FInal Exam: California Life, Accident, and Health Insurance
9 views 0 purchase
Course
California Life, Accident, and Health Insurance
Institution
California Life, Accident, And Health Insurance
FInal Exam: California Life, Accident, and
Health Insurance
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, ...
FInal Exam: California Life, Accident, and Healt h Insurance 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 remai ning 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 two annuitants until their deaths? - Answer ✔️✔️-Joint and survivor annuity What is a joint and survivor annuity? - Answer ✔️✔️-Provides payments the annuity to two people. If either person dies, the same income paymen ts continue to the survivor for life. When the surviving annuitant dies, no further payments are made to anyone. Victoria owns a life annuity and elects to receive annuity payments monthly for the remainder of her life with "ten years certain". Her annuity will make payments - Answer ✔️✔️-for a minimum of 120 months and a maximum of the remainder of her life Which of the following statements regarding a life insurance policy dividend is TRUE? - Answer ✔️✔️-It is the distribution of excess of funds accumul ated by the insurer on participating policies. An insured owned by its policyholders is called a - Answer ✔️✔️-mutual insurer An insurer enters into a contract with a third party to insure itself against losses from insurance policies it issues. What is t he agreement called? - Answer ✔️✔️-Reinsurance What is reinsurance? - Answer ✔️✔️-An arrangement by which an insurance company transfers a portion of a risk it has assumed to another insurer Which of the following is NOT a characteristic of reinsurance? - Answer ✔️✔️-Increases the unearned premium reserve Which of the following is a contract that involves one party which indemnifies another when a loss arises from an unknown event? - Answer ✔️✔️-Insurance policy What is an insurance policy? - Answer ✔️✔️-A contract where one party promises to indemnify another against loss that arises from an unknown event What is residual disability income insurance payments based on? - Answer ✔️✔️-The amount of the insured's income is reduced by the disability Manuel is considered to be a disabled person as defined by the Americans with Disabilities Act (ADA). As such, he is unable to perform any of the following life activities EXCEPT - Answer ✔️✔️-Driving Which of the following is NOT a provision in a disability in come policy? - Answer ✔️✔️-
Deductible and coinsurance provision Which of these statements is NOT true concerning recurrent disabilities? - Answer ✔️✔️-The insurer continues coverage after a new elimination period Kim is insured under a disability income insurance policy with an "own -occupation" clause. She was recently injured in an automobile accident and can no longer perform the tasks of her job. Kim is now considered to be - Answer ✔️✔️-totally disabled What percentage of eligible employees must part icipate in a noncontributory group health plan before it can be put in effect? - Answer ✔️✔️-100% Business Overhead Expense Insurance pays for - Answer ✔️✔️-business expenses when a business owner becomes disabled Minimum participation standards exist fo r group health insurance plans in order to - Answer ✔️✔️-prevent adverse selection The problem of overinsurance is addressed in which health insurance provision? - Answer ✔️✔️-
Coordination of benefits What is the purpose of the coordination of benefits ( COB) provision? - Answer ✔️✔️-To avoid duplication of benefit payments and overinsurance when an individual is covered under more than one group health plan Who is financially liable for the payment of covered claims in a fully insured group health plan? - Answer ✔️✔️-Insurer The insurer has the option of terminating a health insurance policy on a date stated in the contract. What type of policy is this? - Answer ✔️✔️-Optionally renewable What is an optionally renewable policy? - Answer ✔️✔️-A provision allowing an insurer to terminate the policy on a date specified in the contract
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KatelynWhitman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
