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CA Life Agent Exam

Subject : certifications
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Provides coverage for specific disease(s) - such as cancer or leukemia.






2. Potential circumstance that could cause a loss; measured in dollars.






3. If Insured & primary beneficiary die due to same act (w/in 14 days) - primary assumed 1st to die & contingent beneficiary paid death benefit.






4. Dependent children are covered until 19 or 23 (full-time student only) or until self-sufficient (if handicapped).






5. Time period preceding each disability during which benefits are not paid; longer elimination periods = cheaper premium.






6. Provides for continued operation of business if partner dies - by allowing surviving partner(s) to buy deceased partner's interest in business.






7. Commercial (private) companies; HMOs; PPOs; Blue Cross/Blue Shield; Employer-sponsored plans; Government.






8. Basic Medical; Major Medical; Comprehensive Major Medical






9. An irrevocable IRS classification of a policy (determined by the 7 Pay Test) whereby tax advantages are lost for all distributions ONLY.






10. Same as WL but death benefit decreases each yr. w/ dividends paid annually to offset decrease.






11. Hybrid of HMO & PPO w/ greater flexibility on choosing specialists outside network w/ benefits still provided but @ higher co-pay.






12. Death benefits & premium automatically increase annually based on inflationary index (i.e. Consumer Price Index).






13. Compensates business for loss due to disability of key employee; premiums not deductible but benefits tax-free.






14. Allows Insured to increase benefit w/out medical exam (subject to age max.) w/ additional premium rate determined @ attained age; must prove income increase.






15. Info already known; Info that should have been known; Waived info; Irrelevant info.






16. Authorized (admitted) - can conduct business in state; Unauthorized (non-admitted) - cannot conduct business in state (w/ one exception).






17. Policyholders - Mutual (participating) co. - may pay dividends; Stockholders - Stock (non-participating) co. - no dividends.






18. 1: Individual; 2: Joint - multiple annuitants paid until 1st dies; 3: Joint & Survivor - multiple annuitants paid until 1st dies THEN survivors paid but @ reduced $.






19. Generally 10 days after policy delivery to cancel policy w/ full refund - except 30 days for seniors or for replacement policies.






20. Same as WL but w/ Level Term rider; upon death - pays monthly income for FULL term AFTER which pays full death benefit.






21. Waives premium on Life policy for minor child until age 21 in event premium payor dies or becomes disabled.

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22. Earned premium is $ paid for coverage to date. Unearned premium is $ paid & returnable due to coverage not provided.






23. Private sector (Commercial) - provides LA&H - P&C - & LTC; Public sector (Gov't) - provides flood - work. comp. - Medicare/Medicaid - Group Life (SGLI/FEGLI).






24. Process whereby a reinsurer reinsures w/ another reinsurer.






25. If total premiums paid w/in 1st 7 yrs. exceed net level premium that should have been paid - policy is an MEC.






26. Federal law which allows health coverage portability when changing jobs - so long as previous coverage was in effect 63+ days; allows some tax deductibility for LTC.






27. Allows for use of HMO/PPO or other private carrier to provide expanded benefits @ additional premium & if enrolled in BOTH Parts A & B.






28. Type of partial disability rider - which pays fluctuating % of lost income w/out time limit.






29. 1: Single (lump sum) premium; 2: Periodic premiums - can be level (fixed $) OR flexible from mth. to mth. (w/ req. min.)






30. Provides professional services - rehabilitation - training/re-training & related costs to assist Insured in returning to work.






31. A&H - A&S - Sickness only; Medical; Disability; Accident only; Travel accident; LTC; Medicare supplement; AD&D; Dental/Vision/Prescription; Limited.






32. Pays death benefit until age 100 or death; builds equity (cash value); may be transferred or sold; generally level premium.






33. Insurer has right to adjust (+ or -) death benefit if age or sex is misstated but normally doesn't void policy.






34. Provides accidental death benefit @ full $ of "principal sum". Dismemberment is paid only @ 50% principal sum ("capital sum").






35. Provides usual & customary business expenses (rent - utilities - salaries - mortgage) if owner becomes disabled; premiums deductible - benefits taxable.






36. Fixed premium w/ guaranteed min. death benefit that may increase due to higher than expected investment returns.






37. Application submitted w/out premium; no coverage until submission of full consideration & completed Statement of Continued Good Health.






38. If 2 or more family members are injured in the same accident - only payment of a single deductible is required.






39. WL policy covering 2 or more Insureds but payable upon death of FIRST Insured - after which policy ends.






40. War - 2 types; Suicide (1st 2 yrs.); Aviation (non-commercial); Hazardous hobbies; Criminal acts; Alcohol/Drug influenced.






41. Expands individual WL policy to include Term Life for dependents (spouse - children - etc.).






42. Privately-sold policies to provide benefits not covered by Medicare; divided into 12 plans listed alphabetically A - L; 30-day free look; guaranteed renewable.






43. Reappearance of disability w/in 6 mth. period after "recovery" from same disability is considered recurrence - not new disability.






44. Periodic return of premium to policy owners from Mutual (Par) Companies; not guaranteed & not taxable as income; may be used in 6 ways.






45. Summary of coverage including premium & mode of payment - death benefit - beneficiary(ies) - exclusions - & promise to pay.






46. Excludes coverage for specific injury/illness either temporarily or permanently in order to eliminate pre-existing condition.






47. Tendency of poorer risks to seek insurance.






48. No-charge annuity w/drawals allowed up to 10% of total - THEN penalized on sliding scale based on # policy yrs.; conditionally waived.






49. Covers disabilities occurring ONLY "off" job; benefits do not overlap work. comp. (i.e. Group plan).






50. Treating or mitigating loss exposures through 1: avoidance; 2: retention (deductibles); 3: sharing; 4: reduction; or 5: transfer.







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