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California Life, Accident, and Health State Exam Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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California Life, Accident, and Health State Exam Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 19, 2024
  • 42
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • california life accident and health state exam q

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California Life, Accident, and Health
State Exam
A contract requires

- implied authority
- only an offer

✅✅-an offer and
- negotiation between the involved parties
- an offer and acceptance of the contract terms -
acceptance of the contract terms

A creditor would be allowed rights to life insurance policy proceeds if which of
the following beneficiaries is chosen?

- The insured's mother
- The insured's estate

✅✅-The insured's estate
- The insured's children
- The insured's spouse -

A health insurance policy paid on a quarterly basis has a grace period of

- 7 days
- 10 days

✅✅-31 days
- 31 days
- 60 days -

A life insurance policy can be surrendered for its cash value under which
policy provision?

- Payor options
- Dividend options

✅✅-Nonforfeiture options
- Settlement options
- Nonforfeiture options -

A life insurance policy where the insured can choose where the cash value
can be invested is called

- whole life
- variable life

, ✅✅-variable life
- modified life
- universal life -

A life insurance policy's limit of liability would be

- determined by the Department of Insurance
- the policy's face amount

✅✅-the policy's face
- the total premiums paid
- determined by insurance company's reinsurer -
amount

A report which is based on creditworthiness and personal characteristics that
influences an insurance applicant's eligibility for life and health insurance is
called a(n)

- MIB report
- consumer report

✅✅-consumer report
- agent's report
- medical report -

A savings vehicle designed to first accumulate funds and then systematically
liquidates the funds is called a(n)

- immediate annuity
- deferred annuity

✅✅-deferred annuity
- endowment
- whole life policy -

A situation in which there is ONLY a chance of loss or no loss is a

- pure risk
- particular risk

✅✅-pure risk
- speculative risk
- fundamental risk -

A spendthrift clause in a life insurance policy

- permits the beneficiary to borrow from a policy's cash value
- evenly distributes benefits among all named living beneficiaries

,- assigns a policy's face amount to the insured's estate if the beneficiary dies

✅✅
before the insured
- restricts the ability of the beneficiary to assign benefits - -restricts the
ability of the beneficiary to assign benefits

A unilateral contract is one in which

- there is an element of chance and potential for unequal exchange of value or
consideration for both parties
- only one party (the insurer) makes any kind of legally enforceable promise
- the contract has been prepared by one party (the insurance company) with
no negotiation between the applicant and insurer

✅✅
- both the policyowner and the insurer must know all the material facts and
relevant information - -only one party (the insurer) makes any kind of
legally enforceable promise

ABC Insurance Company paid an insured $30,000 in lost wages, $35,000 for
hospital costs, and $20,000 for physical therapy treatments. ABC later
discovers this was a fraudulent claim. How much may the insured be fined?

- $65,500
- $85,000

✅✅-$170,000
- $150,000
- $170,000 -

According to PPACA, what is a health benefits exchange?

- An entity to which individuals and small businesses can have access to
affordable health coverage
- An entity where existing policies can be converted to newer policies
- An entity that provides tax credits to employers for providing health
insurance to their employees

✅✅
- An entity that offers affordable health coverage to only those with low
incomes - -An entity to which individuals and small businesses can have
access to affordable health coverage

According to section 1729.2 of the California Insurance Code, which of these
does NOT qualify as "background information"?

- Misdemeanor charges filed, not resulting in a conviction

, - A breach of fiduciary duty
- A filing felony criminal charges in state of federal court

✅✅
- An administrative action regarding a professional license -
-Misdemeanor charges filed, not resulting in a conviction

According to the California insurance Code, how is the word "may"
interpreted?

- Irrevocable
- Mandatory

✅✅-Permissive
- Voluntary
- Permissive -

According to the California Insurance Code, what is the maximum penalty per
violation for anyone who unwillfully commits an unfair method of competition?

- 1,000
- 5,000

✅✅-$5,000
- 7,000
- 10,000 -

According to the California Insurance Code, what term is used to describe a
fact so important it could affect the policy premium?

- guarantee
- materiality

✅✅-materiality
- absolute
- warranty -

According to the California Insurance Code, which of the following is NOT an
example of an insurance event?

- An insured suffers a financial loss in the state lottery
- A guest is injured by a fall from the insured's driveway

✅✅-An
- An insured is sued for unintentional slander of another person
- An insured is admitted to the hospital for delivery of a newborn -
insured suffers a financial loss in the state lottery

According to the California Insurance Code, who is responsible for submitting
a life agent's appointment?

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