Life Insurance CA
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| An injured party to a contract is able to rescind the contract for | Concealment regardless of whether the concealment is intentional or unintentional.
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| Long-Term care training in California | The initial training is 8hrs and the training is not required if the rider does not provide services
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| The waiver of premium rider allows an insurance company to | Waive premiums if the insured becomes totally disabled
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| The policy that pays a monthly income to the beneficiary for a stated period of time and pays the face amount at the end of that period | Family Maintenance policy
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| What type of insurance is frequently used in group life plans | Annual renewable term
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| What is true about renewable term policy | It is renewable at the option of the insured without proof of insurability.
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| Which rider may provide a monthly benefit to an insured | Disability Income rider waives the premium and pays a monthly benefit to the insured
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| the receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a | Conditional receipt-
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| How many hours of continuing education are required per renewal for a life-only producer? | 24hrs, 3 hours must be in ethics
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| If a policy does not have a free look period, when must a producer provide a consumer with a Buyers guide | Prior to accepting the initial premium
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| Which of the following components increases in a Jumping Juvenile policy | Face amount increases at predestined age, but the premium remains level
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| A group life insurance program in which the employer pays all of the premium would be considered | Noncontributory-an insurer will require that all employees will be considered in the plan.
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| What contract term states that both parties must comply with certain specified circumstances in order to make the contract enforceable | Conditional
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| What factors determine premiums | Mortality, expense and investments
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| The exclusion ratio is used in annuities to determine the | Untaxed portion of distributions
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| Replacing and existing insurers must retain evidence of all signed applications and disclosures used in replacement for no less than | 3 years
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| A type of cash value policy that allows the policy-owner to select how to invest the policy’s cash value in securities is called | Variable Life-The cash value in not guaranteed and fluctuates with performance in which the premiums have been invested by the insurer
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| Which clause prohibits a company from challenging statements made on the original application after the policy has been in force for 2 years | Incontestability Clause
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| An agreement between two or more parties consist of | An offer and acceptance
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| A legal contract in which only one party makes a legally enforceable promise is called | Unilateral
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| A life insurance policy in which the cash value builds faster than a 7-pay whole life policy is called a | Modified endowment contract
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| What is the minimum administrative penalty for a producer who violates the replacement provisions of the California Code | $1,000 1st and no less than $5,000 and no more than $50,000
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| For insurance contract, the principle of utmost good faith means | Each party relies upon the truthfulness of the other
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| According to California Insurance Code, the term “shall” describes what kind of actions | Mandatory
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| Which type of beneficiary designation cannot be changed without the written consent of the beneficiary | Irrevocable
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| An indexed whole life policy would have a minimum guaranteed interest rate but may have a higher rate of restrung based upon the | The main feature of indexed whole life(equity index whole life) is that the cash value is dependent upon the performance of an equity index, such as S&P 500
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| Limited-Pay whole life is designed so that the premium | Will be paid-up before age 100 but coverage last until age 100
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| What are the 4 requirements elements of a contract agreement | Offer & Acceptance, competent parties, legal purpose, consideration
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| The replacement regulation does not apply to | Credit life, Group life and Group annuities
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| A term insurance policy in which the amount of protection remains constant is | Level Term
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| If an insured dies during the grace period of an insurance policy, what will the insurer do? | Pay the full benefits minus the past due premium
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| The type of hazard that arises from an Attitude of indifference to loss is | Morale-Carelessness and irresponsibility
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| A financial transaction where an owner sells a life insurance policy to a third party for compensation | Life Settlement contract
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| If an agent suspects that one of her clients may be attempting to collect on a false claim, the agent should report this to | The insurers fraud prevention unit
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| Dividends from a participating policy are | Dividends are a return of excess premiums, and for that reason they are not taxable to the policy owner
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| Death must occur within how many days of an accident in order for the accidental death rider to pay the double or triple face amount? | 90 days usually two times(double indemnity) or three times (triple indemnity)
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| Which provision allows a permanent transfer of ownership | Assignment clause: this clause provision Specifies the policy owners righ to assign(Transfer ownership) the policy
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| The equity indexed annuity has a minimum guaranteed interest rate, but may have a higher rate of return based upon the | Standard & Poor's 500 stock index
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| Which annuity option guarantees payments for the lifetime of the annuitant and for a specified period of time | Life with period certain
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| Which method determines the amount of life insurance needed by considering such factors as the cost associated with death, housing, and children’s education | Needs approach
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| An activity, such as scuba diving, which increases the chance of a loss occurring is called | Hazard- are conditions or situations that increase the probability of an insured loss occurring, such as hazardous hobbies
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| The annuity period is defined as the time during which the annuitant | Annuitization period, liquidation period, or pay-out period, is the time during which the sum accumulated is converted into a stream of income
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| What nonforfeiture option allows the policy owner to use to use the cash value as a single premium to purchase a smaller policy that will endow at age 100 | Reduced paid-UP
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