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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. Coverage for catastrophic loss w/ high limits - front end deductible; co-insurance (80/20%); blanket coverage; stop loss max.






2. Savings account for medical expenses; Tax-deductible contributions; tax-deferred growth; tax-free for qualified use; taxable for non-qualified use.






3. Written contract to transfer risk of premature death from one party to another; pays stated sum upon death; creates instant estate.






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






5. Unilateral - Insurer provides contract; Adhesion - parties must adhere to terms; Aleatory - benefits may not inure equally.






6. Monthly; Quarterly; Semi-annually; Annually (cheapest due to less admin cost).






7. Preferred or Preferred Smoker; Standard or Standard Smoker; Substandard; Denied.






8. Same as Comprehensive Major Medical but w/ integrated deductible; much more expensive.






9. Prepaid med. benefits for "subscribers" @ approved facilities; many non-profit; Blue Cross - Hospital stays; Blue Shield - M.D. costs.






10. Federally-sponsored health care for individuals 65+ &/or w/ certain disabilities; may run concurrent w/ group plan but group plan would act primary - THEN Medicare.






11. 'The inability to perform ANY gainful occupation'.






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






13. No coverage for injuries while: 1: @ voluntary social event; 2: self-inflicted (intentional); 3: under alcohol/drug influence; 4: committing criminal act; 5: aggressor in workplace fight; 6: participating in athletic event (non-pro. athletes) 7: par






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






15. Pre-existing illness/injury; Waiting period; Elimination period; Probationary period; Benefits - Exclusions - Limitations; Underwriting reqs.






16. PURELY employer-funded account to reimburse employees for qualified medical expenses not covered by group health plan.






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






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






19. Domestic - within home state; Foreign - outside home state; Alien - outside home country.






20. Waives premium upon disability of Insured until return to work; disability must persist for 6 mths. or longer. Cash value & dividends not affected.






21. Tendency of poorer risks to seek insurance.






22. Facultative - case by case agreements; Automatic/Treaty - automatic acceptance of risk percentage per previous agreement.






23. Death benefit determined by Insured's financial goals & needs (minus assets).






24. Excludes coverage for suicide during 1st 2 yrs. ONLY but - if it does - all premiums must be returned to beneficiary.






25. Provides for continued operation of business if partner becomes disabled - by allowing other partner(s) to buy disabled partner's interest in business.






26. Coverage remains in effect for 31 days past premium due date; benefits paid during grace period would be deducted from sum.






27. 1: Fixed - guaranteed fixed monthly income & fixed interest rate; 2: Variable - unguaranteed; monthly income varies based on stocks/bond returns.






28. Covers entire family w/ WL for breadwinner & (convertible) Level Term for spouse & children (until certain age).






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






30. Same as WL but premium low for set # yrs. - THEN premiums vary (+ or -) based on Insurer's investment returns - w/ Gmax.






31. 1: parties to contract; 2: insured party or life; 3: insurable interest - if 3rd party; 4: risks insured against; 5: policy period (term); 6: premium & mode.






32. War/Military; Intentional self-inflicted; Aviation (non-commercial); Foreign country; Loss of professional license; Illegal activity; Mental disorders (after 1-2 yrs.).






33. Responsible adult trustee designated to manage death benefits for minor child beneficiary until adulthood.






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






35. Permanent - not recoverable (spinal cord injury); Temporary - recoverable (temp. illness/injury - broken limb).






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






37. Provides supplemental coverage for physician/surgeon fees if enrolled (during enrollment period ONLY) & pay monthly premium w/ deductible and co-insurance.






38. 1: Req. - unless self-employed; 2: 7-day wait for disability benefits; 3: Premium based on ex-mod; 4: Rates approved by CDI; 5: to sell - must satisfy education reqs.






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






40. Life license + NASD (FINRA) Series 6 or 7.






41. Annuity distributions prior to age 59 1/2 incur a 10% IRS penalty EXCEPT for death - disability - immediate annuity - or rollover.






42. Business continuation funding plan whereby each partner agrees to buy Life policies on each other - but not themselves.






43. Qualified Annuity - Tax-deductible contributions & tax-deferred growth but fully taxable w/drawals.






44. Fraternal - non-profit - members only; Reciprocal - unincorp'd org. - members insure each other; Lloyd's Assoc. - groups sharing risks; Surplus lines - special market risks.






45. Allows for Term policy renewal @ higher premium w/out medical exam; guarantees insurability; based on actual/attained age.






46. Disability policy rider covering "the inability to perform some - but not all of your duties"; pays max. 50% of disability benefit for up to 6 mths.






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






48. Receipt whereby coverage incepts conditionally upon submission of full consideration and that all underwriting reqs. are met.






49. Taxable income (unlike individual plans); can be either short-term - 13-52 wks. max. or long-term - longer than 52 wks.






50. Period of time following any children's survivor benefit & before benefits are provided to employee's widow/widower.







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