California Life and Health Final Exam – Already Passed

California Life and Health Final Exam – Already Passed 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 common reason people purchase an annuity? - Answer ️️ -To protect against the risk of outliving their financial resources The importance of a representation is demonstrated in what rule? - Answer ️️ -Materiality of concealment Who does a life settlement broker represent? - Answer ️️ -Individual wanting to sell their life policy to a third party Who is financially liable for the payment of covered claims in a fully insured group health plan? - Answer ️️ -Insurer The Human Life Value concept is based on - Answer ️️ -income Business Overhead Expense Insurance pays for - Answer ️️ -business expenses when a business owner becomes disabled At what point does a self-insured group qualify for stop-loss coverage? - Answer ️️ -When claims exceed a specified limit in a set period of time What percentage of eligible employees must participate in a noncontributory group health plan before it can be put in effect? - Answer ️️ -100% A life insurance policy where the insured can choose where the cash value can be invested is called - Answer ️️ -variable life Which of these statements correctly describes risk? - Answer ️️ -Pure and speculative risks are both insurabl