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Final Exam - California Life and Health Practice Questions and Answers Employer-provided group term life insurance is exempt from income taxation up to - ANSWER- $50,000 Medicare Part B has an initial enrollment period. How many months after an individual's 65th birthday month does this enroll...

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  • November 11, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • final exam california life and health practice q

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Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




Final Exam - California Life and Health

Practice Questions and Answers


Employer-provided group term life insurance is exempt from income taxation up to - ANSWER✔✔-

$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? - ANSWER✔✔-3 months


Which statement is true regarding policy dividends? - ANSWER✔✔-A dividend option is selected by the

insured at the time of policy purchase


What does the insurance term "indemnity" refer to? - ANSWER✔✔-Make whole


What is a common reason people purchase an annuity? - ANSWER✔✔-To protect against the risk of

outliving their financial resources


The importance of a representation is demonstrated in what rule? - ANSWER✔✔-Materiality of

concealment


Who does a life settlement broker represent? - ANSWER✔✔-Individual 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? -

ANSWER✔✔-Insurer


The Human Life Value concept is based on - ANSWER✔✔-income


Copyright ©Stuvia International BV 2010-2024 Page 1/15

, Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


Business Overhead Expense Insurance pays for - ANSWER✔✔-business expenses when a business owner

becomes disabled


At what point does a self-insured group qualify for stop-loss coverage? - ANSWER✔✔-When 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? - ANSWER✔✔-100%


A life insurance policy where the insured can choose where the cash value can be invested is called -

ANSWER✔✔-variable life


Which of these statements correctly describes risk? - ANSWER✔✔-Pure 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. - ANSWER✔✔-deductible


What is required after a life agent sells an insurance policy to an applicant without being appointed by

the insurer? - ANSWER✔✔-Notice of appointment must be submitted to the Commissioner


Retirement plans are prevented from favoring highly compensated employees under which government

regulation? - ANSWER✔✔-Nondiscrimination


ESOPs are typically invested in - ANSWER✔✔-employer stock


The reason for social insurance is to - ANSWER✔✔-protect certain vulnerable segments of the

population




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