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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. Federal law which prohibits companies w/ 20+ employees from denying work & medical benefits to employees due to age.






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

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3. Provides hospital insurance automatically @ age 65 (if FICA qualified) @ no fee but may have deductible & co-pay.






4. Same as WL but death benefit decreases each yr. w/ dividends paid annually to offset decrease.






5. 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.






6. 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.






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






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






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






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






11. Revocable - changeable anytime w/ Change of Beneficiary Form; Irrevocable - not changeable w/out beneficiary permission.






12. 1: Cash (tax-free); 2: Apply to future premiums; 3: Retained by Insurer @ interest; 4: Buy Paid-up WL policy add-ons; 5: Pay-up existing policy; 6: Buy 1-yr. Term policy.






13. Same as WL but policy owner can adjust death benefit w/ corresponding premium adjustments; mostly obsolete.






14. Same as WL but cash value put in investment vehicles chosen by policy owner (stocks - bonds - munis.); cash value NOT guaranteed.






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






16. Privately-provided or Medicare-provided (if no private carrier) prescription drug plans for qualified individuals but w/ premium - deductible & co-pay.






17. Conditional - coverage is conditional; Personal - parties are people; Good faith - honesty/integrity; Fiduciary - req's financial trust.






18. Preferred or Preferred Smoker; Standard or Standard Smoker; Substandard; Denied.






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






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






22. Business continuation funding plan whereby each partner agrees to buy Life policies on each other - but not themselves.






23. Covers entire family w/ WL for breadwinner & (convertible) Level Term for spouse & children (until certain age).






24. War - 2 types; Suicide (1st 2 yrs.); Aviation (non-commercial); Hazardous hobbies; Criminal acts; Alcohol/Drug influenced.






25. Commercial (private) companies; HMOs; PPOs; Blue Cross/Blue Shield; Employer-sponsored plans; Government.






26. Actual/Expressed - written powers; Implied - unwritten but customary practices; Apparent - perceived powers.






27. Same as WL but w/ Level Term rider; upon death - pays monthly income for FULL term AFTER which pays full death benefit.






28. 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.






29. Hybrid of HMO & PPO w/ greater flexibility on choosing specialists outside network w/ benefits still provided but @ higher co-pay.






30. Intentional deception; grounds for rescission.






31. Part of IRS Section 125 cafeteria plan - which allows pre-tax payroll deductions for qualified medical expenses or child/dependent care.






32. Pure risk involves chance of loss ONLY (accident or misfortune). Speculative risk involves chance of loss OR gain (gambling - stock investment).






33. 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.






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






35. Temp. coverage for set duration w/ death benefit ONLY (no cash value) - offers largest $ for lowest premium; renewable; convertible.






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






37. Palliative - treatment to manage pain; Curative - treatment to cure illness/condition.






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






39. If total premiums paid w/in 1st 7 yrs. exceed net level premium that should have been paid - policy is an MEC.






40. WL policy covering 2 or more Insureds but payable upon death of FIRST Insured - after which policy ends.






41. 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.






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






43. Federal law to protect Federal employees' (& their beneficiaries') pension - group insurance - & welfare benefits.






44. Provides for continued operation of business if partner becomes disabled - by allowing other partner(s) to buy disabled partner's interest in business.






45. Provides supplemental coverage for physician/surgeon fees if enrolled (during enrollment period ONLY) & pay monthly premium w/ deductible and co-insurance.






46. The state in which the contract is accepted or delivered is the state that possesses regulatory jurisdiction over Group plan.






47. Group plan initially self-funded by employer (like SIR); after which - group plan Insurer covers (up to policy limit); requires TPA.






48. Provides coverage for specific disease(s) - such as cancer or leukemia.






49. Fraternal - non-profit - members only; Reciprocal - unincorp'd org. - members insure each other; Lloyd's Assoc. - groups sharing risks; Surplus lines - special market risks.






50. Unilateral - Insurer provides contract; Adhesion - parties must adhere to terms; Aleatory - benefits may not inure equally.







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