Final Exam: California Life, Accident, and Health
Insurance Exam/150 Complete Questions and
Answers
What is considered the most common type of specified disease insurance
policy? - -Cancer
-Minimum participation standards exist for a group health insurance plans in
order to - -Prevent Adverse Selection
-How does underwriting differ between group life and individual life
insurance? - -Medical questions must be answered on individual life
insurance
-when handling premiums for an insured an agent is acting in which
capacity? - -Fiduciary
-what is the term used to describe the frequency and severity of certain
illnesses and accidents? - -Morbidity
-Which of the following describes the statement "The more times an event is
repeated, the more predictable the outcome becomes"? - -Law of large
numbers
-In order to be considered "currently insured" under Social Security, an
individual must be credited with? - -6 quarters of coverage during the last
13-quarter period
-How long must a policy be in force before an insurer is prohibited from
denying claims based on misstatements made on the health policy
application? - -2 Years
-Which of the following does the California Insurance Code NOT require an
insurance policy to specify? - -Insurer's financial rating
-Which of the following is NOT required in the content of a policy? - -
Probability of loss
-Which of the following pieces of information is NOT gathered during the
personal financial planning process? - -An individual's civic organization
memberships
-Which of the following is not considered to be an unfair claims settlement
practice? - -Advising a claimant to hire an attorney
, -When an applicant applies for insurance, the process by which the insurer
determines whether to issue a policy is called? - -Underwriting
-How is a Medicare claim submitted? - -Expenses are submitted to Medicare
by the health provider
-According to the PPACA, the medical enrollment tier that has 80% actuarial
value is called: - -Gold
-Employer contributions to qualified plans are - -Tax-deductible by the
employer
-Employee participation in a noncontributory group life plan must be - -
100%
-What does the term "illustration" mean when used in the phrase "life
insurance policy illustration", according to the California Insurance Code? - -
Presentation of policy features that includes non-guaranteed elements
-Which of the following is NOT a characteristic of a preferred provider
organization (PPO)? - -Primary physicians serve as gatekeepers
-John owns an insurance policy that gives him the right to share in the
insurer's surplus. What kind of policy is this? - -Participating
-a life agent who has misappropriated fiduciary funds to his own use. What
is Pete guilty of? - -Theft
-If an insured dies because of an accident, which type of life insurance rider
will provide additional coverage? - -Accidental death rider
-Tom is shopping for a policy that covers two people and would pay the face
amount ONLY when the first person dies. The type of life policy he is looking
for is called a - -Joint life policy
-Which of these statements is NOT true concerning recurrent disabilities? - -
The insurer continues coverage after a new elimination period
-An insurer owned by its policyholders is called a? - -Mutual Insurer
-Medicare Part B Covers? - -Physician Expenses
-Which of these is NOT a relevant factor in the health insurance principle of
morbidity? - -Intelligence
-Which of these factors do not affect the rates of medical insurance? - -Race
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