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CA Life, Accident, & Health Practice Exam/ 470+ Qs & Ans/ .

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CA Life, Accident, & Health Practice Exam/ 470+ Qs & Ans/ . Terms like: The main purpose for errors and omissions insurance (E&O) is to: - Answer: cover damages that arise due to services a producer non-willfully failed to render (does not protect against willful misconduct, and will not pro...

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  • October 3, 2024
  • 191
  • 2024/2025
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CA Life, Accident, & Health Practice Exam/
470+ Qs & Ans/ 2024-2025.
The main purpose for errors and omissions insurance (E&O) is to: - Answer: cover damages that
arise due to services a producer non-willfully failed to render


(does not protect against willful misconduct, and will not protect the producer who willfully
engages in an unfair trade practice)


Though not specifically cited in the producer's contract, the producer is expected to telephone
prospects on the insurer's behalf to arrange sales appointments. This is an example of what kind
of producer authority? - Answer: implied authority


Jerry owns a life insurance policy with premiums payable directly to the insurer's home office.
However, for the past five years Jerry has sent his payments to his agent, who then forwards
them to the insurer. The insurer had accepted this arrangement but then tries to cancel Jerry's
policy when it learns he had died while the premium was being forwarded by the agent. The
insurer will probably not be able to cancel the policy in this case because of which of the
following legal principles?

Page 1 of 191

,misrepresentation
waiver
estoppel
fraud - Answer: estoppel


(In this case, the insurance company has allowed Jerry to send payments to his agent instead of
directly to the home office for more than five years. As a result, the insurer has given up its right
to have payments sent to the home office. The insurer is estopped from later asserting its right
to receive direct payment.)


An applicant for a $500,000 whole life insurance policy pays the initial premium along with his
application. In this case, what has the applicant done?


accepted an offer from the insurer
made a counteroffer to the insurer
accepted a counteroffer from the insurer
made an offer to the insurer - Answer: made an offer to the insurer


Ambiguities in an insurance contract are most often interpreted in favor of the policyowner
because insurance contracts are:


unilateral
conditional
contracts of adhesion
aleatory - Answer: contracts of adhesion


For a life insurance contract to be enforceable, which of the following parties must be legally
competent?


Page 2 of 191

,insurer
applicant, insurer, and beneficiary
applicant and insurer
applicant - Answer: applicant and insurer


Specific to California, what does the term "twenty-four hour coverage" refer to?


-joint issue of a workers' compensation policy with non-occupational health insurance coverage
-a policy that is guaranteed to be issued within 24 hours of application
-coverage that applies to personal property, such as a home or automobile
-long-term care insurance - Answer: joint issue of a workers' compensation policy with non-
occupational health insurance coverage


Why would a large manufacturer choose to self-insure rather than buy an insurance policy from
an insurance company? - Answer: to save insurance premiums by paying relatively minor losses
out of company funds


The federal Risk Retention Act of 1986 contains guidelines for which of the following entities? -
Answer: Risk retention groups


Which of the following is an example of an unauthorized insurance company in Illinois? -
Answer: Company B, an Iowa-based company that does not hold a certificate of authority in
Illinois and sells products that are not approved by the Illinois insurance department


Which insurance company function calculates company mortality and morbidity rates as well as
the dividends on participating life insurance policies? - Answer: Actuarial Division




Page 3 of 191

, The purpose for the Buyer's Guide, which must be given to every insurance prospect in the first
meeting with a producer, is to: - Answer: explain the general features, benefits, and conditions
of the type of insurance being considered


The purpose for the Policy Summary, which must be given to every insurance applicant before
an application is signed, is to: - Answer: provide buyers with details of the specific insurance
contract they are considering for purchase


Which of the following entities regulates the business of insurance in California?


the National Association of Insurance Commissioners
the state government
the state and the federal governments
the federal government - Answer: the state and federal governments


(In addition to state authority, the business of insurance—to the extent it affects or is associated
with interstate commerce—is also regulated by the federal government under Title 18 of the
U.S. Code.)


In California, which of the following statements is correct regarding the state's insurance
Commissioner?


He or she is appointed by the Governor.
He or she is mainly an advocate for licensed insurance companies and their interests.
He or she serves terms of six years.
He or she is an elected official. - Answer: He or she is an elected official


(The people of the state of California elect the Insurance Commissioner for four-year terms. He
or she is mainly an advocate for insurance consumers.)


Page 4 of 191

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