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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
.
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. Fixed premium w/ guaranteed min. death benefit that may increase due to higher than expected investment returns.
Dividends
Variable Life policy (1 of 2)
Residual disability rider
Variable Life policy (2 of 2)
2. Must be delivered in person or by certified - registered or 1st-class mail w/ signature - unless waived by Insurance Commissioner.
Policy delivery
Policy loans
Accidental Death & Dismemberment (AD&D) Life policy
Suicide clause/provision
3. Provides coverage for specific disease(s) - such as cancer or leukemia.
Endowment Life policy
Dependent coverage
Dental Plan
Dread Disease policy
4. Written contract that provides INCOME @ high interest rate for fixed period OR for annuitant's lifetime w/ possible death benefit.
Types of Accident & Health insurance
Common Disaster (Simultaneous Death Act) clause/provision
Annuity
Consolidated Omnibus Budget Reconciliation Act (COBRA)
5. Same as WL but death benefit decreases each yr. w/ dividends paid annually to offset decrease.
Enhanced Ordinary (aka Extraordinary) Whole Life policy
Mortality vs. Morbidity tables
Accidental Death & Dismemberment (AD&D) Disability rider
Types of Insurers (miscellaneous)
6. Intentional OR unintentional failure to disclose material underwriting facts that should have been disclosed; grounds for policy rescission.
Credit Life policy
Dental Plan
Concealment
Waiver of Premium provision
7. Coverage for catastrophic loss w/ high limits - front end deductible; co-insurance (80/20%); blanket coverage; stop loss max.
Major Medical plan
Annuity Classifications (5 of 5): # of lives
Waiver of Premium provision
Errors & Omissions (E&O)
8. Same as Universal Life but cash value put in investment vehicles chosen by policy owner (stocks - bonds - munis.); cash value NOT guaranteed.
1035 Exchange
Plans A-L of Medical Supplement or Medigap
Variable Universal Life policy
Claim Form (aka Proof of Loss Form) provision
9. 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 Term Life policies
Non-forfeiture options for WL policy
Valid life insurance contracts must identify...
Fraud
10. Allows for use of HMO/PPO or other private carrier to provide expanded benefits @ additional premium & if enrolled in BOTH Parts A & B.
Grace Period provision
Graded Premium Whole Life policy
Doctrine of Comity
Medicare Part C (aka Medicare Advantage)
11. A company providing lump sum buyout (50-90% of total) of Life policy; becomes owner & beneficiary & assumes premium payments; usually terminally ill viator.
Health Reimbursement Account (HRA)
Viatical Settlement Provider (VSP)
Policy loans
Transplant/Cosmetic Surgery rider
12. Physical - slippery floor; Moral - dishonest acts; Morale - carelessness or recklessness.
Universal (aka Flexible Premium Adjustable) Life policy (3 of 4)
Types of hazards
Waiver of Premium (Waiver of Cost of Insurance) rider
Beneficiary provisions
13. Combination of Basic Medical & Major Medical in one policy; Basic pays 1st - then Major Medical w/ corridor deductible.
Business Continuation (aka Buy-Sell) policy
Employer-Administered plan
Medicare Part B (aka Supplemental Medical Insurance or SMI)
Comprehensive Major Medical plan
14. Waives premium on Life policy for minor child until age 21 in event premium payor dies or becomes disabled.
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15. Provides for continued operation of business if partner becomes disabled - by allowing other partner(s) to buy disabled partner's interest in business.
Renewability provision
Annuity Classifications (4 of 5): Disposition "pay-out" of proceeds
Current Assumption (aka Interest-Sensitive) Whole Life policy
Business Continuation (aka Buy-Sell) Disability policy
16. Permanent disability due to total loss of sight - hearing - speech or use of 2 + limbs; benefits paid even while continuing to work.
Presumptive disability
Tax implications of an Annuity (1 of 2)
Relation of Earnings to Insurance provision
Key Employee policy
17. Preferred or Preferred Smoker; Standard or Standard Smoker; Substandard; Denied.
Underwriting risk categories
Applicant Representations vs. Warranties
Return of Premium rider
AIDS/HIV discrimination
18. Federal law which prohibits companies w/ 20+ employees from denying work & medical benefits to employees due to age.
Primary Insurance Amount (PIA)
Age Discrimination in Employment Act (ADEA)
Peril vs. Hazard
Cross Purchase Plan
19. Allows policy owner to w/draw set % of death benefit upon verification of terminal illness w/ expectancy 12-24 mths.; generally tax-free.
Suicide clause/provision
Plans A-L of Medical Supplement or Medigap
Peril vs. Hazard
Accelerated Benefits (aka Terminal Illness or Living Benefits) rider
20. No-charge annuity w/drawals allowed up to 10% of total - THEN penalized on sliding scale based on # policy yrs.; conditionally waived.
Annuity surrender charges
Exclusions to Work. Comp.
Non-forfeiture options for WL policy
Underwriting risk categories
21. Process whereby a reinsurer reinsures w/ another reinsurer.
Universal (aka Flexible Premium Adjustable) Life policy (2 of 4)
Renewability provision
Tax implications of Dividends - Loans & Interest
Retrocession
22. Life license + NASD (FINRA) Series 6 or 7.
Requirements to sell variable life products
Common Accident provision
Experience vs. Community rating in Group Health plan
Types of Agency Authority
23. Period of time following any children's survivor benefit & before benefits are provided to employee's widow/widower.
Blackout Period
Types of Licensed Producers
Employer-Administered plan
Levels of Long Term Care provided
24. Unintentional - up to $1 -000 + legal $; Intentional - $1 -000-5 -000 + legal $; If harmful - misdemeanor + up to 1 yr. prison + up to $10 -000.
Market Value Adjusted (aka Modified Guaranteed) annuity
Conformity with State Statute provision
Penalties for violating AIDS/HIV privacy laws
Disability Income policy
25. Policy owner has 90 days from date of loss to submit proof of loss to Insurer; valid claim must be paid immediately upon receipt.
Mortality vs. Morbidity tables
Proof of Loss provision
Family policy
Medical cost containment (aka Managed care)
26. Prevents overinsuring in order to profit from disability by coordinating benefits between Insurers.
Occupational Disability policy
Relation of Earnings to Insurance provision
Requirements to sell variable life products
Settlement options for Life policy (2 of 2)
27. Compensates business for loss due to disability of key employee; premiums not deductible but benefits tax-free.
Approval Type Conditional receipt
Viatical Settlement Provider (VSP)
Reinstatement provision
Key Employee Disability policy
28. Term Life policy w/ decreasing death benefit; usually used to secure credit (loan) w/ lender as beneficiary & borrower as Insured.
Relation of Earnings to Insurance provision
Loss of Earnings Test
Credit Life policy
Types of Medical Plans
29. Pays death benefit until age 100 or death; builds equity (cash value); may be transferred or sold; generally level premium.
Human Life Value approach
Whole (aka Permanent or Straight) Life policy
Factors that determine premium
Age Discrimination in Employment Act (ADEA)
30. Intentional deception; grounds for rescission.
Fraud
Types of Term Life policies
Beneficiary provisions
Tax implications of medical plans
31. Prepaid med. benefits for members w/ approved primary care M.D. (independent); low co-pay; non-PPO M.D. can be used at higher cost.
Family policy
Preferred Provider Organization (PPO)
Needs approach (most common)
Insuring clause/provision (aka Insuring Agreement)
32. Process which prevents claim denial as a result of false statement or promise (made by Insurer) - which was relied upon by Insured.
Guaranteed Insurability (aka Additional Purchase or Future Increase) Disability rider
Dividend options
Doctrine of Comity
Estoppel
33. Facultative - case by case agreements; Automatic/Treaty - automatic acceptance of risk percentage per previous agreement.
Recurrent disability clause/provision
Proof of Loss provision
Types of reinsurance
Automatic Premium Loan (APL) provision
34. 'The inability to perform ANY gainful occupation'.
Total disability (any-occupational definition)
Free Look provision
Modified Endowment Contract (MEC)
Fraud
35. Same as WL but death benefit increases annually - linked to Consumer Price Index; premium increases annually OR is set high from start.
Common Life Exclusions
Family policy
Equity Index Whole Life policy
Family or Dependents rider
36. Provides usual & customary business expenses (rent - utilities - salaries - mortgage) if owner becomes disabled; premiums deductible - benefits taxable.
Entire Contract provision
Medical cost containment (aka Managed care)
Business Overhead Expense (BOE) Disability policy
Departments of an Insurer
37. A&H - A&S - Sickness only; Medical; Disability; Accident only; Travel accident; LTC; Medicare supplement; AD&D; Dental/Vision/Prescription; Limited.
Transplant/Cosmetic Surgery rider
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
Types of Licensed Producers
Types of Accident & Health insurance
38. Voiding an insurance contract based on fraud - concealment or material misrepresentation; premiums returned; policy treated as never existing.
Joint Life (aka "First to die") policy
Rescission
Medical Savings Account (MSA) & Health Savings Account (HSA)
Universal (aka Flexible Premium Adjustable) Life policy (4 of 4)
39. No-cost provision that authorizes Insurer to borrow from cash value to pay unpaid premiums after grace period; must ask for @ app. time.
Incontestability clause/provision
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
Binding receipt (aka Temporary Insurance Agreement)
Automatic Premium Loan (APL) provision
40. Receipt whereby coverage incepts conditionally upon submission of full consideration and that all underwriting reqs. are met.
Social Security (aka Old Age Survivors Disability Health Insurance or OASDHI)
Tax implications of an Annuity (1 of 2)
Factors that determine premium
Insurability Type Conditional receipt
41. 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.
Cash value
Plans A-L of Medical Supplement or Medigap
Indemnify
Policy loans
42. 1: Immediate benefits rec'd w/in 30 days but premium must be paid by lump sum; 2: Deferred - usually until retirement.
Group Disability plan
Policy loans
Annuity Classifications (2 of 5): When benefits begin
Insurability Type Conditional receipt
43. Covers disabilities occurring ONLY "off" job; benefits do not overlap work. comp. (i.e. Group plan).
Non-Occupational Disability policy
Trusts
Adverse selection
Variable Life policy (1 of 2)
44. Reappearance of disability w/in 6 mth. period after "recovery" from same disability is considered recurrence - not new disability.
Incontestability clause/provision
Medicare
Recurrent disability clause/provision
Health Insurance Portability and Accountability Act (HIPAA)
45. Responsible adult trustee designated to manage death benefits for minor child beneficiary until adulthood.
Trusts
Health Reimbursement Account (HRA)
Single Pay Whole Life policy
Small Employer Medical Expense plan
46. Govt. organization providing health care benefits for dependents of military personnel.
7 Pay Test
Accidental Death (aka Multiple Indemnity) rider
Tax implications of Death Benefit & Cash Value
CHAMPUS (aka TriCare)
47. Policy owner must notify Insurer of loss either in writing - in person or by phone w/in 20 days.
Dividend options
Social Security Benefit (Supplement) rider
Enhanced Ordinary (aka Extraordinary) Whole Life policy
Notice of Claim provision
48. 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
Exclusions to Work. Comp.
Variable Life policy (1 of 2)
Tax implications of Disability policy
Cross Purchase Plan
49. 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"
Dependent coverage
Employer-Administered plan
Valid life insurance contracts must identify...
50. Same as WL but w/ adjustable death benefit (& corresponding premium) & over-fund option but w/ annually renewable term (ART).
Needs approach (most common)
Universal (aka Flexible Premium Adjustable) Life policy (1 of 4)
Payor (aka Waiver of Payor's Premium) rider
Return of Cash Value rider
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