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Test your basic knowledge |
CA Life Agent Exam
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Study First
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. Period of time following any children's survivor benefit & before benefits are provided to employee's widow/widower.
Return of Premium rider
Free Look provision
Blackout Period
Medicare
2. Receipt whereby coverage incepts ONLY after underwriting approval.
Approval Type Conditional receipt
Impairment (Exclusion) rider
Conformity with State Statute provision
Rescission
3. Same as Comprehensive Major Medical but w/ integrated deductible; much more expensive.
Term Life policy
Insurance contract characteristics (2 of 2)
Law of Large Numbers
Supplemental Major Medical plan
4. Mortality is the statistical possibility of death @ each age. Morbidity is the statistical possibility & extent of disability @ each age.
Premium modes
AIDS/HIV discrimination
Mortality vs. Morbidity tables
Medicare Part C (aka Medicare Advantage)
5. Time extension of benefits based on "qualifying" event. 18 mth. extension if laid off or fired; 36 mth. extension if death - divorce or child leaves home.
COBRA Time Limitations
Types of Term Life policies
Phases of an annuity
Dependent coverage
6. Insurance purchased by other Insurer(s) to spread or diversify risk; promotes industry stability.
Reinsurance
Cost of Living Adjustment (COLA) Disability rider
Blackout Period
Business Continuation (aka Buy-Sell) Disability policy
7. Covers disabilities occurring both "on" AND "off" job; "on" job benefits paid in addition to work. comp. - if applicable (i.e. individual plan).
Dread Disease policy
Medicaid/Medi-Cal
Occupational Disability policy
Blackout Period
8. Death benefits & premium automatically increase annually based on inflationary index (i.e. Consumer Price Index).
Cost of Living Adjustment (COLA) Life rider
Adjustable Whole Life policy
Concealment exceptions
Total disability (as commonly defined)
9. Insured can seek legal action against Insurer for denial of claim only after 60 days and up to 3 yrs. after providing proof of loss.
Types of Accident & Health (A&H) providers
Legal Action provision
Trial Application (aka Request for Offer)
Variable Life policy (1 of 2)
10. Permanent disability due to total loss of sight - hearing - speech or use of 2 + limbs; benefits paid even while continuing to work.
IRS Penalties for Annuities
Annuity surrender charges
Guaranteed Insurability (aka Additional Purchase or Future Increase) Disability rider
Presumptive disability
11. Dependent children are covered until 19 or 23 (full-time student only) or until self-sufficient (if handicapped).
Annuity surrender charges
Tax implications of an Estate
Dependent coverage
Reinsurance
12. Provides increased death benefit if death occurs w/in 90 days & as result of accident; relatively INexpensive add-on.
Medicare Part A (aka Hospital Insurance or HI)
Cross Purchase Plan
Total disability (as commonly defined)
Accidental Death (aka Multiple Indemnity) rider
13. Extreme form of Limited Pay Whole Life whereby entire premium is paid in a single payment.
Single Pay Whole Life policy
Risk management
Estoppel
Variable Life policy (1 of 2)
14. Dividends are NOT taxable but interest is. Loan interest is NOT tax-deductible. Interest paid by Insurer on retained funds is taxable.
Small Employer Medical Expense plan
Tax implications of Dividends - Loans & Interest
Waiver of Premium provision
Insurance contract characteristics (2 of 2)
15. Pre-existing illness/injury; Waiting period; Elimination period; Probationary period; Benefits - Exclusions - Limitations; Underwriting reqs.
Revocable vs. Irrevocable beneficiary
Considerations in replacing Health insurance
Medicare Part B (aka Supplemental Medical Insurance or SMI)
Point of Service plan
16. Same as WL but policy owner can adjust death benefit w/ corresponding premium adjustments; mostly obsolete.
Experience vs. Community rating in Group Health plan
Accidental Death & Dismemberment (AD&D) Disability rider
Equity Index Whole Life policy
Adjustable Whole Life policy
17. Price of insurance per exposure unit.
Rate (as defined by CIC)
Market Value Adjusted (aka Modified Guaranteed) annuity
Types of Insurers (by authorization)
Waiver of Premium (Waiver of Cost of Insurance) rider
18. War; elective cosmetic surgery; routine dental; work. comp.-covered claims; self-inflicted (intentional); gov't. facility treatment; LTC; private nursing.
Exclusions for Major Medical plan
Types of Agency Authority
Palliative vs. Curative care
Annuity Classifications (5 of 5): # of lives
19. Private sector (Commercial) - provides LA&H - P&C - & LTC; Public sector (Gov't) - provides flood - work. comp. - Medicare/Medicaid - Group Life (SGLI/FEGLI).
Departments of an Insurer
Types of Insurers (by sector)
Suicide clause/provision
Retrocession
20. Earned premium is $ paid for coverage to date. Unearned premium is $ paid & returnable due to coverage not provided.
Earned vs. Unearned premium
Types of Term Life policies
Comprehensive Major Medical plan
Palliative vs. Curative care
21. Same as WL but cash value put in investment vehicles chosen by policy owner (stocks - bonds - munis.); cash value NOT guaranteed.
Employer-Administered plan
Tax implications of Disability policy
Risk management
Variable Life policy (1 of 2)
22. War/Military; Intentional self-inflicted; Aviation (non-commercial); Foreign country; Loss of professional license; Illegal activity; Mental disorders (after 1-2 yrs.).
Common Disability Exclusions
Market Value Adjusted (aka Modified Guaranteed) annuity
Grace Period provision
Settlement options for Life policy (1 of 2)
23. Experience - rates impacted by actual prior claim experience of actual group; Community - identical rates used for entire community - regardless of experience.
Experience vs. Community rating in Group Health plan
Group Disability plan
Waiver of Premium provision
Preferred Provider Organization (PPO)
24. Provides for continued operation of business if partner dies - by allowing surviving partner(s) to buy deceased partner's interest in business.
Dividend options
Point of Service plan
Business Continuation (aka Buy-Sell) policy
Equity Indexed annuity
25. An irrevocable IRS classification of a policy (determined by the 7 Pay Test) whereby tax advantages are lost for all distributions ONLY.
Tax implications of an Annuity (1 of 2)
Factors that determine premium
Incontestability clause/provision
Modified Endowment Contract (MEC)
26. Beneficiary has right to leave death benefits / Insurer to protect $ from creditors; interest (taxable) paid on retained funds.
Key Employee Disability policy
Spendthrift provision
IRS Penalties for Annuities
Tax implications of medical plans
27. Annuity distributions prior to age 59 1/2 incur a 10% IRS penalty EXCEPT for death - disability - immediate annuity - or rollover.
IRS Penalties for Annuities
Tax implications of Dividends - Loans & Interest
Disability Income policy
Waiver of Premium provision
28. Federal law allows employees/their dependents to continue group benefits w/in 60 days after termination (if employer has 20+ employees); Insured pays premium @ 102% of group cost.
Major Medical plan
Consolidated Omnibus Budget Reconciliation Act (COBRA)
Health Reimbursement Account (HRA)
Dividends
29. Policy owner has right to determine mode of premium payment but Insurer can charge admin. fee if not annual.
Payment of Premium provision
Medical cost containment (aka Managed care)
Types of Medical Plans
Family Income policy
30. Prohibited w/ regard to testing for people of same class; test results must remain confidential; coverage may be declined (once discovered).
Trial Application (aka Request for Offer)
IRS Penalties for Annuities
Workers' Compensation insurance
AIDS/HIV discrimination
31. Fraternal - non-profit - members only; Reciprocal - unincorp'd org. - members insure each other; Lloyd's Assoc. - groups sharing risks; Surplus lines - special market risks.
Medi-Cal Share Cost plan
Types of Insurers (miscellaneous)
1035 Exchange
Tax implications of medical plans
32. 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.
Health Insurance Portability and Accountability Act (HIPAA)
Small Employer Medical Expense plan
Workers' Compensation insurance
Incontestability clause/provision
33. Federal law which prohibits companies w/ 15+ employees from decreasing coverage benefits for women affected by pregnancy or childbirth.
Survivorship (aka "Last to die") policy
Automatic Premium Loan (APL) provision
Civil Rights/Pregnancy Discrimination Act
Supplemental Major Medical plan
34. Provides accidental death benefit @ full $ of "principal sum". Dismemberment is paid only @ 50% principal sum ("capital sum").
Medi-Cal Share Cost plan
Requirements to sell variable life products
Accidental Death & Dismemberment (AD&D) Life policy
CHAMPUS (aka TriCare)
35. Death benefit determined by Insured's financial goals & needs (minus assets).
Approval Type Conditional receipt
Needs approach (most common)
Single Pay Whole Life policy
Age Discrimination in Employment Act (ADEA)
36. Allows for Term policy renewal @ higher premium w/out medical exam; guarantees insurability; based on actual/attained age.
Universal (aka Flexible Premium Adjustable) Life policy (2 of 4)
Blue Cross/Blue Shield
Modified Endowment Contract (MEC)
Renewability provision
37. Physical - slippery floor; Moral - dishonest acts; Morale - carelessness or recklessness.
Permanent vs. Temporary disability
Earned vs. Unearned premium
Types of hazards
Loss exposure
38. Life license + NASD (FINRA) Series 6 or 7.
Point of Service plan
Total disability (more restrictive definition)
Requirements to sell variable life products
Valid life insurance contracts must identify...
39. Provides benefit during Social Security "black-out" period - up to 1 yr.
Social Security Benefit (Supplement) rider
IRS Penalties for Annuities
Return of Cash Value rider
Premium modes
40. Pure risk involves chance of loss ONLY (accident or misfortune). Speculative risk involves chance of loss OR gain (gambling - stock investment).
Business Continuation (aka Buy-Sell) policy
Risk management
Modified Premium Whole Life policy
Pure risk vs. Speculative risk
41. Govt. organization providing health care benefits for dependents of military personnel.
AIDS/HIV discrimination
Types of Term Life policies
Renewability provision
CHAMPUS (aka TriCare)
42. Provides supplemental coverage for physician/surgeon fees if enrolled (during enrollment period ONLY) & pay monthly premium w/ deductible and co-insurance.
Annuity Classifications (4 of 5): Disposition "pay-out" of proceeds
Social Security (aka Old Age Survivors Disability Health Insurance or OASDHI)
Medicare Part B (aka Supplemental Medical Insurance or SMI)
Business Continuation (aka Buy-Sell) policy
43. Must be delivered in person or by certified - registered or 1st-class mail w/ signature - unless waived by Insurance Commissioner.
Policy delivery
Adjustable Whole Life policy
Medicaid/Medi-Cal
Medicare Supplement or Medigap policy
44. Reappearance of disability w/in 6 mth. period after "recovery" from same disability is considered recurrence - not new disability.
Civil Rights/Pregnancy Discrimination Act
Pure risk vs. Speculative risk
Tax implications of an Estate
Recurrent disability clause/provision
45. Coverage remains in effect for 31 days past premium due date; benefits paid during grace period would be deducted from sum.
Social Security Benefit (Supplement) rider
Whole (aka Permanent or Straight) Life policy
Grace Period provision
Types of Medical Plans
46. Covers entire family w/ WL for breadwinner & (convertible) Level Term for spouse & children (until certain age).
Time Limit on Certain Defenses provision
Fraud
Family policy
Types of reinsurance
47. Conditional - coverage is conditional; Personal - parties are people; Good faith - honesty/integrity; Fiduciary - req's financial trust.
Insurance contract characteristics (2 of 2)
Indeterminate Premium Whole Life policy
Primary Insurance Amount (PIA)
Types of hazards
48. Allows Insured to increase benefit w/out medical exam (subject to age max.) w/ additional premium rate determined @ attained age; must prove income increase.
Variable Universal Life policy
Guaranteed Insurability (aka Additional Purchase or Future Increase) Disability rider
Guaranteed Insurability Life rider
Medi-Cal Share Cost plan
49. Provides usual & customary business expenses (rent - utilities - salaries - mortgage) if owner becomes disabled; premiums deductible - benefits taxable.
Exclusions for Major Medical plan
Cash value
Business Overhead Expense (BOE) Disability policy
Change of Occupation provision
50. Unintentional - up to $1 -000 + legal $; Intentional - $1 -000-5 -000 + legal $; If harmful - misdemeanor + up to 1 yr. prison + up to $10 -000.
Types of Medical Plans
Settlement options for Life policy (1 of 2)
Penalties for violating AIDS/HIV privacy laws
Split Dollar Plan
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