CA PSI SITE -LIFE,ACCIDENT AND HEALTH AGENT EXAM WITH QUESTIONS AND WELL VERIFIED ANSWERS [GRADED A+] ACTUAL EXAM 100%
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CA PSI SITE -LIFE,ACCIDENT AND HEALTH AGENT
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CA PSI SITE -LIFE,ACCIDENT AND HEALTH AGENT
CA PSI SITE -LIFE,ACCIDENT AND HEALTH
AGENT EXAM WITH QUESTIONS AND WELL
VERIFIED ANSWERS [GRADED A+] ACTUAL
EXAM 100%
Admitted Insurance Company vs. Non-Admitted Insurance Company -
ANS---An admitted insurance company is authorized to transact
insurance in California because it has a Cer...
CA PSI SITE -LIFE,ACCIDENT AND HEALTH
AGENT EXAM WITH QUESTIONS AND WELL
VERIFIED ANSWERS [GRADED A+] ACTUAL
EXAM 100%
Admitted Insurance Company vs. Non-Admitted Insurance Company -
ANS✔✔---An admitted insurance company is authorized to transact
insurance in California because it has a Certificate of Authority granted by
the California Department of Insurance (CDI)
A non-admitted insurance company is not authorized to transact insurance
in California because of failing to comply with California requirements or did
not seek admission
Pure Risk vs. Speculative Risk - ANS✔✔---Pure risks are insurable but
Speculative risks are not
Pure Risks - A possibility of loss, no loss, or gain
Pure Risk - A possibility of loss or no loss; there is no possibility for gain
Aleatory Contract - ANS✔✔---The exchange of value is unequal.
,Insured's premium payment is less than the potential benefit to be received
in the event of a loss.
Indemnity Contract - ANS✔✔---An agreement to pay on behalf of
another party under specified circumstances
Unilateral Contract - ANS✔✔---Only one party is legally bound to the
contractual obligations after the premium is paid to the insurer
Contract of Adhesion - ANS✔✔---One party writes the contract without
inout from the other party on a "take-it-or-leave-it" basis
Only the insurer makes a promise of future performance, and only the
insurer can be charged with breach of contract
4 elements of a valid contract - ANS✔✔---1) Competent Parties
2) Legal Purpose
3) Agreement (offer and acceptance)
4) Consideration
Preferred Risks vs Standard Risks - ANS✔✔---Standard Risks are
individuals who have the same health, habits, sex/gender, and
occupational characteristics as those reflected in the mortality table
Preferred Risks are individuals who meet certain requirements and qualify
for lower premiums because of ideal health, height and weight. Individuals
in this category have a longer than average life expectancy
Human Life Value Approach vs. Needs Analysis Approach - ANS✔✔---
Human Life Value approach is a measure of the projected future earnings
and services of a person at risk in the event of a premature death.
, The objective is to provide the proper amount of coverage as determined
by the value of the individual to his/her dependents using the following
factors:
- The individual's age and gender
- The individual's occupation, annual wage, and planned retirement age
- Inflation
Needs Analysis Approach determines a need for coverage upon the
premature death of an individual.
It always assumes the death of the individual to be immediate and factors
the following steps into arriving at the proper amount of coverage needed:
- Calculate all financial needs caused by immediate death, including debts,
medical bills, and final expenses
- Provide lifetime income to the spouse
- Pay off mortgage or other debts
- Provide funds for children's education
- Subtracts any assets available to fund financial needs after death (such
as retirement plan, other insurance, liquid investments, separate savings)
Waiver of Premium - ANS✔✔---Life Insurance Disability Rider
If the insured becomes totally disabled, the insurer will waive premiums for
the duration of the disability or the end of the policy, whichever occurs first.
To qualify for the waiver, the insured must be disabled for a waiting period
of 3-6 months.
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