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Life Insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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What are residual disability income insurance payments based on? -:- The amount of the insured's income is reduced by the disability The CA insurance code requires that an insurer must have enough assets to cover its liabilities and for reinsurance of all outstanding risks. To remain solvent, ...

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  • September 6, 2024
  • 50
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance questions 100 correct answers
  • what are residual disability income insurance paym

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  • Life Insurance
  • Life Insurance

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Life Insurance Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
What are residual disability income insurance payments based on?


✓ -:- The amount of the insured's income is reduced by the disability




The CA insurance code requires that an insurer must have enough assets to cover its

liabilities and for reinsurance of all outstanding risks. To remain solvent, it must also

possess additional assets equal to what amount?


✓ -:- its paid in capital




The systematic liquidation of a sum of money is provided by a(n)


✓ -:- Annuity




The reason for social insurance is to


✓ -:- Protect certain vulnerable segments of the population




The "blackout period" affects whose benefits?


✓ -:- surviving spouse




1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

Tim was recently terminated from his employment and opted to change his existing group

term life insurance to individual permanent life insurance. What is this process called?


✓ -:- Conversion




Health Insurance policies typically contain a provision stating that insureds and their insurer

will share covered losses in an agreed proportion. Which provision does this refer to?


✓ -:- coinsurance




How many "activities of daily living" must an insured be unable to perform in order to meet

the chronically ill requirement of a long-term care policy?


✓ -:- Minimum of two activities of daily living




What time period allows an insureds life insured's life insurance policy to remain in force

even if the premium was not paid on the due date?


✓ -:- Grace period




What percentage of a participants income are group long-term disability benefit amounts

typically limited to?


✓ -:- 60%




2|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

What is created after policy proceeds are obtained in a lump sum and then immediately

instead?


✓ -:- Estate




What percentage of eligible employees must participate in a noncontributory group health

plan before it can be put in effect?


✓ -:- 100%




What is the insurance term the state of CA uses for an insurer that is eligible to transact

business in this state?


✓ -:- Admitted




Under health insurance policy, the provided and the circumstances under which they will be

paid is called the?


✓ -:- Insuring clause




Under a non cancellable health insurance policy, an insurer can


✓ -:- cancel the policy for nonpayment of premium




What is a common reason people purchase an annuity?


3|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- To protect against the risk of outliving their financial resources.




What is the proper order of initial life insurance premiums, from lowest to highest?


✓ -:- Modified premium, ordinary life, single premium




What does ESOP stand for?


✓ -:- Employee Stock Ownership Plan




What does the term coinsurance refer to?


✓ -:- After the deductible is satisfied, the percentage paid by the insured for the

remaining covered expenses




How does rising morbidity rates affect health insurance?


✓ -:- Increased premiums




How are ROTH IRA's treated for tax purposes?


✓ -:- Non-deductible contributions and tax-free distributions




How does underwriting differ between group life and individual life insurance?




4|Page | Grade A+| 2024/2025

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