Final Exam - California Life and Health/ 148 Quizzes with Certified Ans.
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Course
California Life and Health
Institution
California Life And Health
Final Exam - California Life and Health/ 148 Quizzes with Certified Ans. Terms like:
Employer-provided group term life insurance is exempt from income taxation up to - Answer: $50,000
Medicare Part B has an initial enrollment period. How many months after an individual's 65th birthday month ...
Final Exam - California Life and Health/ 148
Quizzes with Certified Ans.
Employer-provided group term life insurance is exempt from income taxation up
to - Answer: $50,000
Medicare Part B has an initial enrollment period. How many months after an
individual's 65th birthday month does this enrollment period end? - Answer: 3
months
Which statement is true regarding policy dividends? - Answer: A dividend option
is selected by the insured at the time of policy purchase
What does the insurance term "indemnity" refer to? - Answer: Make whole
Page 1 of 20
,What is a common reason people purchase an annuity? - Answer: To protect
against the risk of outliving their financial resources
The importance of a representation is demonstrated in what rule? - Answer:
Materiality of concealment
Who does a life settlement broker represent? - Answer: Individual wanting to sell
their life policy to a third party
Who is financially liable for the payment of covered claims in a fully insured group
health plan? - Answer: Insurer
The Human Life Value concept is based on - Answer: income
Business Overhead Expense Insurance pays for - Answer: business expenses when
a business owner becomes disabled
At what point does a self-insured group qualify for stop-loss coverage? - Answer:
When claims exceed a specified limit in a set period of time
What percentage of eligible employees must participate in a noncontributory
group health plan before it can be put in effect? - Answer: 100%
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, A life insurance policy where the insured can choose where the cash value can be
invested is called - Answer: variable life
Which of these statements correctly describes risk? - Answer: Pure and
speculative risks are both insurable
The elimination period in a disability income policy serves the same purpose as
a(n) ______ in a medical expense policy. - Answer: deductible
What is required after a life agent sells an insurance policy to an applicant without
being appointed by the insurer? - Answer: Notice of appointment must be
submitted to the Commissioner
Retirement plans are prevented from favoring highly compensated employees
under which government regulation? - Answer: Nondiscrimination
ESOPs are typically invested in - Answer: employer stock
The reason for social insurance is to - Answer: protect certain vulnerable
segments of the population
Cindy buys a 10-year certain annuity with an installment refund. After receiving
monthly payments for 5 years, Cindy dies. How many remaining payments will the
insurer make to her beneficiary? - Answer: 60 payments
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