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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. Insurance purchased by other Insurer(s) to spread or diversify risk; promotes industry stability.
Payor (aka Waiver of Payor's Premium) rider
Reinsurance
Group Disability plan
Plans A-L of Medical Supplement or Medigap
2. Part A - Inpatient hospital deductibles vary on # of days; limited reserve days; finite benefit; 1st 3 pints blood; Part B - 20% co-payment.
Medicare Part A & B "Gaps"
Types of Agency Authority
Return of Premium rider
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
3. Pays death benefit until age 100 or death; builds equity (cash value); may be transferred or sold; generally level premium.
Medicare
Social Security Benefit (Supplement) rider
Whole (aka Permanent or Straight) Life policy
Reinsurance
4. 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.
Partial disability rider
Medicaid/Medi-Cal
Change of Occupation provision
Presumptive disability
5. Monthly; Quarterly; Semi-annually; Annually (cheapest due to less admin cost).
Disability Income policy
Tax implications of an Annuity (1 of 2)
Premium modes
Policy delivery
6. 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.
Family Maintenance policy
Accidental Death (aka Multiple Indemnity) rider
Law of Large Numbers
Valid life insurance contracts must identify...
7. Covers entire family w/ WL for breadwinner & (convertible) Level Term for spouse & children (until certain age).
Family policy
Return of Premium rider
Viatical Settlement Provider (VSP)
Universal (aka Flexible Premium Adjustable) Life policy (2 of 4)
8. Provides professional services - rehabilitation - training/re-training & related costs to assist Insured in returning to work.
Exclusions for Major Medical plan
Rehabilitation rider
Civil Rights/Pregnancy Discrimination Act
CA Work. Comp. Statutes
9. Same as WL but policy owner can adjust death benefit w/ corresponding premium adjustments; mostly obsolete.
Human Life Value approach
Adjustable Whole Life policy
Experience vs. Community rating in Group Health plan
Palliative vs. Curative care
10. Upon death - death benefit is paid + the aggregate of premiums paid to date; add-on to Term policy ONLY.
Exclusions to Work. Comp.
Return of Premium rider
Policy loans
Non-Occupational Disability policy
11. Federal law to protect Federal employees' (& their beneficiaries') pension - group insurance - & welfare benefits.
Presumptive disability
Life insurance policy
Employee Retirement Income Security Act (ERISA)
Family Maintenance policy
12. Govt. organization providing health care benefits for dependents of military personnel.
CHAMPUS (aka TriCare)
Human Life Value approach
Blackout Period
Employer Liability
13. Allows Insured to increase death benefit w/out medical exam (subject to age max.) w/ additional premium rate determined @ attained age.
Guaranteed Insurability Life rider
Non-forfeiture options for WL policy
Equity Indexed annuity
Rehabilitation rider
14. Two death benefit options - Option A: death benefit ONLY; Option B: death benefit + cash value; death benefit NOT guaranteed.
Reinstatement provision
Types of Insurers (by ownership)
Dividends
Universal (aka Flexible Premium Adjustable) Life policy (4 of 4)
15. 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.
Beneficiary provisions
Exclusions to Work. Comp.
Family Maintenance policy
Tax implications of Disability policy
16. Policy covering minor child; premium fixed but death benefit increases by 5 times @ age 18 or 21.
Elimination (aka Waiting) period
Juvenile Life (aka Jumping Juvenile) policy
Non-Occupational Disability policy
Social Security (aka Old Age Survivors Disability Health Insurance or OASDHI)
17. Available for any reason up to full cash value @ fixed (max 8%) OR variable interest rate; loan $ + interest deducted from benefit @ death.
Policy loans
Pure risk vs. Speculative risk
Adjustable Whole Life policy
Family or Dependents rider
18. To "make whole again" w/out benefit or detriment; neither monetary profit nor loss.
IRS Penalties for Annuities
AIDS/HIV discrimination
Payment of Premium provision
Indemnify
19. Same as WL but premium low for 1st 3-5 yrs. - THEN has one-time premium increase.
Modified Premium Whole Life policy
Tax implications of Death Benefit & Cash Value
Universal (aka Flexible Premium Adjustable) Life policy (4 of 4)
Group Disability plan
20. Receipt whereby coverage incepts ONLY after underwriting approval.
Parole Pardon Rule
Approval Type Conditional receipt
Dependent coverage
Primary Insurance Amount (PIA)
21. Partially state-funded benefits for low-income people whereby cost of care is shared between state & recipient - based on income.
Pure risk vs. Speculative risk
Medi-Cal Share Cost plan
Elimination (aka Waiting) period
Return of Cash Value rider
22. Revocable - changeable anytime w/ Change of Beneficiary Form; Irrevocable - not changeable w/out beneficiary permission.
Total disability (as commonly defined)
Endowment Life policy
Revocable vs. Irrevocable beneficiary
Return of Premium rider
23. No-charge annuity w/drawals allowed up to 10% of total - THEN penalized on sliding scale based on # policy yrs.; conditionally waived.
Types of Renewability provisions
Annuity surrender charges
Dental Plan
Impairment (Exclusion) rider
24. Mathematical calculation based on overall FICA contributions used to determine retirement/disability/survivorship benefit.
Supplemental Major Medical plan
Primary Insurance Amount (PIA)
Loss of Earnings Test
Medicare Part A & B "Gaps"
25. Permanent - not recoverable (spinal cord injury); Temporary - recoverable (temp. illness/injury - broken limb).
Exclusions to Work. Comp.
Permanent vs. Temporary disability
Suicide clause/provision
Total disability (any-occupational definition)
26. Process whereby a reinsurer reinsures w/ another reinsurer.
Retrocession
Insurability Type Conditional receipt
Major Medical plan
Business Continuation (aka Buy-Sell) policy
27. Savings account for medical expenses; Tax-deductible contributions; tax-deferred growth; tax-free for qualified use; taxable for non-qualified use.
Business Overhead Expense (BOE) Disability policy
Medical Savings Account (MSA) & Health Savings Account (HSA)
Needs approach (most common)
Non-Occupational Disability policy
28. Responsible adult trustee designated to manage death benefits for minor child beneficiary until adulthood.
Trusts
Relation of Earnings to Insurance provision
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
Return of Premium rider
29. Covers disabilities occurring ONLY "off" job; benefits do not overlap work. comp. (i.e. Group plan).
Conformity with State Statute provision
Non-Occupational Disability policy
Free Look provision
Payor (aka Waiver of Payor's Premium) rider
30. Peril is the CAUSE of loss. Hazard is a condition that increases LIKELIHOOD of loss.
Spendthrift provision
Social Security Benefit (Supplement) rider
Peril vs. Hazard
Viatical Settlement Provider (VSP)
31. Intentional OR unintentional failure to disclose material underwriting facts that should have been disclosed; grounds for policy rescission.
Recurrent disability clause/provision
Occupational Disability policy
Claim Form (aka Proof of Loss Form) provision
Concealment
32. War; elective cosmetic surgery; routine dental; work. comp.-covered claims; self-inflicted (intentional); gov't. facility treatment; LTC; private nursing.
7 Pay Test
Exclusions for Major Medical plan
Single Pay Whole Life policy
Misstatement of Age/Sex provision
33. 1: mortality probability charge; 2: Insurer's investment return; 3: expenses (admin costs - commissions). 1 - 2 = net; 1 - 2 + 3 = gross.
Factors that determine premium
Reinsurance
Elimination (aka Waiting) period
Return of Cash Value rider
34. Voiding an insurance contract based on fraud - concealment or material misrepresentation; premiums returned; policy treated as never existing.
Variable Life policy (2 of 2)
Insurance contract characteristics (2 of 2)
Insuring clause/provision (aka Insuring Agreement)
Rescission
35. Actual/Expressed - written powers; Implied - unwritten but customary practices; Apparent - perceived powers.
Health Insurance Portability and Accountability Act (HIPAA)
Incontestability clause/provision
Grace Period provision
Types of Agency Authority
36. Same as WL but premium low for set # yrs. - THEN premiums vary (+ or -) based on Insurer's investment returns - w/ Gmax.
Market Value Adjusted (aka Modified Guaranteed) annuity
Indeterminate Premium Whole Life policy
Levels of Long Term Care provided
Single Pay Whole Life policy
37. Taxable income (unlike individual plans); can be either short-term - 13-52 wks. max. or long-term - longer than 52 wks.
Group Disability plan
CHAMPUS (aka TriCare)
Point of Service plan
Universal (aka Flexible Premium Adjustable) Life policy (2 of 4)
38. 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
Misstatement of Age/Sex provision
Exclusions to Work. Comp.
Whole (aka Permanent or Straight) Life policy
Modified Endowment Contract (MEC)
39. Policy owner has right to determine mode of premium payment but Insurer can charge admin. fee if not annual.
Payment of Premium provision
Cash value
Indemnify
Point of Service plan
40. Prepaid med. benefits for members ONLY w/ approved primary care M.D. (HMO employee); focus on preventative care; low co-pay.
Cost of Living Adjustment (COLA) Life rider
Considerations in replacing Health insurance
Health Maintenance Organization (HMO)
Family policy
41. Guaranteed min. interest rate on cash value buildup but possible higher rate if short-term investment returns higher than expected.
Juvenile Life (aka Jumping Juvenile) policy
Universal (aka Flexible Premium Adjustable) Life policy (3 of 4)
Whole (aka Permanent or Straight) Life policy
Types of Licensed Producers
42. Compensates business for loss due to disability of key employee; premiums not deductible but benefits tax-free.
Types of Agency Authority
Key Employee Disability policy
Annuity surrender charges
Group Disability plan
43. Waives premium on Life policy for minor child until age 21 in event premium payor dies or becomes disabled.
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44. 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.
Modified Premium Whole Life policy
Medicare
Tax implications of Dividends - Loans & Interest
Indeterminate Premium Whole Life policy
45. Covers disabilities occurring both "on" AND "off" job; "on" job benefits paid in addition to work. comp. - if applicable (i.e. individual plan).
Time Limit on Certain Defenses provision
Adverse selection
Occupational Disability policy
Types of Medical Plans
46. 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
Annuity Classifications (4 of 5): Disposition "pay-out" of proceeds
Key Employee Disability policy
Long Term Care (LTC) policy
Types of Accident & Health (A&H) providers
47. Same as Comprehensive Major Medical but w/ integrated deductible; much more expensive.
Types of Insurers (miscellaneous)
Exclusions to Work. Comp.
Supplemental Major Medical plan
Types of Insurers (by authorization)
48. Policy owner has 90 days from date of loss to submit proof of loss to Insurer; valid claim must be paid immediately upon receipt.
Proof of Loss provision
Dividend options
Survivorship (aka "Last to die") policy
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
49. Any person - assoc. - org. - partnership - business trust - LLC - or corp. capable of making an insurance contract.
Guaranteed Insurability (aka Additional Purchase or Future Increase) Disability rider
Insurer (as defined by CIC)
Annuity Classifications (3 of 5): Source of income
Non-forfeiture options for WL policy
50. Receipt whereby coverage incepts conditionally upon submission of full consideration and that all underwriting reqs. are met.
Small Employer Medical Expense plan
Civil Rights/Pregnancy Discrimination Act
Return of Premium rider
Insurability Type Conditional receipt
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