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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. 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).
Limited Pay Whole Life policy
Joint Life (aka "First to die") policy
Risk management
Universal (aka Flexible Premium Adjustable) Life policy (3 of 4)
2. An unintentional mistake committed by an insurance representative; may be covered by E&O insurance.
Impairment (Exclusion) rider
Errors & Omissions (E&O)
Human Life Value approach
Indeterminate Premium Whole Life policy
3. No deductible coverage for: daily room/board; ancillary costs; surgeon &/or physician expense (for added premium).
Adjustable Whole Life policy
Blue Cross/Blue Shield
Insurance contract characteristics (1 of 2)
Basic Medical plan
4. Receipt whereby coverage incepts immediately upon submission of full consideration - unless declined & premium refunded.
Types of Insurers (by ownership)
Law of Large Numbers
Family Income policy
Binding receipt (aka Temporary Insurance Agreement)
5. 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.
Types of reinsurance
Guaranteed Insurability Life rider
Valid life insurance contracts must identify...
Conformity with State Statute provision
6. Provides medical & personal services for people needing extended assistance w/ Activities of Daily Living (ADL). Other benefits include: assisted living care; respite care; hospice care; adult day care.
Long Term Care (LTC) policy
Medicare Part D
Concealment
Medicare Part B (aka Supplemental Medical Insurance or SMI)
7. Allows Insured to increase death benefit w/out medical exam (subject to age max.) w/ additional premium rate determined @ attained age.
Mortality vs. Morbidity tables
Waiver of Premium (Waiver of Cost of Insurance) rider
Loss of Earnings Test
Guaranteed Insurability Life rider
8. The state in which the contract is accepted or delivered is the state that possesses regulatory jurisdiction over Group plan.
Business Continuation (aka Buy-Sell) Disability policy
Doctrine of Comity
Medicare Part A & B "Gaps"
Primary Insurance Amount (PIA)
9. Periodic return of premium to policy owners from Mutual (Par) Companies; not guaranteed & not taxable as income; may be used in 6 ways.
Beneficiary provisions
Insurability Type Conditional receipt
Dividends
Convertibility provision
10. Covers entire family w/ WL for breadwinner & (convertible) Level Term for spouse & children (until certain age).
Family policy
Graded Premium Whole Life policy
Types of Insurers (by sector)
Tax implications of medical plans
11. Permanent disability due to total loss of sight - hearing - speech or use of 2 + limbs; benefits paid even while continuing to work.
Indemnify
Variable Life policy (1 of 2)
Free Look provision
Presumptive disability
12. WL policy covering 2 or more Insureds but payable upon death of FIRST Insured - after which policy ends.
Social Security Benefit (Supplement) rider
Revocable vs. Irrevocable beneficiary
Universal (aka Flexible Premium Adjustable) Life policy (2 of 4)
Joint Life (aka "First to die") policy
13. Benefits NOT taxable; employer-paid premiums deductible to employer; individual plans not deductible unless over 7 1/2% of adjusted gross income - then excess deductible.
Tax implications of medical plans
Equity Index Whole Life policy
Types of Medical Plans
Credit Life policy
14. Insurer has right to adjust (+ or -) death benefit if age or sex is misstated but normally doesn't void policy.
Basic Medical plan
Misstatement of Age/Sex provision
Health Reimbursement Account (HRA)
Multiple Employer Trust (MET) aka Multiple Employer Welfare Association (MEWA)
15. Monthly; Quarterly; Semi-annually; Annually (cheapest due to less admin cost).
Premium modes
Types of Insurers (by sector)
Elimination (aka Waiting) period
Doctrine of Comity
16. Palliative - treatment to manage pain; Curative - treatment to cure illness/condition.
Palliative vs. Curative care
Types of Insurers (miscellaneous)
Dependent coverage
Limited Pay Whole Life policy
17. 1: Tax-free lump sum; 2: Monthly pay-outs for fixed time; 3: Fixed monthly payments until depleted.
Partial disability rider
Insurability Type Conditional receipt
Settlement options for Life policy (1 of 2)
Transplant/Cosmetic Surgery rider
18. Premiums determined by target cash values or death benefit; partial cash value w/drawals allowed; transparent policy w/ unbundled premium.
Social Security Benefit (Supplement) rider
Dividend options
Workers' Compensation insurance
Universal (aka Flexible Premium Adjustable) Life policy (2 of 4)
19. Upon notice - Insurer must provide Claim Form (Proof of Loss Form) to Insured w/in 15 days.
Rehabilitation rider
Claim Form (aka Proof of Loss Form) provision
Conformity with State Statute provision
Considerations in replacing Health insurance
20. Unilateral - Insurer provides contract; Adhesion - parties must adhere to terms; Aleatory - benefits may not inure equally.
Types of Insurers (by authorization)
Types of Agency Authority
Concealment
Insurance contract characteristics (1 of 2)
21. Provides disability income during surgery recovery from life-threatening condition (& sometimes cosmetic surgery).
Transplant/Cosmetic Surgery rider
Relation of Earnings to Insurance provision
Claim Form (aka Proof of Loss Form) provision
Term Life policy
22. 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.
Accelerated Benefits (aka Terminal Illness or Living Benefits) rider
CHAMPUS (aka TriCare)
Tax implications of an Estate
Basic Medical plan
23. Authorized (admitted) - can conduct business in state; Unauthorized (non-admitted) - cannot conduct business in state (w/ one exception).
Tax implications of an Estate
Types of Insurers (by authorization)
Concealment
Non-Occupational Disability policy
24. Dependent children are covered until 19 or 23 (full-time student only) or until self-sufficient (if handicapped).
Cash value
Types of Insurers (by sector)
Grace Period provision
Dependent coverage
25. Federal law which prohibits companies w/ 20+ employees from denying work & medical benefits to employees due to age.
Cash value
Age Discrimination in Employment Act (ADEA)
Return of Premium rider
1035 Exchange
26. WL policy covering 2 or more Insureds but ONLY payable upon death of LAST Insured - generally low premium but high death benefit.
Survivorship (aka "Last to die") policy
Settlement options for Life policy (2 of 2)
Tax implications of Dividends - Loans & Interest
Types of reinsurance
27. If Insured & primary beneficiary die due to same act (w/in 14 days) - primary assumed 1st to die & contingent beneficiary paid death benefit.
Business Continuation (aka Buy-Sell) policy
Common Disaster (Simultaneous Death Act) clause/provision
Approval Type Conditional receipt
Group Disability plan
28. Insurance purchased by other Insurer(s) to spread or diversify risk; promotes industry stability.
Accidental Death & Dismemberment (AD&D) Disability rider
Renewability provision
Types of Agency Authority
Reinsurance
29. Mortality is the statistical possibility of death @ each age. Morbidity is the statistical possibility & extent of disability @ each age.
Cash value
Variable Life policy (2 of 2)
Medicare Part D
Mortality vs. Morbidity tables
30. Application submitted w/out premium; no coverage until submission of full consideration & completed Statement of Continued Good Health.
Medicare Supplement or Medigap policy
Key Employee policy
Trial Application (aka Request for Offer)
Flexible Spending Account (FSA)
31. Generally 10 days after policy delivery to cancel policy w/ full refund - except 30 days for seniors or for replacement policies.
Free Look provision
Tax implications of Death Benefit & Cash Value
Recurrent disability clause/provision
Return of Cash Value rider
32. Govt. organization providing health care benefits for dependents of military personnel.
Group Disability plan
Revocable vs. Irrevocable beneficiary
Parole Pardon Rule
CHAMPUS (aka TriCare)
33. Same as WL but premium low for 1st 3-5 yrs. - THEN has one-time premium increase.
Tax implications of an Annuity (1 of 2)
Permanent vs. Temporary disability
Modified Premium Whole Life policy
Employer Liability
34. Expands individual WL policy to include Term Life for dependents (spouse - children - etc.).
Medicare Part A & B "Gaps"
Family Income policy
Plans A-L of Medical Supplement or Medigap
Family or Dependents rider
35. Upon death - death benefit is paid + the aggregate of premiums paid to date; add-on to Term policy ONLY.
Family Maintenance policy
Incontestability clause/provision
Return of Premium rider
Automatic Premium Loan (APL) provision
36. Same as WL but policy owner can adjust death benefit w/ corresponding premium adjustments; mostly obsolete.
Types of Accident & Health insurance
Adjustable Whole Life policy
Annuity Classifications (1 of 5): How premium is paid
Medi-Cal Share Cost plan
37. Policy must be delivered w/ original (or copy of same) application attached.
Plans A-L of Medical Supplement or Medigap
Medi-Cal Share Cost plan
Entire Contract provision
Earned vs. Unearned premium
38. Prohibited w/ regard to testing for people of same class; test results must remain confidential; coverage may be declined (once discovered).
Pure risk vs. Speculative risk
AIDS/HIV discrimination
Loss of Earnings Test
Single Pay Whole Life policy
39. Agreement - Offer & acceptance; Consideration - application + premium; Legal capacity - licensed &/or competent; Legal purpose - public good.
Non-Occupational Disability policy
Types of Term Life policies
Equity Indexed annuity
Elements to contract
40. Receipt whereby coverage incepts conditionally upon submission of full consideration and that all underwriting reqs. are met.
Modified Premium Whole Life policy
Insurability Type Conditional receipt
Accidental Death (aka Multiple Indemnity) rider
Tax implications of an Estate
41. 1: Surrender for cash value (taxable); 2: Buy equal-benefit paid-up Level Term policy; 3: Buy reduced-benefit paid-up WL policy.
Needs approach (most common)
Employer Liability
Age Discrimination in Employment Act (ADEA)
Non-forfeiture options for WL policy
42. Representation - oral or written statement made to best of knowledge or belief; Warranty - statement guaranteed/presumed/understood to be true.
Applicant Representations vs. Warranties
Point of Service plan
Business Overhead Expense (BOE) Disability policy
Exclusions to Work. Comp.
43. If total premiums paid w/in 1st 7 yrs. exceed net level premium that should have been paid - policy is an MEC.
Term Life policy
Point of Service plan
7 Pay Test
Common Life Exclusions
44. Covers disabilities occurring ONLY "off" job; benefits do not overlap work. comp. (i.e. Group plan).
Non-Occupational Disability policy
CHAMPUS (aka TriCare)
Settlement options for Life policy (1 of 2)
Total disability (any-occupational definition)
45. Compensates business for loss due to death or disability of key employee; premiums not deductible but benefits tax-free.
Proof of Loss provision
Key Employee policy
Insuring clause/provision (aka Insuring Agreement)
Common Life Exclusions
46. Private sector (Commercial) - provides LA&H - P&C - & LTC; Public sector (Gov't) - provides flood - work. comp. - Medicare/Medicaid - Group Life (SGLI/FEGLI).
Medicare Supplement or Medigap policy
Business Continuation (aka Buy-Sell) Disability policy
Fraud
Types of Insurers (by sector)
47. Provides for continued operation of business if partner dies - by allowing surviving partner(s) to buy deceased partner's interest in business.
Juvenile Life (aka Jumping Juvenile) policy
Adjustable Whole Life policy
Blue Cross/Blue Shield
Business Continuation (aka Buy-Sell) policy
48. Period of time following any children's survivor benefit & before benefits are provided to employee's widow/widower.
Blackout Period
Premium modes
Common Disaster (Simultaneous Death Act) clause/provision
Return of Premium rider
49. Prepaid med. benefits for members ONLY w/ approved primary care M.D. (HMO employee); focus on preventative care; low co-pay.
Universal (aka Flexible Premium Adjustable) Life policy (4 of 4)
Health Maintenance Organization (HMO)
Loss exposure
Plans A-L of Medical Supplement or Medigap
50. Pays death benefit until age 100 or death; builds equity (cash value); may be transferred or sold; generally level premium.
Whole (aka Permanent or Straight) Life policy
Common Life Exclusions
Relation of Earnings to Insurance provision
Estoppel
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