CALIFORNIA LIFE PRACTICE EXAM A Graded 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 INTERESTSENSITIVE 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 - AnswerCONCEALMENT A TAX-SHELTERED ANNUITY (TSA) IS A QUALIFIED PLAN AVAILABLE FOR - Answer-NONPROFIT ORGANIZATIONSTHE 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 MORTALITY IS DEFINED AS THE - Answer-RATE OF DEATH