148 complete solutions latest 2025
Final Exam - California Life and Health
148 complete solutions latest 2025
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
, Final Exam - California Life and Health
148 complete solutions latest 2025
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
insurable
The elimination period in a disability income policy serves the same purpose as a(n) ______ in a medical
expense policy. - ANSWER deductible
What is required after a life agent sells an insurance policy to an applicant without being appointed by
the insurer? - ANSWER Notice of appointment must be submitted to the Commissioner
Retirement plans are prevented from favoring highly compensated e mployees under which government
regulation? - ANSWER Nondiscrimination
ESOPs are typically invested in - ANSWER employer stock
The reason for social insurance is to - ANSWER protect certain vulnerable segments of the population
Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5
years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - ANSWER 60
payments
he free-look period for life insurance policyowners age 60 or older is - ANSWER 30 days