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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. 'The inability to perform ANY gainful occupation'.






2. Part A - Inpatient hospital deductibles vary on # of days; limited reserve days; finite benefit; 1st 3 pints blood; Part B - 20% co-payment.






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






4. Upon death - death benefit is paid + the aggregate of premiums paid to date; add-on to Term policy ONLY.






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






6. Financial interest in insured party that must exist @ time of application OR policy issuance. Requires consent (except minors).






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






8. Policy covering minor child; premium fixed but death benefit increases by 5 times @ age 18 or 21.






9. 4: Funds retained by Insurer until w/drawn - interest ONLY paid monthly (taxable); 5: Paid-up immediate annuity.






10. Upon notice - Insurer must provide Claim Form (Proof of Loss Form) to Insured w/in 15 days.






11. Plan A is the CORE benefit & is least expensive; All other plans include Plan A + additional benefits. Plans F & J are high deductible. K & L are both deductible & co-pay plans.






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






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






14. Federal law to protect Federal employees' (& their beneficiaries') pension - group insurance - & welfare benefits.






15. Same as WL but premium low for 1st 5 yrs. - THEN has annual premium increases for set # yrs. - THEN level premium.






16. Death benefit determined by Insured's projected lost earnings potential.






17. Privately-provided or Medicare-provided (if no private carrier) prescription drug plans for qualified individuals but w/ premium - deductible & co-pay.






18. Insurer has right to rescind policy & return premium if material misrepresentation in application is found w/in 1st 2 yrs.






19. Intentional deception; grounds for rescission.






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






21. Same as WL but cash value put in investment vehicles chosen by policy owner (stocks - bonds - munis.); cash value NOT guaranteed.






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






23. Both Contributory & Non-contributory Group policies are deductible to employer (not employee) but benefits are taxable. Individual policy premium is NOT deductible but benefit is received tax-free.






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






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






26. Prohibited w/ regard to testing for people of same class; test results must remain confidential; coverage may be declined (once discovered).






27. A company providing lump sum buyout (50-90% of total) of Life policy; becomes owner & beneficiary & assumes premium payments; usually terminally ill viator.






28. 1: Surrender for cash value (taxable); 2: Buy equal-benefit paid-up Level Term policy; 3: Buy reduced-benefit paid-up WL policy.






29. Policy owner has right to determine mode of premium payment but Insurer can charge admin. fee if not annual.






30. 1: Straight aka Pure Life - lifetime income but no survivorship refund; 2: Life w/ Period Certain - lifetime income w/ death benefit of monthly annuity for remaining predetermined term. 3: Annuity Certain - monthly income paid for predetermined term






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






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






33. Waives premium upon disability of Insured until return to work; disability must persist for 90 days or longer; 1st 90 day premiums refunded after 90 days.






34. Written policy terms supersede oral statements made prior to policy issue.






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






36. Primary - if 2 or more - equally shared; Contingent (Secondary) - only if primary dead; Tertiary - only if both primary & secondary dead. If none listed - goes to estate.






37. 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.






38. Disability income is based on "earned income" (salary - bonus - commission) - not unearned income (interest - investment - rents).






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






40. Identical to Incontestable Clause in Life policy.






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






42. Same as WL but w/ Decreasing Term rider; upon death - pays monthly income for REMAINING term AFTER which pays full death benefit.






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






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






45. Accumulation or "pay-in" - contributions & interest earned are tax-deferred; Annuity or "pay-out" - monthly annuity (taxable) paid.






46. The state in which the contract is accepted or delivered is the state that possesses regulatory jurisdiction over Group plan.






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






48. Actual/Expressed - written powers; Implied - unwritten but customary practices; Apparent - perceived powers.






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






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







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