California Life Insurance Samenvattingen, Aantekeningen en Examens

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 Which of the following information is not required to be communicated in a Life insurance contract? - Personal judgment. The direct distribution of insura...

Life-Only Agent Exam 1 Questions and Answers 100% Pass AN example of a moral hazard in relation to a life insurance application would be: - Answer ️️ -Misstating your health history to an insurance company. John applies for a variable annuity and does not request that the premiums be immediately invested in a stock or bond portfolio. After the annuity is issued, John returns the annuity contract to the insurer within the free look period. What will John receive from the insurer? - Ans...

Final Exam - California Life and Health Questions and Answers Employer-provided group term life insurance is exempt from income taxation up to - Correct 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? - Correct Answer ️️ -3 months Which statement is true regarding policy dividends? - Correct Answer ️️ -A dividend option is selected by the insured at the time of poli...

CALIFORNIA LIFE PRACTICE EXAM A QUESTIONS AND ANSWERS 100% CORRECT 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 ...

FInal Exam: California Life, Accident, and Health Insurance Questions and Answers 100% Pass What distinguishes a deferred annuity from an immediate annuity? - Correct 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? - Correct Answer ️️ -60 payments What is a common reason people purchase ...

CA Life and Health Exam Questions and Answers 100% Pass What is insurance? - Correct Answer ️️ -Insurance is the legal contract where two parties agree that if something will happen, a value will be exchanged. What's the difference between pure risk and speculative risk? - Correct Answer ️️ - Pure risk is when you'll lose it all or there will be no change. Speculative risk you can either win or lose. What is peril? - Correct Answer ️️ -peril is the causes of loss insured aga...

Final Exam - California Life Only Questions and Answers 100% Pass According to the California Insurance Code, what is "insurance"? - Correct Answer ️️ - A contract Which of these statements correctly describes risk? - Correct Answer ️️ -Pure risk is the only insurable risk Only pure risks are insurable Which of the following does NOT have to be included on life insurance policy illustrations? - Correct Answer ️️ -Statement that all values and benefits are guaranteed An ag...

California Life, Accident, and Health Licensing Exam Questions and Answers 100% Pass Co-insurance - Correct Answer ️️ -The policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratio - Correct 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 - Correct Answer ️️ -When a disability income policy provides coverage for injuries wh...

Final Exam: California Life, Accident, and Health Insurance Questions and Answers 100% Pass The systematic liquidation of a sum of money is provided by a(n) - Correct 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? - Correct Answer ️️ -Variable annuity What kind of ...

California Life Accident and Health Exam Practice Questions and Answers 100% Correct A ABC INSURANCE - Correct 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 - Correct Answer ️️ -A(N) ________ INSURER IS AUTHORIZED TO WRITE INSURANCE POLICIES IN A PARTICULAR STATE. A DOMESTIC B NON-ADMITTED C FOREIGN D ADMITTED B A PERSON WHO NEGOTIATES INSU...

California Life Insurance State Exam Simulator Questions and Answers 100% Pass Exclusion ratio - Correct 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 - Correct Answer ️️ -Which of the following is NOT a feature of equity-indexed annuities? Offers long t...

CA Life Insurance Practice Exam Questions and Answers 100% Pass A key person is typically all of the following, except: - Correct 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 dire...