Study guides, Class notes & Summaries

What is meant by referring to an insurance policy as a unilateral contract? -Only one party makes a legally enforceable promise. When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? -At all times. Any situation that presents the possibility of a loss is known as -a loss exposure

What distinguishes a deferred annuity from an immediate annuity? - 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? - 60 payments What is a common reason people purchase an annuity? - To protect against the risk of outliving their financial resource

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 -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 covered by Wo...

A ABC INSURANCE -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 -A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B

Admitted Insurance Company vs. Non-Admitted Insurance Company -An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission

FInal Exam: California Life, Accident, and Health Insurance with 160questions and answers latest update 2024/2025 GRADED A+

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 income to ...

What distinguishes a deferred annuity from an immediate annuity? - ANS 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? - ANS 60 payments What is a common reason people purchase an annuity? - ANS To protect against the risk of outliving their financial resources What kind of annuity pays income to two annu...

What distinguishes a deferred annuity from an immediate annuity? 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? 60 payments What is a common reason people purchase an annuity? To protect against the risk of outliving their financial resources What kind of annuity pays income to two annuitants until th...

What distinguishes a deferred annuity from an immediate annuity?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?60 payments What is a common reason people purchase an annuity?To protect against the risk of outliving their financial resources What kind of annuity pays income to two annuitants until their...