)
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California Life And Health Final Exam Well Answered 100% 2024.
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Employer-provided group term life insurance is exempt from income taxation up to - Answer $50,000 
 
Medicare Part B has an initial enrollment period. How many months after an individual's 65th birthday month does this enrollment period end? - Answer 3 months 
 
Which statement is true regarding policy dividends? - Answer A dividend option is selected by the insured at the time of policy purchase 
 
What does the insurance term "indemnity" refer to? - Answer Make whole 
 
What is a co...
![California Life Insurance State Exam Simulator Questions And Correct Answers 2024.](/docpics/5490864/6658e37c54a38_5490864_121_171.jpeg)
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California Life Insurance State Exam Simulator Questions And Correct Answers 2024.
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Exclusion ratio - Answer An annuitant would life to determine the amount of an annuity distribution that is exempt from taxation. What is used to calculate this? 
Mortality rate, 
Exclusion ratio, 
Morbidity rate, 
Debt-to-Equity ration 
 
Offers a maximum interest rate that increases annually - Answer Which of the following is NOT a feature of equity-indexed annuities? 
 
Offers long term inflation protection, Offers a minimum guaranteed rate, Offers a maximum interest rate that increases a...
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