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






2. Specialized policy covering diagnostic & preventative dental care; often no deductible; co-insurance; expensive; may be included w/ medical plan.






3. 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.






4. Funding mechanism whereby employer & employee share cost of premium. Upon death - benefit is shared between employer & beneficiary.






5. Beneficiary has right to leave death benefits / Insurer to protect $ from creditors; interest (taxable) paid on retained funds.






6. Periodic return of premium to policy owners from Mutual (Par) Companies; not guaranteed & not taxable as income; may be used in 6 ways.






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






8. Earned premium is $ paid for coverage to date. Unearned premium is $ paid & returnable due to coverage not provided.






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






10. 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.






11. Provides 24 hr. health coverage both "on" & "off" job - but may cause coverage duplication & coordination challenges.






12. Grows @ fixed min. interest rate but w/ possible higher rate tied to equity index (i.e S&P Equity Index) appreciation; gains shared w/ Insurer.






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






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






15. 1: Non-cancelable; 2: Guaranteed renewable; 3: Cancelable; 4: Conditionally renewable; 5: Optionally renewable.






16. Provides professional services - rehabilitation - training/re-training & related costs to assist Insured in returning to work.






17. Any person - assoc. - org. - partnership - business trust - LLC - or corp. capable of making an insurance contract.






18. 1: Fixed - guaranteed fixed monthly income & fixed interest rate; 2: Variable - unguaranteed; monthly income varies based on stocks/bond returns.






19. 1: Skilled nursing care; 2: Intermediate care; 3: Custodial care; 4: Home health care.






20. Employer w/ 25 or less employees must offer all eligible employees @ least 2 medical plan options where pre-existing conditions can't be excluded more than 1 yr.






21. Insurer has right to adjust (+ or -) death benefit if age or sex is misstated but normally doesn't void policy.






22. Policy covering minor child; premium fixed but death benefit increases by 5 times @ age 18 or 21.






23. 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.






24. Partially state-funded benefits for low-income people whereby cost of care is shared between state & recipient - based on income.






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






26. Qualified Annuity - Tax-deductible contributions & tax-deferred growth but fully taxable w/drawals.






27. Insured can seek legal action against Insurer for denial of claim only after 60 days and up to 3 yrs. after providing proof of loss.






28. Coverage remains in effect for 31 days past premium due date; benefits paid during grace period would be deducted from sum.






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






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






31. Prevents overinsuring in order to profit from disability by coordinating benefits between Insurers.






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






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






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

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35. 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.






36. Annuity distributions prior to age 59 1/2 incur a 10% IRS penalty EXCEPT for death - disability - immediate annuity - or rollover.






37. Physical - slippery floor; Moral - dishonest acts; Morale - carelessness or recklessness.






38. Federal law which prohibits companies w/ 15+ employees from decreasing coverage benefits for women affected by pregnancy or childbirth.






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






40. Same as WL but premium low for 1st 3-5 yrs. - THEN has one-time premium increase.






41. Receipt whereby coverage incepts ONLY after underwriting approval.






42. War; elective cosmetic surgery; routine dental; work. comp.-covered claims; self-inflicted (intentional); gov't. facility treatment; LTC; private nursing.






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






44. Same as WL but cash value increases @ current interest rates (not set); premium can start low or high & may change.






45. Policy must be delivered w/ original (or copy of same) application attached.






46. 'The inability to perform ANY gainful occupation'.






47. Identical to Incontestable Clause in Life policy.






48. Mathematical calculation based on overall FICA contributions used to determine retirement/disability/survivorship benefit.






49. War/Military; Intentional self-inflicted; Aviation (non-commercial); Foreign country; Loss of professional license; Illegal activity; Mental disorders (after 1-2 yrs.).






50. Underwriting - determines insurability; Marketing/Sales - determines products; Actuarial - determines rates; Claims - investigates/pays claims.







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