Exam (elaborations)
Final Exam - California Life and Health 2024/2025 already graded A+
- Course
- Institution
Final Exam - California Life and Health 2024/2025 already graded A+
[Show more]
Content preview
Final Exam - California Life and HealthEmployer-provided group term life insurance is exempt from income taxation up to -
ANS$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? - ANS3 months
Which statement is true regarding policy dividends? - ANSA dividend option is selected by the
insured at the time of policy purchase
What does the insurance term "indemnity" refer to? - ANSMake whole
What is a common reason people purchase an annuity? - ANSTo protect against the risk of
outliving their financial resources
The importance of a representation is demonstrated in what rule? - ANSMateriality of
concealment
Who does a life settlement broker represent? - ANSIndividual wanting to sell their life policy to a
third party
Who is financially liable for the payment of covered claims in a fully insured group health plan? -
ANSInsurer
The Human Life Value concept is based on - ANSincome
Business Overhead Expense Insurance pays for - ANSbusiness expenses when a business
owner becomes disabled
At what point does a self-insured group qualify for stop-loss coverage? - ANSWhen claims
exceed a specified limit in a set period of time
What percentage of eligible employees must participate in a noncontributory group health plan
before it can be put in effect? - ANS100%
A life insurance policy where the insured can choose where the cash value can be invested is
called - ANSvariable life
Which of these statements correctly describes risk? - ANSPure and speculative risks are both
insurable
, The elimination period in a disability income policy serves the same purpose as a(n) ______ in
a medical expense policy. - ANSdeductible
What is required after a life agent sells an insurance policy to an applicant without being
appointed by the insurer? - ANSNotice of appointment must be submitted to the Commissioner
Retirement plans are prevented from favoring highly compensated employees under which
government regulation? - ANSNondiscrimination
ESOPs are typically invested in - ANSemployer stock
The reason for social insurance is to - ANSprotect certain vulnerable segments of the population
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? - ANS60 payments
he free-look period for life insurance policyowners age 60 or older is - ANS30 days
What is considered to be the definition of disability, according to Social Security? - ANSUnable
to engage in any substantial gainful activity
"Life insurance creates an immediate estate". This phrase means: - ANSwhen the insured dies,
a death benefit is paid
How are death benefits that are received by a beneficiary normally treated for tax purposes? -
ANSExempt from federal income taxes
Exempt from federal income taxes - ANSPayment for services goes directly to the provider
When an insurance company requests an attending physician's report, the request must be
accompanied by a - ANScopy of the signed authorization
Which policy provision protects the policyowner from unintentional lapse of the contract? -
ANSGrace period
What kind of annuity pays income to two annuitants until their deaths? - ANSJoint and survivor
annuity
What type of changes can be made to a guaranteed renewable health insurance policy? -
ANSThe premium rates of the policyowner
Which of the following is NOT considered to be insurer expenses? - ANSPolicy premiums
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 Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79789 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now