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Why is a life insurance policy's delivery date important? - ANSWERSThe free look begins on the policy delivery date An agent's attempt to stop the replacement of an existing life insurance policy is known as - ANSWERSconservation Which of the following does not have to be included on life insurance policy illustrations? - ANSWERSStatement that all values and benefits are guaranteed Who does a life settlement broker represent? - ANSWERSIndividual wanting to sell their life policy t...

The McCarran-Ferguson Act - ANSWERSGave the States the right to regulate the majority of the Insurance Industry at the State level According to the insurance code, which of the following terms is mandatory? - ANSWERSShall According to Proposition 103, the commissioner of insurance became an elected official. The commissioner may serve: - ANSWERSTwo consecutive terms (8 Years) Any person capable of making a contract of insurance subject to the insurance code is: - ANSWERSAn Insurer Wh...

A saving vehicle designed to first accumulate funds and then systematically liquidates the funds - ANSWERSDeferred annuity An annuity which is backed by a life insurer's separate account - ANSWERSVariable 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? - ANSWERS60 payments An annuitant would like to determine the current value of her...

The insurance applicant is - ANSWERSthe individual who is applying to purchase insurance Before making a sale, the first thing an agent should do is - ANSWERSidentify the applicant's overall financial objectives. Key person life insurance - ANSWERSused by a business to protect itself in case a valued employee dies. The death benefit would be paid to the company to hire and train a replacement. Premiums paid for key person life insurance are not tax deductible, but benefits are not ...

Which of the following is NOT a benefit of insurance - ANSWERSLosses due to fraud are eliminated An individual that has 40 quarters of coverage for social security purposes it's considered to be - ANSWERSFully insured Anyone employed in California to assist an insurance agent in transacting insurance is called an insurance - ANSWERSsolicitor A contracts requires - ANSWERSAn offer and acceptance of the contract terms What area of group health insurance is regulated under the Employ...

Who would be in the least need of purchasing errors and omissions insurance? a. Architect b. Insurance agent c. Football player-star quarterback d. Beautician - ANSWERSc. Football player-star quarterback A term-to-65 life policy is paid up at 65 a. True b. False - ANSWERSb. False All are methods for handling a risk except: a. Retain the risk b. Transfer the risk c. Avoid the risk d. Identify and increase the hazards - ANSWERSd. Identify and increase the hazards Which of the fo...

Reserves - ANSWERSThe accounting measurement of an insurer's future obligation to its policy holders Multi- line insurers - ANSWERScompanies that sell more than one line of insurance Stock Companies - ANSWERSreferred as nonparticipating company because policyholders do not participate in dividends resulting from stock ownership Mutual Companies - ANSWERSissue participating policies that pay policy dividends and allow their policy holders to share in any company earnings (divisible su...

Under the California Financial Information Privacy Act, what must consumers be advised of? - ANSWERSA financial institution has authority to share their personal financial information Which term describes the probability of loss? - ANSWERSRisk Elements of an insurable risk do not include: - ANSWERSCatastrophic perils Which of the following is the correct term to describe a contract prepared by one party and submitted to the other party on a take it or leave it basis, without negotiation...

the insured bought an annuity ten years ago. He will retire in 5 years. To determine the value of his annuity, he must multiply the value of the "accumulation units" he owns, times the value of the "separate account". This type of annuity is known as a annuity ble annuity c. variable annuity d. accumulation annuity - ANSWERSc. variable annuity why is the delivery of a life insurance policy important? policy is not in effect until it is delivered grace period begins on the ...

A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) - ANSWERSDeferred 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? - ANSWERS60 Payments What distinguishes a deferred annuity from an immediate annuity? - ANSWERSThe time at which benefit payments start The systematic liquidat...