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






2. 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).






3. 'The inability to perform your OWN normal occupation or daily duties'.






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






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






6. Fixed premium w/ guaranteed min. death benefit that may increase due to higher than expected investment returns.






7. WL policy covering 2 or more Insureds but ONLY payable upon death of LAST Insured - generally low premium but high death benefit.






8. Dependent children are covered until 19 or 23 (full-time student only) or until self-sufficient (if handicapped).






9. Provides disability income during surgery recovery from life-threatening condition (& sometimes cosmetic surgery).






10. Generally 10 days after policy delivery to cancel policy w/ full refund - except 30 days for seniors or for replacement policies.






11. Policyholders - Mutual (participating) co. - may pay dividends; Stockholders - Stock (non-participating) co. - no dividends.






12. Waives premium on Life policy for minor child until age 21 in event premium payor dies or becomes disabled.

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13. Basic Medical; Major Medical; Comprehensive Major Medical






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






15. An attempt to contain costs by employing various strategies - including wellness programs - preventative testing - outpatient & alternative procedures.






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






17. 'The inability to perform ANY reasonable occupation based on education - training or experience'.






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






19. 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.






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






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






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






23. Guaranteed min. interest rate on cash value buildup but possible higher rate if short-term investment returns higher than expected.






24. Provides % of monthly income benefit if Insured becomes disabled due to illness or accident.






25. 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






26. Mandatory 100% employer-funded coverage for injuries/illnesses occurring "on" job; full-time employees only; exclusive remedy. Provides: 1: unlimited medical benefit; 2: survivor income replacement & funeral ($5 -000 max.); 3: disability benefit @ 66

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






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






29. 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.






30. Benefits automatically increase annually based on inflationary index (i.e. Consumer Price Index) OR flat rate (5% max.).






31. Representation - oral or written statement made to best of knowledge or belief; Warranty - statement guaranteed/presumed/understood to be true.






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






33. 1: Immediate benefits rec'd w/in 30 days but premium must be paid by lump sum; 2: Deferred - usually until retirement.






34. Provides for continued operation of business if partner dies - by allowing surviving partner(s) to buy deceased partner's interest in business.






35. Covers disabilities occurring both "on" AND "off" job; "on" job benefits paid in addition to work. comp. - if applicable (i.e. individual plan).






36. Upon death - death benefit is paid + the aggregate of cash value accumulated to date; add-on to WL policy ONLY.






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






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






39. Privately-sold policies to provide benefits not covered by Medicare; divided into 12 plans listed alphabetically A - L; 30-day free look; guaranteed renewable.






40. Multiple small employers w/ common affiliation (trade assoc. OR Chamber of Commerce) band together to purchase group plan.






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






42. Same as WL but death benefit increases annually - linked to Consumer Price Index; premium increases annually OR is set high from start.






43. Reappearance of disability w/in 6 mth. period after "recovery" from same disability is considered recurrence - not new disability.






44. If 2 or more family members are injured in the same accident - only payment of a single deductible is required.






45. Policy owner has 90 days from date of loss to submit proof of loss to Insurer; valid claim must be paid immediately upon receipt.






46. Level - fixed death benefit - premium fixed until renewal; Decreasing - death benefit decreases over term - premium fixed until renewal; Increasing - death benefit increases over term - premium fixed until renewal.






47. Mortality is the statistical possibility of death @ each age. Morbidity is the statistical possibility & extent of disability @ each age.






48. Allows Insured to increase death benefit w/out medical exam (subject to age max.) w/ additional premium rate determined @ attained age.






49. Must be delivered in person or by certified - registered or 1st-class mail w/ signature - unless waived by Insurance Commissioner.






50. Time extension of benefits based on "qualifying" event. 18 mth. extension if laid off or fired; 36 mth. extension if death - divorce or child leaves home.







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