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CA Life and Health Exam 2024/2025 already graded A+
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CA Life and Health Exam 2024/2025 already graded A+
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CA Life and Health ExamWhat is insurance? - ANSInsurance is the legal contract where two parties agree that if
something will happen, a value will be exchanged.
What's the difference between pure risk and speculative risk? - ANSPure risk is when you'll lose
it all or there will be no change. Speculative risk you can either win or lose.
What is peril? - ANSperil is the causes of loss insured against in an insurance policy
What is hazard? - ANSconditions that increase the probability of something bad happening
What's the diff between moral, morale, and physical hazard? - ANSphysical is the hazard that
results from physical body issues. Moral hazard is the evaluation of character (lying) morale
hazard is an indifference which causes risk.
What is the law of large numbers? - ANSthe larger the number of people more exposed to risk,
the more predictable the risk outcome.
What is an insurable event? - ANSthe more predictable an event, the more insurable it becomes
What's the diff between contract and tort law - ANStort is non-contract and private
Four major elements of a contract - ANSagreement, consideration, competent parties, legal
purpose
contract of adhesion - ANSprepared by insurer then accepted or rejected
Conditional contract - ANSconditions need to be met in order for contract to be executed
aleatory contract - ANSexchange of unequal amounts of value
unilateral contract - ANSonly one party is forced to do something
personal contract - ANScan't be transferred w/out notifying insurer
When can you rescind a contract - ANSintentional or unintentional concealment, violation of
material warranty, false material representation
six specifications for insurance policies - ANSparties contracted
person insured
statement of insurable interest
, risks insured against
time period
stated premium
4 categories of info necessary for financial planning - ANSdebt
income
mortgage
expenses
key person insurance - ANSlosing someone key to a business
buy-sell insurance (business continuation) - ANSwhat will be done with a business if the owner
dies
Premiums - ANSlife insurance payment installments
term life insurance - ANScovered only for a specific term
three types of term life insurance - ANSlevel
increasing
decreasing
fixed life insurance is - ANScontracts that offer guaranteed minimum or stated benefits
Variable life insurance is - ANSwhere it keeps place with inflation and cash value accumulates
based upon a specific portfolio of stocks (investment based) ; level fixed
Class designation for beneficiaries - ANS
Consideration clause - ANSstates value offered by insured (amount of premium payment)
accumulation period - ANSwhen the annuitant makes payments and grow tax deferred
What is not funded by an annuity - ANSdeath benefits
Annuitants must be a - ANSnatural person
Gross premium = - ANSMortality - Interest + Expenses
What types of services are provided under long-term care's assisted living - ANSlinens and
personal laundry service
assistance with dressing and bathing
reminders regarding medication
assistance with eating
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