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Final Exam: California Life, Accident, and Health Insurance 2024/2025 already graded A+
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Final Exam: California Life, Accident, and Health Insurance 2024/2025 already graded A+
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Final Exam: California Life, Accident, andHealth Insurance
The systematic liquidation of a sum of money is provided by a(n) - ANSannuity
An annuitant would like to determine the current value of her annuity. To do this, she multiplies
the number of "accumulation units" she owns times the unit value of the "separate account".
What kind of annuity BEST matches this description? - ANSVariable annuity
What kind of annuity pays income to two annuitants until their deaths? - ANSJoint and survivor
annuity
What distinguishes a deferred annuity from an immediate annuity? - ANSThe time at which
benefit payments start
Victoria owns a life annuity and elects to receive annuity payments monthly for the remainder of
her life with "ten years certain". Her annuity will make payments - ANSfor a minimum of 120
months and a maximum of the remainder of her life
When a mutual insurer becomes a stock company, the process is called - ANSDemutualization
An insurer owned by its policyholders is called a - ANSmutual insurer
Which of the following statements regarding a life insurance policy dividend is TRUE? - ANSIt is
the distribution of excess of funds accumulated by the insurer on participating policies
A participating company is also referred to as which type of insurer? - ANSMutual insurer
Which of the following is NOT a benefit of insurance? - ANSLosses due to fraud are eliminated
Which of the following is NOT a provision in a disability income policy? - ANSDeductible and
coinsurance provision
Which of these statements is NOT true concerning recurrent disabilities? - ANSThe insurer
continues coverage after a new elimination period
Allen has a disability income policy with a $2,500 monthly benefit and a 30-day elimination
period. He is unable to work 90 days following an automobile accident. What will the policy pay?
- ANS$5,000
, Manuel is considered to be a disabled person as defined by the Americans with Disabilities Act
(ADA). As such, he is unable to perform any of the following life activities EXCEPT - ANSDriving
Under a disability income policy, which criteria must be met for "bodily injury" to be classified as
accidental? - ANSThe cause may be intentional, but the result must be accidental
During the underwriting process for a group health policy, it was discovered that 15 out of 50
members of the group have major health issues. How would the insurer handle this? -
ANSAccept or reject the whole group
Coverage is limited for vision and dental insurance in all of the following ways, EXCEPT -
ANSSpecific dollar amount for examinations
An eligible individual who would like to obtain group health insurance without providing evidence
of insurability must - ANSenroll within a specified eligibility period
In regards to a group health insurance plan, which statement is CORRECT? - ANSA
non-contributory group health plan must cover all eligible members
The problem of overinsurance is addressed in which health insurance provision? -
ANSCoordination of benefits
A health insurance policy paid on a quarterly basis has a grace period of - ANS31 days
Under a noncancellable health insurance policy, an insurer can - ANScancel the policy for
nonpayment of premium
The conditions, times, and circumstances under which an insured is NOT covered by a health
policy are called? - ANSexclusions
In what situation does a waiver of premium provision keep a health insurance policy in force
without premium payments? - ANSWhen an insured becomes totally disabled
Christine has a health insurance policy that has been in force beyond the incontestable period.
The insurer has discovered that a fraudulent statement was made on the application. What
would the insurer have to pay on a claim, assuming this wasn't a guaranteed renewable policy?
- ANSNothing
Under a health insurance policy, the provision that states the kind of benefits provided and the
circumstances under which they will be paid is called the? - ANSinsuring clause
Which of the following factors is NOT used in underwriting health insurance policies? -
ANSIntelligence
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