CALIFORNIA LIFE PRACTICE EXAM
2026 Questions and Answers
AN ANNUITY THAT IS PURCHASED WITH A LUMP SUM PREMIUM AND
WHOSE BENEFITS BEGIN AFTER 12 MONTHS IS CALLED A - Correct
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 - Correct Answer -HUMAN
LIFE VALUE APPROACH
WHEN REPLACING A POLICY THE PRODUCER MUST PRESENT THE
APPLICANT WITH A NOTICE REGARDING REPLACEMENT OF LIFE
INSURANCE - Correct 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 - Correct Answer -RISK
©COPYRIGHT 2025 ALL RIGHTS RESERVED 1
, THE MEDICAL INFORMATION BUREAU (MIB) IS A NONPROFIT TRADE
ASSOCIATION THAT MAINTAINS - Correct Answer -MEDICAL
INFORMATION ON APPLICANTS FOR LIFE AND HEALTH INSURANCE
A PERSON WHO SIGNS A FRAUDULENT CLAIM FORM MAY BE FOUND
GUILTY OF - Correct Answer -PERJURY
WHICH POLICY IS A COMBINATION OF ANNUAL RENEWABLE TERM
INSURANCE AND INTEREST-SENSITIVE CASH VALUE - Correct Answer -
UNIVERSAL LIFE
THE RIGHT TO A FULL REFUND OF PREMIUMS FOR INSUREDS AGE 60
OR OLDER IS - Correct Answer -30 DAYS
THE PREMIUM MODES CAN BE BEST DESCRIBED AS THE - Correct
Answer -FREQUENCY OF PREMIUM PAYMENT
INTENTIONALLY OMITTING A HISTORY OF HEART PROBLEMS ON AN
APPLICATION IS - Correct Answer -CONCEALMENT
A TAX-SHELTERED ANNUITY (TSA) IS A QUALIFIED PLAN AVAILABLE
FOR - Correct Answer -NONPROFIT ORGANIZATIONS
THE INTENT OF REPLACEMENT REGULATIONS IS TO PROTECT THE -
Correct Answer -POLICYOWNER
©COPYRIGHT 2025 ALL RIGHTS RESERVED 2
2026 Questions and Answers
AN ANNUITY THAT IS PURCHASED WITH A LUMP SUM PREMIUM AND
WHOSE BENEFITS BEGIN AFTER 12 MONTHS IS CALLED A - Correct
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 - Correct Answer -HUMAN
LIFE VALUE APPROACH
WHEN REPLACING A POLICY THE PRODUCER MUST PRESENT THE
APPLICANT WITH A NOTICE REGARDING REPLACEMENT OF LIFE
INSURANCE - Correct 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 - Correct Answer -RISK
©COPYRIGHT 2025 ALL RIGHTS RESERVED 1
, THE MEDICAL INFORMATION BUREAU (MIB) IS A NONPROFIT TRADE
ASSOCIATION THAT MAINTAINS - Correct Answer -MEDICAL
INFORMATION ON APPLICANTS FOR LIFE AND HEALTH INSURANCE
A PERSON WHO SIGNS A FRAUDULENT CLAIM FORM MAY BE FOUND
GUILTY OF - Correct Answer -PERJURY
WHICH POLICY IS A COMBINATION OF ANNUAL RENEWABLE TERM
INSURANCE AND INTEREST-SENSITIVE CASH VALUE - Correct Answer -
UNIVERSAL LIFE
THE RIGHT TO A FULL REFUND OF PREMIUMS FOR INSUREDS AGE 60
OR OLDER IS - Correct Answer -30 DAYS
THE PREMIUM MODES CAN BE BEST DESCRIBED AS THE - Correct
Answer -FREQUENCY OF PREMIUM PAYMENT
INTENTIONALLY OMITTING A HISTORY OF HEART PROBLEMS ON AN
APPLICATION IS - Correct Answer -CONCEALMENT
A TAX-SHELTERED ANNUITY (TSA) IS A QUALIFIED PLAN AVAILABLE
FOR - Correct Answer -NONPROFIT ORGANIZATIONS
THE INTENT OF REPLACEMENT REGULATIONS IS TO PROTECT THE -
Correct Answer -POLICYOWNER
©COPYRIGHT 2025 ALL RIGHTS RESERVED 2
