Olivegrades

Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? - ANSWER Free Look When will a policy pay on a UCR basis? - ANSWER When particular benefits are not listed on a payment schedule

Admitted Insurance Company vs. Non-Admitted Insurance Company - ANSWER An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (CDI) A non-admitted insurance company is not authorized to transact insurance in California because of failing to comply with California requirements or did not seek admission Pure Risk vs. Speculative Risk - ANSWER Pure risks are insurable but Specu...

Health insurance coverage under COBRA, HIPAA guarantees that the person will - ANSWER Have Acces to a guaranteed-issue individual health policy, regardless of health All the following statements about ordinary (or straight) whole life insurance are correct - ANSWER The cash value remains level throughout the life of the policy Which activity in NOT an error or omission that makes an agent or producer legally to both the insurance and the insure - ANSWER Placing insurance with an approved s...

The Commissioner of Insurance is appointed by the Governor for a term of - ANSWER 4 years All of the following are examples of insurance transactions except: A. soliciting applications for insurance B. delivering policies C. licensing of producers D. collecting premiums - ANSWER Correct answer: C - licensing of producers

Interest is credited to a fixed annuity no lower than the - ANSWER contract guaranteed rate Which of these statements regarding the extended term insurance nonforfeiture option is accurate? - ANSWER The premium to purchase the coverage comes from the policy's cash value

Health care accounts and Dependent care accounts - ANSWER What are the 2 types of Flexible Spending Accounts? Cash value is guaranteed - ANSWER Concerning a Whole Life Policy, which of the following statements is correct?

What type of annuity provides a pre-determined income amount for life? - ANSWER Fixed Life annuity A life insurance policy which matures at the termination of a specified period other than age 100 is an - ANSWER Endowment A type of life insurance policy that a person may purchase to make sure that a debt or loan will be paid off in case of their premature death. - ANSWER Mortgage redemption insurance

Laura added a children's rider to her life insurance policy. What type of coverage was added? - ANSWER Level term With life insurance, the needs approach is used primarily in determining - ANSWER How much life insurance a client should apply for A(n) __________ is a licensee who charges a fee for contracted insurance advisory services. - ANSWER Consultant

Which of these do NOT constitute policy delivery? - ANSWER Policy issued with a rating Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options? - ANSWER Variable Life J, an Accidental Death and Dismemberment (AD&D) policy holder, dies after injuries sustained in an accident. J's age as stated on the application five years ago was found to be understated by ten years. Which of the following actions

Fraud - ANSWER Misrepresentation of material fact, made knowingly with intent to be deceptive? Property/Casualty: Time of loss or claim occurs Life Insurance: Only at time of application when policy is purchased - ANSWER Insurable Interest must exist when for property/casualty and life insurance? The group must not have formed for the purpose of purchasing life insurance - ANSWER In order for a group to be eligible for group life insurance what must the group not have done?