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1 Exam (elaborations) CA Life Insurance Exam Questions With Solved Answers 2024. 2 Exam (elaborations) CA Life Insurance Revision Exam And Actual Answers 2024. 3 Exam (elaborations) California Life, Accident and Health Cram Course Exam 1-3 Fully Solved 2024. 4 Exam (elaborations) California Insurance Final Exam With Solutions Rated A+ 2024.

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...

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...

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...

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...

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

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...

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...

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...

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 ...

Co-insurance - Answer The policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratio - Answer The formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. Occupational policy - Answer When a disability income policy provides coverage for injuries which occur on and off the job Most disability income policies are non occupational, meaning - Answer They only cover the ins...

A moral hazard - Answer is a dishonest person (lacking in morals) A morale hazard - Answer a careless person. A peril - Answer is a cause of loss Pure risk - Answer is insurable & includes only a chance of loss. The highest premium - Answer would be found with a substandard risk classification. Agent commissions - Answer are an insurer expense "Insurance" - Answer is a contract that transfers risk from one party to another. An "insurance policy" - Answer ...

The systematic liquidation of a sum of money is provided by a(n) - Answer annuity An annuitant would like to determine the current value of her annuity. To do this, she multiplies the number of "accumulation units" she owns times the unit value of the "separate account". What kind of annuity BEST matches this description? - Answer Variable annuity What kind of annuity pays income to two annuitants until their deaths? - Answer Joint and survivor annuity What distinguishes a def...

What is considered the most common type of specified disease insurance policy? - Answer Cancer Minimum participation standards exist for a group health insurance plans in order to - Answer Prevent Adverse Selection How does underwriting differ between group life and individual life insurance? - Answer Medical questions must be answered on individual life insurance when handling premiums for an insured an agent is acting in which capacity? - Answer Fiduciary what is the term u...

What distinguishes a deferred annuity from an immediate annuity? - Answer The time at which benefit payments start 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 What is a common reason people purchase an annuity? - Answer To protect against the risk of outliving their financial resources What kind of annuity pays in...

Basic Medical Expense policies - Answer Provide coverage for Hospital, Surgical and Physicians Medical Expense. -Purchased as a individual or group policy. -provide first dollar coverage (no deductibles). -limited benefit periods and low coverage limits. Major Medical Expense Policy - Answer -A supplement (in addition) to Basic Medical or as a stand-alone policy. -individual or group policy. -Take over when the Basic Policy runs out Hospital Expenses - Answer -Pay for covered ...

The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT - Answer insurance sales calls Charities, political organizations, and surveys are all offered exemptions from The Do Not Call Registry The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called - Answer cancelable The renewability provision in a cancelable policy allows the insurer to cancel or terminate the polic...

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Mastering the laws relating to _________ can reduce misunderstandings and litigation, especially in the areas of commissions through procuring cause, conflicts of interest and representation. - Answer agency A broker is a person who: - Answer a. Is employed by another person b. Has the authority to act for that person c. Has the authority to exercise some discretion while acting for another person The person who hires or appoints an agent to act on their behalf is called a: - Answer ...

A contract is an exchange of promises between two or more parties to ______________. - Answer do or refrain from doing an act. For a real estate contract to be valid and enforceable in court it must contain certain elements. Which is not an element for an enforceable real estate contract? a. consideration b. lawful purpose c. mutual agreement d. all persons must reside in the same state - Answer d. all persons must reside in the same state Failure to fulfill the promises contained...