California Life, Accident, and Health Study guides, Class notes & Summaries

What is considered the most common type of specified disease insurance policy? - ANSWERCancer Minimum participation standards exist for a group health insurance plans in order to - ANSWERPrevent Adverse Selection How does underwriting differ between group life and individual life insurance? - ANSWERMedical questions must be answered on individual life insurance when handling premiums for an insured an agent is acting in which capacity? - ANSWERFiduciary what is the term used to descr...

What is an insurance solicitor authorized to do? -ANSWER Help an agent or broker sell insurance According to the California Insurance Code, what is "insurance"? -ANSWER A contract What does a Hospital Confinement indemnity policy pay for? -ANSWER Pay a specified daily amount while the insured is confined to a hospital According to the California Insurance Code, how is the word "may" interpreted? -ANSWER Permissive Which statement is CORRECT when describing a contract of adhesion?...

What distinguishes a deferred annuity from an immediate annuity? -ANSWER The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? -ANSWER 60 payments What is a common reason people purchase an annuity? -ANSWER To protect against the risk of outliving their financial resources What kind of annuity pays income to t...

Final Exam: California Life, Accident, and Health Insurance (from Xcel) with Complete SolutionsFinal Exam: California Life, Accident, and Health Insurance (from Xcel) with Complete SolutionsFinal Exam: California Life, Accident, and Health Insurance (from Xcel) with Complete Solutions What is considered the most common type of specified disease insurance policy? - ANSWER-Cancer Minimum participation standards exist for a group health insurance plans in order to - ANSWER-Prevent Adverse Selec...

Final Exam: California Life, Accident, and Health Insurance Questions and Answers 100% Correct Final Exam: California Life, Accident, and Health Insurance Questions and Answers 100% Correct Final Exam: California Life, Accident, and Health Insurance Questions and Answers 100% Correct The systematic liquidation of a sum of money is provided by a(n) - ANSWER-annuity An annuitant would like to determine the current value of her annuity. To do this, she multiplies the number of "accumul...

Final Exam: California Life, Accident, and Health Insurance Questions and Answers (Graded A)Final Exam: California Life, Accident, and Health Insurance Questions and Answers (Graded A)Final Exam: California Life, Accident, and Health Insurance Questions and Answers (Graded A) What is an insurance solicitor authorized to do? - ANSWER-Help an agent or broker sell insurance According to the California Insurance Code, what is "insurance"? - ANSWER-A contract What does a Hospital Confineme...

Final Exam: California Life, Accident, and Health Insurance Exam Questions and Answers 100% Correct Final Exam: California Life, Accident, and Health Insurance Exam Questions and Answers 100% Correct Final Exam: California Life, Accident, and Health Insurance Exam Questions and Answers 100% Correct What distinguishes a deferred annuity from an immediate annuity? - ANSWER-The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving...

Co-insurance -The policy provision which requires the insurer and the insured to share in the cost of services rendered Exclusion ratio -The formula which is used by the IRS to determine how much is taxable to an annuitant during the pay out period. Occupational policy - When a disability income policy provides coverage for injuries which occur on and off the job

What is meant by referring to an insurance policy as a unilateral contract? -Only one party makes a legally enforceable promise. When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? -At all times. Any situation that presents the possibility of a loss is known as -a loss exposure

What distinguishes a deferred annuity from an immediate annuity? - The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - 60 payments What is a common reason people purchase an annuity? - To protect against the risk of outliving their financial resource