CALIFORNIA LIFE PRACTICE EXAM A

CALIFORNIA LIFE PRACTICE EXAM A An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a - answer- single premium deferred annuity A technique used to determine the amount of life insurance needed by focusing on the projected earning potential of an insured is called the - answer- human life value approach When replacing a policy the producer must present the applicant with a notice regarding replacement of life insurance - answer- at the time of taking the application The possibility of a financial loss incurred by a life insurance company for the premature death of an insured is know as a - answer- risk The medical information bureau (mib) is a nonprofit trade association that maintains - answer- medical information on applicants for life and health insurance A person who signs a fraudulent claim form may be found guilty of - answer- perjury Which policy is a combination of annual renewable term insurance and interest-sensitive cash value - answer- universal life The right to a full refund of premiums for insureds age 60 or older is - answer- 30 days The premium modes can be best described as the - answer- frequency of premium payment Intentionally omitting a history of heart problems on an application is - answer- concealment A tax-sheltered annuity (tsa) is a qualified plan available for - answer- nonprofit organizations The intent of replacement regulations is to protect the - answer- policyowner Which provision allows a lapsed policy to be put back in force? - answer- reinstatement According to the california department of insurance, an insurer whose articles of incorporation are registered in oslo, norway is considered a/an - answer- alien insurer Morta