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California Life and Health Questions and answers | Latest 2024/25 RATED A+
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California Life and Health Questions and answers | Latest 2024/25 RATED A+
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California Life and Health Questions andanswers | Latest 2024/25 RATED A+
Employer-provided group term life insurance is exempt from income taxation up to - ii ii ii ii ii ii ii ii ii ii ii ii ii ii
$50,000
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Medicare Part B has an initial enrollment period. How many months after an individual's
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65th birthday month does this enrollment period end? - 3 months
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Which statement is true regarding policy dividends? - A dividend option is selected by the
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insured at the time of policy purchase
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ii What does the insurance term "indemnity" refer to? - Make whole
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What is a common reason people purchase an annuity? - To protect against the risk of
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outliving their financial resources
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The importance of a representation is demonstrated in what rule? - Materiality of
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concealment
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Who does a life settlement broker represent? - Individual wanting to sell their life policy to
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a third party
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Who is financially liable for the payment of covered claims in a fully insured group health
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plan? - Insurer
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ii The Human Life Value concept is based on - income
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Business Overhead Expense Insurance pays for - business expenses when a business
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owner becomes disabled
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At what point does a self-insured group qualify for stop-loss coverage? - When claims
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exceed a specified limit in a set period of time
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What percentage of eligible employees must participate in a noncontributory group health
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plan before it can be put in effect? - 100%
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A life insurance policy where the insured can choose where the cash value can be
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invested is called - variable life
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Which of these statements correctly describes risk? - Pure and speculative risks are both
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insurable
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, The elimination period in a disability income policy serves the same purpose as a(n)
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______ in a medical expense policy. - deductible
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What is required after a life agent sells an insurance policy to an applicant without being
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appointed by the insurer? - Notice of appointment must be submitted to the
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Commissioner
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Retirement plans are prevented from favoring highly compensated employees under
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which government regulation? - Nondiscrimination
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ii ESOPs are typically invested in - employer stock
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The reason for social insurance is to - protect certain vulnerable segments of the
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population
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Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly
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payments for 5 years, Cindy dies. How many remaining payments will the insurer make to
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her beneficiary? - 60 payments
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ii he free-look period for life insurance policyowners age 60 or older is - 30 days
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What is considered to be the definition of disability, according to Social Security? - Unable
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to engage in any substantial gainful activity
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"Life insurance creates an immediate estate". This phrase means: - when the insured
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dies, a death benefit is paid
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How are death benefits that are received by a beneficiary normally treated for tax
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purposes? - Exempt from federal income taxes
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ii Exempt from federal income taxes - Payment for services goes directly to the provider
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When an insurance company requests an attending physician's report, the request must
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be accompanied by a - copy of the signed authorization
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ii Which policy provision protects the policyowner from unintentional lapse of the contract? -
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ii iiGrace period ii
What kind of annuity pays income to two annuitants until their deaths? - Joint and survivor
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annuity
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What type of changes can be made to a guaranteed renewable health insurance policy? -
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The premium rates of the policyowner
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ii Which of the following is NOT considered to be insurer expenses? - Policy premiums
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