CA LIFE AND HEALTH INSURANCE EXAM KEY FACTS 77 Questions with Answers,100% CORRECT
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Course
CA LIFE AND HEALTH INSURANCE
Institution
CA LIFE AND HEALTH INSURANCE
CA LIFE AND HEALTH INSURANCE EXAM KEY FACTS 77Questions with Answers
The insurance applicant is - CORRECT ANSWER the individual who is applying to purchase insurance
Before making a sale, the first thing an agent should do is - CORRECT ANSWER identify the applicant's overall
financial o...
CA LIFE AND HEALTH INSURANCE EXAM KEY FACTS 77Questions with Answers The insurance applicant is - CORRECT ANSWER the individual who is applying to purchase insurance
Before making a sale, the first thing an agent should do is - CORRECT ANSWER identify the applicant's overall
financial objectives.
Key person life insurance - CORRECT ANSWER used by a business to protect itself in case a valued employee
dies. The death benefit would be paid to the company to hire and train a replacement. Premiums paid for key person life insurance are not tax deductible, but benefits are not
taxable. If an organization terminates a key employee, the organization will still be eligible
to hold a
license as their organization will be unaffected.
Preferred risks - CORRECT ANSWER receive the lowest premium charges as they pose the lowest risk to the insurer.
who selects which risks the insurer will
take on. - CORRECT ANSWER underwriting division within the insurance company
Medical Information Bureau (MIB) - CORRECT ANSWER Life insurance companies are members of the Medical Information Bureau. Members of the Medical Information Bureau (MIB) are required to report medical
impairments found during the underwriting process. The HIPAA Privacy Rules - CORRECT ANSWER establish national standards for the use and disclosure of protected
health information.
physician's report. - CORRECT ANSWER When an applicant reveals medical conditions that require more information, the insurer will
usually require an attending physician's report. - The request for an attending physician's report must be accompanied by a copy of the signed
authorization. To authorize the release of an attending physician's report, the applicant must sign a consent
form.
nonparticipating policyowner - CORRECT ANSWER will not receive dividends. Nonparticipating policies are
issued by stock insurers. Stock insurers pay dividends to stockholders, not policyholders. Employees that are covered under a group policy receive certificates of insurance
as their
proof of coverage.
three types of ordinary life insurance: - CORRECT ANSWER whole life, endowment, term. Use the
acronym "WET" to remember them. Group insurance is not a type of ordinary life insurance. Whole life insurance is also known as continuous premium whole life insurance.
what does insurer subtract from premium on universal life - CORRECT ANSWER -
the insurer will subtract from it the
mortality and general expenses, then add the current interest and deposit it into the cash value. The rate of return paid on the cash value of an indexed whole life policy will keep up with
the rate of inflation.
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