Exam (elaborations)
CA Life Insurance Exam 2024/2025 already graded A+
- Course
- Institution
CA Life Insurance Exam 2024/2025 already graded A+
[Show more]
Content preview
CA Life Insurance ExamWhat is meant by referring to an insurance policy as a unilateral contract? - ANSOnly one party
makes a legally enforceable promise.
When must insurance records of insurance agents and brokers be made available to the
Insurance Commissioner? - ANSAt all times.
Any situation that presents the possibility of a loss is known as - ANSa loss exposure
Which of the following information is not required to be communicated in a Life insurance
contract? - ANSPersonal judgment.
The direct distribution of insurance utilizes all of the following to promote the sale of insurance
EXCEPT - ANStelephone call from an agent.
A contract in which one party promises to indemnify another against loss that arises from an
unknown event is - ANSan insurance policy.
All of the occurrences listed below are examples of an insurable event as defined by the
California Insurance Code EXCEPT - ANSan insured suffers a financial loss in the state lottery
All of the following statements about aleatory contracts are true EXCEPT - ANSthe insured and
insurer contribute equally to the contract.
All of the following would be considered unfair trade practices EXCEPT - ANScommitting any
act of discrimination whether it be deemed fair or unfair.
As authorized by the California Insurance Code, the Insurance Commissioner has provided
standards for names used by life insurance agents. Under these standards which, if any, of the
following are automatically acceptable for Mary Brown, a holder of the CLU designation? -
ANSMary Brown Insurance Services.
A contract of indemnity is one in which - ANSone party is restored to the same financial position
the party was in before the loss occurred.
In insurance terminology, "indemnity" means - ANSmake whole.
As defined in the California insurance Code, "insurance" is a - ANScontract.
What would a person be guilty of who refuses to deliver any books, records, or assets to the
commissioner once a seizure order has been executed? - ANSA misdemeanor
, An agent who is acting as an insurance agent, broker, solicitor, life agent, accident and health,
or bail agent acts in which capacity when handling premiums or return premiums for an insured?
- ANSFiduciary
Which of the following statements regarding risk is TRUE? - ANSOnly pure risks are insurable.
The purchase of an insurance policy may accomplish all of the following for the insured
EXCEPT - ANSthe elimination of risk.
Insureds are entitled to recover an amount NOT greater than the amount of their loss under the
principle of - ANSindemnity.
What rule is used to determine the importance of a representation? - ANSThe materiality of
concealment.
The required contents of a policy include all of the following EXCEPT - ANSthe probability of
loss
All of the following are characteristics of reinsurance EXCEPT it - ANSincreases the unearned
premium reserve.
According to the California Insurance Code, an insurance policy must specify all of the following
EXCEPT the - ANSfinancial rating of the insurer.
All of the following qualify as "background information" as defined in Section 1729.2 of the
California Insurance Code, EXCEPT - ANSmisdemeanor charges filed, not resulting in a
conviction.
Loss retention is an effective risk management technique when all of the following conditions
exist EXCEPT the - ANSprobability of loss is unknown.
A situation in which there is a possibility of loss or a gain is a - ANSspeculative risk.
Why is having a large number of similar exposure units important to insurers? - ANSThe greater
the number insured, the more accurately the insurer can predict losses and set appropriate
premiums.
All of the following are benefits of insurance EXCEPT it - ANSeliminates fraudulent losses.
Who are members of the Medical information Bureau? - ANSLife and health insurers.
The process by which an insurer decides whether to issue requested insurance is called -
ANSunderwriting.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now