Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Exam C
Life Insurance CA
| Question | Answer |
|---|---|
| When assessing a consumer’s need for life insurance by focusing on an individual’s future stream of income, the producer is using the | The human life value approach-calculates insureds wages, inflation, the number of years to retirement, and time value of money |
| The administrative penalty for an insurers first violation of the replacement provisions of the California Code is | $10,000 |
| The primary purpose of an inspection report is to assess an applicants | Personal characteristics |
| The provision that allows an insurer to deduct premiums from the policy’s cash value to prevent the policy from lapsing is a | Automatic premium =loan is a loan against the policy cash value for the amount of premium due when the policy owner has not paid the premium by the end of the grace period. |
| If the department of Insurance request information from an agent regarding a claim, the information must be provided within how many days | 21 days |
| The waiver of cost of insurance rider is found on which policy | Universal Life- waives the cost of the insurance in disability but not cost of premiums necessary to accumulate cash values |
| According to the California Insurance Code, every applicant must notify the Commissioner of any change in email or mailing address | Immediately |
| Transacting insurance without a license is considered an | Misdemeanor |
| What annuity benefit option is often used for short term needs | Annuity certain=Short term annuities that limit the amounts paid to a certain fixed peariod |
| Which policy offers a level death benefit or an increasing death benefit option | Universal Life |
| A life settlement broker | Negotiates life settlement contracts between an owner and providers |
| A return of premium insurance policy consist of | (Increasing term): that pays an additional death benefit to the beneficiary equal to amount of premiums paid if death is w/in a spec period of time |
| A life insurance policy with premiums that gradually increase for a specified period of years and then remain level is | Graded premium whole life |
| Business uses for Life Insurance | Salary continuation plans, Defferred compensation, Buy-Sell plans |
| The income paid to an annuitant from a variable annuity is measured in | Annuity units |
| What type of policy renews each year but the premium increase according to the insureds attained age | Annual renewable term |
| Methods of managing risk exposure (STARR) | Sharing, Transferring, Avoiding, Retention, Reduction |
| An employee usually has how long after termination from a group plan to exercise the conversion option | 31 days` |
| When money is withdrawn from an annuity during the accumulation phase the amounts are taxed on what basis | Last-in-First -out |
| A deferred annuity can be purchased with all of the following premium payment options | Single, level, flexible BUT NOT A variable` |
| Once a life settlement has been executed and by all parties and the owner has received all disclosures, how long does the owner have to rescind the contract | 30 days |
| Which type of agent authority is stated in the agents contract | Express=written |
| What are the 3 types of an agents authority | Express, Implied and Apparent |
| Which characteristic below would not prevent an insurer from accepting an insurance risk | Group of homogeneous exposure units |
| Which settlement option offers a level benefit until all proceeds are paid | Fixed amount |
Created by:
Sandradiazbohr
Popular Insurance sets