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Test your basic knowledge |
CA Life Agent Exam
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Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
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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. No deductible coverage for: daily room/board; ancillary costs; surgeon &/or physician expense (for added premium).
Doctrine of Comity
Social Security Benefit (Supplement) rider
Plans A-L of Medical Supplement or Medigap
Basic Medical plan
2. Potential circumstance that could cause a loss; measured in dollars.
Limited Pay Whole Life policy
Estoppel
Insurer (as defined by CIC)
Loss exposure
3. 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.
Concealment
Doctrine of Comity
Beneficiary provisions
Split Dollar Plan
4. Agreement - Offer & acceptance; Consideration - application + premium; Legal capacity - licensed &/or competent; Legal purpose - public good.
Non-forfeiture options for WL policy
Elements to contract
Policy delivery
24 Hour Coverage (CA)
5. Provides for continued operation of business if partner dies - by allowing surviving partner(s) to buy deceased partner's interest in business.
Business Continuation (aka Buy-Sell) policy
Comprehensive Major Medical plan
Types of Accident & Health insurance
Employer Liability
6. Actual/Expressed - written powers; Implied - unwritten but customary practices; Apparent - perceived powers.
Health Maintenance Organization (HMO)
Total disability (more restrictive definition)
Types of Agency Authority
Exclusions for Major Medical plan
7. Periodic return of premium to policy owners from Mutual (Par) Companies; not guaranteed & not taxable as income; may be used in 6 ways.
Social Security Benefit (Supplement) rider
Dividends
Equity Indexed annuity
Types of Agency Authority
8. Price of insurance per exposure unit.
Annuity Classifications (1 of 5): How premium is paid
Estoppel
Medicare Supplement or Medigap policy
Rate (as defined by CIC)
9. 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.
Non-Occupational Disability policy
Plans A-L of Medical Supplement or Medigap
Medicare Supplement or Medigap policy
Credit Life policy
10. Provides % of monthly income benefit if Insured becomes disabled due to illness or accident.
Key Employee Disability policy
Annuity surrender charges
Disability Income policy
Notice of Claim provision
11. Info already known; Info that should have been known; Waived info; Irrelevant info.
Insurability Type Conditional receipt
Concealment exceptions
Primary Insurance Amount (PIA)
Tax implications of an Annuity (1 of 2)
12. Multiple small employers w/ common affiliation (trade assoc. OR Chamber of Commerce) band together to purchase group plan.
Multiple Employer Trust (MET) aka Multiple Employer Welfare Association (MEWA)
Tax implications of Death Benefit & Cash Value
Supplemental Major Medical plan
Insurance contract characteristics (1 of 2)
13. Type of partial disability rider - which pays fluctuating % of lost income w/out time limit.
Suicide clause/provision
Employer-Administered plan
Residual disability rider
Renewability provision
14. Provides increased death benefit if death occurs w/in 90 days & as result of accident; relatively INexpensive add-on.
Palliative vs. Curative care
Convertibility provision
Accidental Death (aka Multiple Indemnity) rider
Penalties for violating AIDS/HIV privacy laws
15. Federal law which prohibits companies w/ 15+ employees from decreasing coverage benefits for women affected by pregnancy or childbirth.
Waiver of Premium (Waiver of Cost of Insurance) rider
Occupational Disability policy
Civil Rights/Pregnancy Discrimination Act
Departments of an Insurer
16. Grows @ fixed interest rate for set term but cash value may adjust to prevailing rate (+ or -) if fully surrendered before term ends; % w/drawal ok.
Market Value Adjusted (aka Modified Guaranteed) annuity
Dental Plan
Accelerated Benefits (aka Terminal Illness or Living Benefits) rider
Errors & Omissions (E&O)
17. Intentional deception; grounds for rescission.
Annuity
Fraud
Medicare Part B (aka Supplemental Medical Insurance or SMI)
Common Accident provision
18. Coverage for catastrophic loss w/ high limits - front end deductible; co-insurance (80/20%); blanket coverage; stop loss max.
Small Employer Medical Expense plan
Major Medical plan
Cross Purchase Plan
Social Security (aka Old Age Survivors Disability Health Insurance or OASDHI)
19. Although death benefit is tax-free - it is included in gross estate value so federal &/or state taxes may apply to a portion in excess of fixed federal limit.
Blue Cross/Blue Shield
Modified Endowment Contract (MEC)
Tax implications of an Estate
Basic Medical plan
20. Prepaid med. benefits for members ONLY w/ approved primary care M.D. (HMO employee); focus on preventative care; low co-pay.
Employee Retirement Income Security Act (ERISA)
Health Maintenance Organization (HMO)
CA Work. Comp. Statutes
Types of Agency Authority
21. Provides supplemental coverage for physician/surgeon fees if enrolled (during enrollment period ONLY) & pay monthly premium w/ deductible and co-insurance.
24 Hour Coverage (CA)
Medicare Part B (aka Supplemental Medical Insurance or SMI)
Life insurance policy
Common Life Exclusions
22. 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 (1 of 5): How premium is paid
Annuity Classifications (4 of 5): Disposition "pay-out" of proceeds
Annuity Classifications (3 of 5): Source of income
Incontestability clause/provision
23. If Insured & primary beneficiary die due to same act (w/in 14 days) - primary assumed 1st to die & contingent beneficiary paid death benefit.
Transplant/Cosmetic Surgery rider
Types of Renewability provisions
Common Disaster (Simultaneous Death Act) clause/provision
Non-Occupational Disability policy
24. A company providing lump sum buyout (50-90% of total) of Life policy; becomes owner & beneficiary & assumes premium payments; usually terminally ill viator.
Civil Rights/Pregnancy Discrimination Act
Change of Occupation provision
Viatical Settlement Provider (VSP)
Small Employer Medical Expense plan
25. If Insured changes to: more hazardous job - benefits reduced; less hazardous job - premiums reduce.
Change of Occupation provision
Insuring clause/provision (aka Insuring Agreement)
Trial Application (aka Request for Offer)
24 Hour Coverage (CA)
26. Combination of Basic Medical & Major Medical in one policy; Basic pays 1st - then Major Medical w/ corridor deductible.
Insuring clause/provision (aka Insuring Agreement)
Universal (aka Flexible Premium Adjustable) Life policy (4 of 4)
Comprehensive Major Medical plan
Return of Cash Value rider
27. Same as WL but death benefit increases annually - linked to Consumer Price Index; premium increases annually OR is set high from start.
Disability Income policy
Equity Index Whole Life policy
Medicare Part C (aka Medicare Advantage)
Misstatement of Age/Sex provision
28. Upon death - death benefit is paid + the aggregate of cash value accumulated to date; add-on to WL policy ONLY.
Notice of Claim provision
Return of Cash Value rider
Pure risk vs. Speculative risk
Annuity
29. Same as WL but can be "paid-up" early by paying larger premium for shorter payment period (i.e. 10 Pay Life - 20 Pay Life).
Waiver of Premium (Waiver of Cost of Insurance) rider
Limited Pay Whole Life policy
Tax implications of Death Benefit & Cash Value
Entire Contract provision
30. Monthly; Quarterly; Semi-annually; Annually (cheapest due to less admin cost).
Premium modes
Juvenile Life (aka Jumping Juvenile) policy
Insurer (as defined by CIC)
Elements to contract
31. Provides benefit during Social Security "black-out" period - up to 1 yr.
Medicare
Social Security Benefit (Supplement) rider
Claim Form (aka Proof of Loss Form) provision
Settlement options for Life policy (1 of 2)
32. 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.
Insurability Type Conditional receipt
Revocable vs. Irrevocable beneficiary
Key Employee Disability policy
Waiver of Premium provision
33. Same as WL but w/ adjustable death benefit (& corresponding premium) & over-fund option but w/ annually renewable term (ART).
Exclusions to Work. Comp.
Credit Life policy
Employer-Administered plan
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
34. Death benefit determined by Insured's financial goals & needs (minus assets).
Preferred Provider Organization (PPO)
Flexible Spending Account (FSA)
Needs approach (most common)
Valid life insurance contracts must identify...
35. 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.
Waiver of Premium provision
Valid life insurance contracts must identify...
Presumptive disability
Employer Liability
36. Beneficiary has right to leave death benefits / Insurer to protect $ from creditors; interest (taxable) paid on retained funds.
Medicaid/Medi-Cal
Spendthrift provision
Juvenile Life (aka Jumping Juvenile) policy
Policy loans
37. Fraternal - non-profit - members only; Reciprocal - unincorp'd org. - members insure each other; Lloyd's Assoc. - groups sharing risks; Surplus lines - special market risks.
Presumptive disability
Entire Contract provision
Non-Occupational Disability policy
Types of Insurers (miscellaneous)
38. Govt. organization providing health care benefits for dependents of military personnel.
CHAMPUS (aka TriCare)
Term Life policy
Age Discrimination in Employment Act (ADEA)
Medicare Part A (aka Hospital Insurance or HI)
39. Taxable income (unlike individual plans); can be either short-term - 13-52 wks. max. or long-term - longer than 52 wks.
Medical Savings Account (MSA) & Health Savings Account (HSA)
Elimination (aka Waiting) period
Credit Life policy
Group Disability plan
40. Policy must be delivered w/ original (or copy of same) application attached.
Entire Contract provision
Tax implications of Death Benefit & Cash Value
Payment of Premium provision
Term Life policy
41. 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.
Types of Insurers (by domicile)
Health Insurance Portability and Accountability Act (HIPAA)
Modified Endowment Contract (MEC)
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
42. Palliative - treatment to manage pain; Curative - treatment to cure illness/condition.
Palliative vs. Curative care
Departments of an Insurer
Plans A-L of Medical Supplement or Medigap
Business Continuation (aka Buy-Sell) Disability policy
43. If total premiums paid w/in 1st 7 yrs. exceed net level premium that should have been paid - policy is an MEC.
Primary Insurance Amount (PIA)
Cost of Living Adjustment (COLA) Life rider
7 Pay Test
Total disability (as commonly defined)
44. IRS allows tax-free transfer of cash values between 2 LIKE policies (i.e. Life to Life - Annuity to Annuity - or Life to Annuity).
Medicare Supplement or Medigap policy
Rescission
1035 Exchange
Single Pay Whole Life policy
45. Commercial (private) companies; HMOs; PPOs; Blue Cross/Blue Shield; Employer-sponsored plans; Government.
Types of Accident & Health (A&H) providers
Settlement options for Life policy (1 of 2)
Tax implications of an Annuity (1 of 2)
Tax implications of Dividends - Loans & Interest
46. Disability income is based on "earned income" (salary - bonus - commission) - not unearned income (interest - investment - rents).
Loss of Earnings Test
Total disability (more restrictive definition)
Proof of Loss provision
Factors that determine premium
47. Any person - assoc. - org. - partnership - business trust - LLC - or corp. capable of making an insurance contract.
Types of Accident & Health insurance
Insurance contract characteristics (1 of 2)
Cost of Living Adjustment (COLA) Life rider
Insurer (as defined by CIC)
48. Expands individual WL policy to include Term Life for dependents (spouse - children - etc.).
Family or Dependents rider
Dental Plan
Factors that determine premium
Accidental Death & Dismemberment (AD&D) Life policy
49. 'The inability to perform ANY reasonable occupation based on education - training or experience'.
Types of Insurers (by authorization)
Phases of an annuity
Total disability (more restrictive definition)
Estoppel
50. 1: Non-cancelable; 2: Guaranteed renewable; 3: Cancelable; 4: Conditionally renewable; 5: Optionally renewable.
Social Security (aka Old Age Survivors Disability Health Insurance or OASDHI)
Insurer (as defined by CIC)
Types of Renewability provisions
Premium modes
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