California Life Insurance

A key person is typically all of the following, except: - -Not directly involved in sales, production, or service Key persons are employees whose contributions have a significant impact on the revenue and profitability of the company, especially in small businesses. They are typically: part of the management team, more highly paid, respected by customers, creditors, suppliers, and vendors, and have direct responsibilities for sales, production, or service. Which one of the following is not...

AN ANNUITY THAT IS PURCHASED WITH A LUMP SUM PREMIUM AND WHOSE BENEFITS BEGIN AFTER 12 MONTHS IS CALLED A - SINGLE PREMIUM DEFERRED ANNUITY A TECHNIQUE USED TO DETERMINE THE AMOUNT OF LIFE INSURANCE NEEDED BY FOCUSING ON THE PROJECTED EARNING POTENTIAL OF AN INSURED IS CALLED THE - HUMAN LIFE VALUE APPROACH WHEN REPLACING A POLICY THE PRODUCER MUST PRESENT THE APPLICANT WITH A NOTICE REGARDING REPLACEMENT OF LIFE INSURANCE - AT THE TIME OF TAKING THE APPLICATION THE POSSIBILITY OF A FINANC...

CALIFORNIA LIFE ONLY LIFE INSURANCE STATE EXAM QUESTIONS AND ANSWERS.

AN ANNUITY THAT IS PURCHASED WITH A LUMP SUM PREMIUM AND WHOSE BENEFITS BEGIN AFTER 12 MONTHS IS CALLED A - SINGLE PREMIUM DEFERRED ANNUITY A TECHNIQUE USED TO DETERMINE THE AMOUNT OF LIFE INSURANCE NEEDED BY FOCUSING ON THE PROJECTED EARNING POTENTIAL OF AN INSURED IS CALLED THE - HUMAN LIFE VALUE APPROACH WHEN REPLACING A POLICY THE PRODUCER MUST PRESENT THE APPLICANT WITH A NOTICE REGARDING REPLACEMENT OF LIFE INSURANCE - AT THE TIME OF TAKING THE APPLICATION THE POSSIBILITY OF A FINANC...

When an insurance company request an attending physician's report, the request must be accompanied by a - ANSWER-Copy of the signed authorization Which of these is the automatic mode of settlement for life insurance policy proceeds? - ANSWER-lump sum Which of the following best describes the statement "the more times an event is repeated, the more predictable the outcome becomes"? - ANSWER-Law of large numbers What area of group health insurance is regulated under the Employee Retire...

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - ANSWER-Deferred Annuity 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? - ANSWER-60 Payments What distinguishes a deferred annuity from an immediate annuity? - ANSWER-The time at which benefit payments start The systematic liquidat...

A special characteristic of the insurance contract where equal value is not exchanged between parties is known as - ANSWER-Aleatory Life insurance contracts are these agreements - ANSWER-Unilateral What is the proper definition of a take it or leave it contract, written by an insurer: - ANSWER-Adhesion The premium paid by the insured for an insurance policy is: - ANSWER-Consideration The best example of a Peril is: - ANSWER-Cause of loss An admitted insurer is: - ANSWER-Approved t...

Exclusion ratio - Answer An annuitant would life to determine the amount of an annuity distribution that is exempt from taxation. What is used to calculate this? Mortality rate, Exclusion ratio, Morbidity rate, Debt-to-Equity ration Offers a maximum interest rate that increases annually - Answer Which of the following is NOT a feature of equity-indexed annuities? Offers long term inflation protection, Offers a minimum guaranteed rate, Offers a maximum interest rate that increases a...

California Life Insurance Final Exam 125 Questions with Answers the risk selection process is primarily given to which insurance company department? - CORRECT ANSWER underwriting which of the following is NOT a feature of equity-indexed annuities? - CORRECT ANSWER offers a maximum interest rate that increases annually John owns an insurance policy that gives him the right to share in the insurer's surplus. What kind of policy is this? - CORRECT ANSWER participating Accordin...