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






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






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






4. Written contract that provides INCOME @ high interest rate for fixed period OR for annuitant's lifetime w/ possible death benefit.






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






6. Intentional OR unintentional failure to disclose material underwriting facts that should have been disclosed; grounds for policy rescission.






7. Coverage for catastrophic loss w/ high limits - front end deductible; co-insurance (80/20%); blanket coverage; stop loss max.






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






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.






10. Allows for use of HMO/PPO or other private carrier to provide expanded benefits @ additional premium & if enrolled in BOTH Parts A & B.






11. A company providing lump sum buyout (50-90% of total) of Life policy; becomes owner & beneficiary & assumes premium payments; usually terminally ill viator.






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






13. Combination of Basic Medical & Major Medical in one policy; Basic pays 1st - then Major Medical w/ corridor deductible.






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.






16. Permanent disability due to total loss of sight - hearing - speech or use of 2 + limbs; benefits paid even while continuing to work.






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






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






19. Allows policy owner to w/draw set % of death benefit upon verification of terminal illness w/ expectancy 12-24 mths.; generally tax-free.






20. No-charge annuity w/drawals allowed up to 10% of total - THEN penalized on sliding scale based on # policy yrs.; conditionally waived.






21. Process whereby a reinsurer reinsures w/ another reinsurer.






22. Life license + NASD (FINRA) Series 6 or 7.






23. Period of time following any children's survivor benefit & before benefits are provided to employee's widow/widower.






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.






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.






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






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






28. Term Life policy w/ decreasing death benefit; usually used to secure credit (loan) w/ lender as beneficiary & borrower as Insured.






29. Pays death benefit until age 100 or death; builds equity (cash value); may be transferred or sold; generally level premium.






30. Intentional deception; grounds for rescission.






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.






32. Process which prevents claim denial as a result of false statement or promise (made by Insurer) - which was relied upon by Insured.






33. Facultative - case by case agreements; Automatic/Treaty - automatic acceptance of risk percentage per previous agreement.






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






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






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






37. A&H - A&S - Sickness only; Medical; Disability; Accident only; Travel accident; LTC; Medicare supplement; AD&D; Dental/Vision/Prescription; Limited.






38. Voiding an insurance contract based on fraud - concealment or material misrepresentation; premiums returned; policy treated as never existing.






39. No-cost provision that authorizes Insurer to borrow from cash value to pay unpaid premiums after grace period; must ask for @ app. time.






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






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.






42. 1: Immediate benefits rec'd w/in 30 days but premium must be paid by lump sum; 2: Deferred - usually until retirement.






43. Covers disabilities occurring ONLY "off" job; benefits do not overlap work. comp. (i.e. Group plan).






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






45. Responsible adult trustee designated to manage death benefits for minor child beneficiary until adulthood.






46. Govt. organization providing health care benefits for dependents of military personnel.






47. Policy owner must notify Insurer of loss either in writing - in person or by phone w/in 20 days.






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






49. Part A - Inpatient hospital deductibles vary on # of days; limited reserve days; finite benefit; 1st 3 pints blood; Part B - 20% co-payment.






50. Same as WL but w/ adjustable death benefit (& corresponding premium) & over-fund option but w/ annually renewable term (ART).







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