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Life Insurance Exam Practice Questions and Answers | 100% Pass
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Life Insurance Exam Practice Questions and Answers | 100% Pass What are residual disability income insurance payments based on? - Answer️️ -The amount of the insured's income is reduced by the disability The CA insurance code requires that an insurer must have enough assets to cover its li...

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  • September 1, 2024
  • 29
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance exam practice questions and answers

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  • Life insurance
  • Life insurance

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SophiaBennett

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Life Insurance Exam Practice Questions
and Answers | 100% Pass


What are residual disability income insurance payments based on? - Answer✔️✔️-The

amount of the insured's income is reduced by the disability

The CA insurance code requires that an insurer must have enough assets to cover its

liabilities and for reinsurance of all outstanding risks. To remain solvent, it must also

possess additional assets equal to what amount? - Answer✔️✔️-its paid in capital

The systematic liquidation of a sum of money is provided by a(n) - Answer✔️✔️-Annuity

The reason for social insurance is to - Answer✔️✔️-Protect certain vulnerable segments

of the population

The "blackout period" affects whose benefits? - Answer✔️✔️-surviving spouse

Tim was recently terminated from his employment and opted to change his existing

group term life insurance to individual permanent life insurance. What is this process

called? - Answer✔️✔️-Conversion

Health Insurance policies typically contain a provision stating that insureds and their

insurer will share covered losses in an agreed proportion. Which provision does this

refer to? - Answer✔️✔️-coinsurance

How many "activities of daily living" must an insured be unable to perform in order to

meet the chronically ill requirement of a long-term care policy? - Answer✔️✔️-Minimum of

two activities of daily living

Page 1 of 28

, What time period allows an insureds life insured's life insurance policy to remain in force

even if the premium was not paid on the due date? - Answer✔️✔️-Grace period

What percentage of a participants income are group long-term disability benefit

amounts typically limited to? - Answer✔️✔️-60%

What is created after policy proceeds are obtained in a lump sum and then immediately

instead? - Answer✔️✔️-Estate

What percentage of eligible employees must participate in a noncontributory group

health plan before it can be put in effect? - Answer✔️✔️-100%

What is the insurance term the state of CA uses for an insurer that is eligible to transact

business in this state? - Answer✔️✔️-Admitted

Under health insurance policy, the provided and the circumstances under which they

will be paid is called the? - Answer✔️✔️-Insuring clause

Under a non cancellable health insurance policy, an insurer can - Answer✔️✔️-cancel the

policy for nonpayment of premium

What is a common reason people purchase an annuity? - Answer✔️✔️-To protect against

the risk of outliving their financial resources.

What is the proper order of initial life insurance premiums, from lowest to highest? -

Answer✔️✔️-Modified premium, ordinary life, single premium

What does ESOP stand for? - Answer✔️✔️-Employee Stock Ownership Plan

What does the term coinsurance refer to? - Answer✔️✔️-After the deductible is satisfied,

the percentage paid by the insured for the remaining covered expenses



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