Exam (elaborations)
CA Life health accident exam
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CA Life health accident exam CA Life health accident exam CA Life health accident exam
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CA Life health accident examIf an insurer indicates that an illustration will be used, they must do which of the following? - ANS Send a
summary status report to policy owner annually
What does the phrase "life insurance creates an immediate estate" mean? - ANS The total death benefit
will be paid to a beneficiary on the death of insured
In order to qualify for social security retirement benefits the worker must be: - ANS Fully insured
If an insurer knowingly allows one of its agents to mislead a member of the public in order to induce the
person to change their existing insurance, the Commissioner may: - ANS Suspend the insurer's
certificate of authority for the class of business involved
In a worker's Compensation contract, part one provides payments for which of the following? - ANS
Sums the employer is legally required to pay under State Worker's Compensation Laws
In a noncontributory group disability income insurance plan, what is the tax treatment of benefits
received by an employee? - ANS Benefits are included in the employee's gross income
What refund is owed when a senior citizen elects the right to return and cancel an individual variable
annuity policy invested in a money market fund? - ANS Paid premiums and policy fees
From lowest to highest, which is the correct order of initial premiums for the insurance policies? - ANS
Modified premium, Ordinary premium, Single premium
Insurance includes all of the following activities EXCEPT - ANS Publishing a newspaper in which one of
the advertiser is an insurance agent
, According to California Insurance Code, how must an agent publicize the right to return information to a
senior citizen purchasing an annuity policy? - ANS On the cover page of a policy jacket
As defined by California Insurance Code, "insurance" is a - ANS Contract
In a 7 yr vesting schedule, what percentage of employer contributions must be vested after 6 years? -
ANS 80%
Yrs=1(0%) 2(0%) 3 (20%) 4 (40%) 5 (60%) 6(80%) 7 (100%)
The insured is totally and permanently disables. The insured's policy continues in force without the
payment of a premium because the policy contains a: - ANS waiver of a premium provision
To be fully insured for Social Security benefits, a worker must be credited with - ANS 40 quarters of
coverage
In a group life insurance policy, who are the parties to the contract? - ANS The insurer and the employer
Which of the following is NOT a characteristic of a contributory group insurance plan? - ANS The policy
owner pays all of the cost
When is the automatic loan provision activated? - ANS At the end of grace period
Who must sign a statement acknowledging that a life insurance policy is to be replaced by an applicant?
- ANS The applicant and the agent
A beneficiary wants to let the death benefit accumulate and receive only the monthly investment
proceeds. Which settlement option should be chosen? - ANS Interest option
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