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Final Exam - California Life and Health 2024/2025 already graded A+
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Final Exam - California Life and Health 2024/2025 already graded A+
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Final Exam - California Life and HealthEmployer-provided group term life insurance is exempt from income taxation up to -
ANS$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? - ANS3 months
Which statement is true regarding policy dividends? - ANSA dividend option is selected by the
insured at the time of policy purchase
What does the insurance term "indemnity" refer to? - ANSMake whole
What is a common reason people purchase an annuity? - ANSTo protect against the risk of
outliving their financial resources
The importance of a representation is demonstrated in what rule? - ANSMateriality of
concealment
Who does a life settlement broker represent? - ANSIndividual 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? -
ANSInsurer
The Human Life Value concept is based on - ANSincome
Business Overhead Expense Insurance pays for - ANSbusiness expenses when a business
owner becomes disabled
At what point does a self-insured group qualify for stop-loss coverage? - ANSWhen 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? - ANS100%
A life insurance policy where the insured can choose where the cash value can be invested is
called - ANSvariable life
Which of these statements correctly describes risk? - ANSPure 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. - ANSdeductible
What is required after a life agent sells an insurance policy to an applicant without being
appointed by the insurer? - ANSNotice of appointment must be submitted to the Commissioner
Retirement plans are prevented from favoring highly compensated employees under which
government regulation? - ANSNondiscrimination
ESOPs are typically invested in - ANSemployer stock
The reason for social insurance is to - ANSprotect 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? - ANS60 payments
he free-look period for life insurance policyowners age 60 or older is - ANS30 days
What is considered to be the definition of disability, according to Social Security? - ANSUnable
to engage in any substantial gainful activity
"Life insurance creates an immediate estate". This phrase means: - ANSwhen the insured dies,
a death benefit is paid
How are death benefits that are received by a beneficiary normally treated for tax purposes? -
ANSExempt from federal income taxes
Exempt from federal income taxes - ANSPayment for services goes directly to the provider
When an insurance company requests an attending physician's report, the request must be
accompanied by a - ANScopy of the signed authorization
Which policy provision protects the policyowner from unintentional lapse of the contract? -
ANSGrace period
What kind of annuity pays income to two annuitants until their deaths? - ANSJoint and survivor
annuity
What type of changes can be made to a guaranteed renewable health insurance policy? -
ANSThe premium rates of the policyowner
Which of the following is NOT considered to be insurer expenses? - ANSPolicy premiums
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