California Life, Accident, and Health Insurance Study guides, Class notes & Summaries

XCEL Final Exam California Life Insurance Exam Questions And Answers

California Life, Accident, and Health Insurance Final Exam Questions and Answers with complete solution

Premiums are Best described as - answer-the amount an insured pays per unit of coverage 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 Who does a life settlement broker represent? - answer-Individual wanting to sell their life policy to a third party How is the cost of employer-provided group life insuran...

What is an insurance solicitor authorized to do? - answer-Help an agent or broker sell insurance According to the California Insurance Code, what is "insurance"? - answer-A contract What does a Hospital Confinement indemnity policy pay for? - answer-Pay a specified daily amount while the insured is confined to a hospital According to the California Insurance Code, how is the word "may" interpreted? - answer-Permissive Which statement is CORRECT when descri...

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...

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 disting...

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 wh...

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 ann...

California Life, Accident, and Health Insurance Final Exam questions with correct answers