CA LIFE STATE INSURANCE FX TESTS COMPILATION BUNDLE

Life insurance death proceeds are correct answer: Generally not taxed as income. A policyowner surrendered a non-participating whole life policy for $10,000 cash value. The policyowner had at that time paid premiums totaling $8,000. The federal income tax effect would be correct answer: $2,000 ...

Introduction Basic Insurance Concepts and Principles Contract Law The Insurance Marketplace Basic Insurance Information Types of policies Annuities Which provision states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive be...

1.What is meant by referring to an insurance policy as a unilateral contract? correct answer: Only one party makes a legally enforceable promise. 2.When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? correct answer: At all times. 3.Any...

An annuity that is purchased with a slump sum premium and whose benefits begin after 12 month 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 c...