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California Life, Accident, and Health Insurance Exam Study Guide Solutions
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California Life, Accident, and Health Insurance Exam Study Guide Solutions Which of the following are common personal uses for life insurance - ANSWER-Estate planning, Cash accumulation, Protection of survivors Which of the following is a characteristic of an interest sensitive whole life polic...

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  • November 10, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • california life accident and health insurance ex

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Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




California Life, Accident, and Health

Insurance Exam Study Guide Solutions


Which of the following are common personal uses for life insurance - ANSWER✔✔-Estate planning, Cash

accumulation, Protection of survivors


Which of the following is a characteristic of an interest sensitive whole life policy - ANSWER✔✔-Flexible

premiums, Guaranteed minimum death benefit, Guaranteed minimum rate of return.


What type of policy provides coverage for life, but the premiums are not due beyond age 65, has

guaranteed premium, accumulates cash value and the coverage will never decrease - ANSWER✔✔-A

limited pay life policy


Under the PPACA, the shared responsibility payment is assessed on what basis? - ANSWER✔✔-Monthly


Which of the following statements is true about conditions to reinstate a lapsed life insurance policy? -

ANSWER✔✔-The policy has been expired no more than 3 years


An insurance company whose main responsibility is to make money for its policyholders is called a: -

ANSWER✔✔-Mutual insurance company


How does the California Insurance Code define an insurance contract? - ANSWER✔✔-A legal agreement

made between an insurance company and an individual


An individual disability policy will be characterized in all of the following ways - ANSWER✔✔-The benefit

is a stated dollar amount based on a percentage of income per month.



Copyright ©Stuvia International BV 2010-2024 Page 1/8

, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




The premium is established by the insured's occupation and health status




The company may be able to increase premiums




Disability benefits are required to be paid no less than monthly..


Which of the following nonforfeiture options permits the policyowner to use the cash values to purchase

paid-up term life insurance coverage? - ANSWER✔✔-Extended term


Which of the following statements is true about the Guaranteed Insurability rider? - ANSWER✔✔-The

policy will provide specific dates on which additional life insurance policies can be bought.


Which of the following is true about licensed life-only agents? - ANSWER✔✔-Licensed life-only agents

can be appointed by an unlimited number of companies.


What kind of policy provides the option for the policyowner to pay for the entire policy over a specific

and usually shorter period of time and grows cash value faster than ordinary life and matures when the

insured reaches age 100 or dies? - ANSWER✔✔-A limited-payment whole life


What business continuation plan would be best for a furniture company owned by five partners? -

ANSWER✔✔-Entity plan


When is maternity coverage available on a family health plan? - ANSWER✔✔-Maternity coverage is

effective immediately.




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