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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. Part A - Inpatient hospital deductibles vary on # of days; limited reserve days; finite benefit; 1st 3 pints blood; Part B - 20% co-payment.
Recurrent disability clause/provision
COBRA Time Limitations
Medicare Part A & B "Gaps"
Universal (aka Flexible Premium Adjustable) Life policy (4 of 4)
2. Fraternal - non-profit - members only; Reciprocal - unincorp'd org. - members insure each other; Lloyd's Assoc. - groups sharing risks; Surplus lines - special market risks.
Notice of Claim provision
Medical Savings Account (MSA) & Health Savings Account (HSA)
Types of Insurers (miscellaneous)
Social Security (aka Old Age Survivors Disability Health Insurance or OASDHI)
3. Written policy terms supersede oral statements made prior to policy issue.
Presumptive disability
Juvenile Life (aka Jumping Juvenile) policy
Viatical Settlement Provider (VSP)
Parole Pardon Rule
4. Written contract that provides INCOME @ high interest rate for fixed period OR for annuitant's lifetime w/ possible death benefit.
7 Pay Test
Annuity
Loss of Earnings Test
Types of Insurers (by domicile)
5. Expands individual WL policy to include Term Life for dependents (spouse - children - etc.).
Family or Dependents rider
Human Life Value approach
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
Dividends
6. Any person - assoc. - org. - partnership - business trust - LLC - or corp. capable of making an insurance contract.
Risk management
Annuity Classifications (1 of 5): How premium is paid
Insurer (as defined by CIC)
Needs approach (most common)
7. Preferred or Preferred Smoker; Standard or Standard Smoker; Substandard; Denied.
Mortality vs. Morbidity tables
Underwriting risk categories
Medicare
Return of Premium rider
8. Same as WL but premium low for 1st 5 yrs. - THEN has annual premium increases for set # yrs. - THEN level premium.
Joint Life (aka "First to die") policy
Revocable vs. Irrevocable beneficiary
Graded Premium Whole Life policy
Trial Application (aka Request for Offer)
9. Domestic - within home state; Foreign - outside home state; Alien - outside home country.
Elimination (aka Waiting) period
Whole (aka Permanent or Straight) Life policy
Medical Savings Account (MSA) & Health Savings Account (HSA)
Types of Insurers (by domicile)
10. Monthly; Quarterly; Semi-annually; Annually (cheapest due to less admin cost).
Loss of Earnings Test
Exclusions to Work. Comp.
Premium modes
Supplemental Major Medical plan
11. Life license + NASD (FINRA) Series 6 or 7.
Total disability (as commonly defined)
Tax implications of an Annuity (1 of 2)
Requirements to sell variable life products
Juvenile Life (aka Jumping Juvenile) policy
12. Provides hospital insurance automatically @ age 65 (if FICA qualified) @ no fee but may have deductible & co-pay.
Elimination (aka Waiting) period
Medicare Part A (aka Hospital Insurance or HI)
Health Reimbursement Account (HRA)
Common Disaster (Simultaneous Death Act) clause/provision
13. 'The inability to perform your OWN normal occupation or daily duties'.
Insurer (as defined by CIC)
Accelerated Benefits (aka Terminal Illness or Living Benefits) rider
Non-Occupational Disability policy
Total disability (as commonly defined)
14. 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.
Revocable vs. Irrevocable beneficiary
Tax implications of an Estate
Family or Dependents rider
Requirements to sell variable life products
15. Provides 24 hr. health coverage both "on" & "off" job - but may cause coverage duplication & coordination challenges.
24 Hour Coverage (CA)
Small Employer Medical Expense plan
Suicide clause/provision
Retrocession
16. Provides coverage for specific disease(s) - such as cancer or leukemia.
Types of hazards
Dread Disease policy
Settlement options for Life policy (2 of 2)
Guaranteed Insurability Life rider
17. 1: mortality probability charge; 2: Insurer's investment return; 3: expenses (admin costs - commissions). 1 - 2 = net; 1 - 2 + 3 = gross.
Equity Indexed annuity
Tax implications of an Annuity (1 of 2)
Factors that determine premium
Business Overhead Expense (BOE) Disability policy
18. Guaranteed min. interest rate on cash value buildup but possible higher rate if short-term investment returns higher than expected.
Applicant Representations vs. Warranties
Universal (aka Flexible Premium Adjustable) Life policy (3 of 4)
Penalties for violating AIDS/HIV privacy laws
Major Medical plan
19. Provides professional services - rehabilitation - training/re-training & related costs to assist Insured in returning to work.
Underwriting risk categories
Accidental Death (aka Multiple Indemnity) rider
Juvenile Life (aka Jumping Juvenile) policy
Rehabilitation rider
20. Covers disabilities occurring both "on" AND "off" job; "on" job benefits paid in addition to work. comp. - if applicable (i.e. individual plan).
Occupational Disability policy
Applicant Representations vs. Warranties
Insurable interest
Types of hazards
21. To "make whole again" w/out benefit or detriment; neither monetary profit nor loss.
Primary Insurance Amount (PIA)
Concealment exceptions
Indemnify
Underwriting risk categories
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
Insurance contract characteristics (1 of 2)
Annuity Classifications (4 of 5): Disposition "pay-out" of proceeds
CHAMPUS (aka TriCare)
Errors & Omissions (E&O)
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.
Blue Cross/Blue Shield
Tax implications of Disability policy
Medicare Part C (aka Medicare Advantage)
Juvenile Life (aka Jumping Juvenile) policy
24. Provides increased death benefit if death occurs w/in 90 days & as result of accident; relatively INexpensive add-on.
Errors & Omissions (E&O)
Accidental Death (aka Multiple Indemnity) rider
Types of hazards
Experience vs. Community rating in Group Health plan
25. Death benefits & premium automatically increase annually based on inflationary index (i.e. Consumer Price Index).
Fraud
Misstatement of Age/Sex provision
Reinstatement provision
Cost of Living Adjustment (COLA) Life rider
26. 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.
Risk management
Premium modes
Health Insurance Portability and Accountability Act (HIPAA)
Annuity Classifications (4 of 5): Disposition "pay-out" of proceeds
27. 'The inability to perform ANY gainful occupation'.
Modified Endowment Contract (MEC)
Types of Renewability provisions
Change of Occupation provision
Total disability (any-occupational definition)
28. Combination of Basic Medical & Major Medical in one policy; Basic pays 1st - then Major Medical w/ corridor deductible.
Factors that determine premium
Age Discrimination in Employment Act (ADEA)
Accelerated Benefits (aka Terminal Illness or Living Benefits) rider
Comprehensive Major Medical plan
29. WL policy covering 2 or more Insureds but payable upon death of FIRST Insured - after which policy ends.
Employer-Administered plan
Types of Insurers (by authorization)
Joint Life (aka "First to die") policy
Insurance contract characteristics (2 of 2)
30. Agents - represent Insurer; Brokers - represent themselves & Insured; Solicitors - represent one agent to solicit leads.
Annuity Classifications (3 of 5): Source of income
Types of Licensed Producers
Plans A-L of Medical Supplement or Medigap
Levels of Long Term Care provided
31. Allows for use of HMO/PPO or other private carrier to provide expanded benefits @ additional premium & if enrolled in BOTH Parts A & B.
Suicide clause/provision
Free Look provision
Occupational Disability policy
Medicare Part C (aka Medicare Advantage)
32. Policy owner has right to determine mode of premium payment but Insurer can charge admin. fee if not annual.
Medicare
Payment of Premium provision
Medicare Part D
Rehabilitation rider
33. Permanent disability due to total loss of sight - hearing - speech or use of 2 + limbs; benefits paid even while continuing to work.
Universal (aka Flexible Premium Adjustable) Life policy (4 of 4)
Presumptive disability
Policy loans
Beneficiary provisions
34. Compensates business for loss due to death or disability of key employee; premiums not deductible but benefits tax-free.
Basic Medical plan
Annuity Classifications (4 of 5): Disposition "pay-out" of proceeds
Suicide clause/provision
Key Employee policy
35. Taxable income (unlike individual plans); can be either short-term - 13-52 wks. max. or long-term - longer than 52 wks.
Insuring clause/provision (aka Insuring Agreement)
Modified Premium Whole Life policy
Group Disability plan
Underwriting risk categories
36. 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 Accident & Health (A&H) providers
Penalties for violating AIDS/HIV privacy laws
Needs approach (most common)
Permanent vs. Temporary disability
37. If total premiums paid w/in 1st 7 yrs. exceed net level premium that should have been paid - policy is an MEC.
Employee Retirement Income Security Act (ERISA)
Health Maintenance Organization (HMO)
Annuity surrender charges
7 Pay Test
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.
Rescission
Fraud
Payment of Premium provision
CA Work. Comp. Statutes
39. Facultative - case by case agreements; Automatic/Treaty - automatic acceptance of risk percentage per previous agreement.
Types of Term Life policies
Types of reinsurance
Joint Life (aka "First to die") policy
Types of hazards
40. Federal law which prohibits companies w/ 20+ employees from denying work & medical benefits to employees due to age.
Equity Index Whole Life policy
Notice of Claim provision
Comprehensive Major Medical plan
Age Discrimination in Employment Act (ADEA)
41. 1: Tax-free lump sum; 2: Monthly pay-outs for fixed time; 3: Fixed monthly payments until depleted.
Flexible Spending Account (FSA)
Family or Dependents rider
Settlement options for Life policy (1 of 2)
Phases of an annuity
42. Provides benefit during Social Security "black-out" period - up to 1 yr.
Social Security Benefit (Supplement) rider
Family Income policy
Claim Form (aka Proof of Loss Form) provision
Cross Purchase Plan
43. Coverage remains in effect for 31 days past premium due date; benefits paid during grace period would be deducted from sum.
Indeterminate Premium Whole Life policy
Proof of Loss provision
Elimination (aka Waiting) period
Grace Period provision
44. Agreement - Offer & acceptance; Consideration - application + premium; Legal capacity - licensed &/or competent; Legal purpose - public good.
Cross Purchase Plan
Requirements to sell variable life products
Binding receipt (aka Temporary Insurance Agreement)
Elements to contract
45. Underwriting - determines insurability; Marketing/Sales - determines products; Actuarial - determines rates; Claims - investigates/pays claims.
Guaranteed Insurability (aka Additional Purchase or Future Increase) Disability rider
Departments of an Insurer
Medicare Supplement or Medigap policy
Guaranteed Insurability Life rider
46. Provides for continued operation of business if partner dies - by allowing surviving partner(s) to buy deceased partner's interest in business.
Multiple Employer Trust (MET) aka Multiple Employer Welfare Association (MEWA)
AIDS/HIV discrimination
Business Continuation (aka Buy-Sell) policy
Medicaid/Medi-Cal
47. 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.
Convertibility provision
Policy delivery
Beneficiary provisions
Elimination (aka Waiting) period
48. Peril is the CAUSE of loss. Hazard is a condition that increases LIKELIHOOD of loss.
Plans A-L of Medical Supplement or Medigap
Free Look provision
Primary Insurance Amount (PIA)
Peril vs. Hazard
49. Pure risk involves chance of loss ONLY (accident or misfortune). Speculative risk involves chance of loss OR gain (gambling - stock investment).
Parole Pardon Rule
Earned vs. Unearned premium
Types of Term Life policies
Pure risk vs. Speculative risk
50. Prohibited w/ regard to testing for people of same class; test results must remain confidential; coverage may be declined (once discovered).
Variable Life policy (1 of 2)
Social Security Benefit (Supplement) rider
Multiple Employer Trust (MET) aka Multiple Employer Welfare Association (MEWA)
AIDS/HIV discrimination
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