Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

52 Hour California Life, Accident and Health Insurance Exam Course 100% Solved, Exams of Health sciences

#8Question #121859 When an insurer can no longer meet its financial obligations when they are due, the insurer is considered to be: - Correct Answer: Insolvent Explanation: Insolvency means any impairment of required minimum paid-in capital or the inability of the insurer to meet its financial obligations when they are due. #9Question #121863 An appointment as an agent of an insurer becomes effective on the date it is: - Correct Answer: Signed by the insurer Explanation: The authority to transact insurance given to a licensee by an insurer by appointment shall be effective as of the date the notice of appointment is signed by the insurer. #10Question #121855 Under the California Insurance Code (CIC), neither party to a contract of insurance is bound to communicate any of the following EXCEPT: - Correct Answer: Information known to be material Explanation: Each party of a contract of insurance shall communicate to the other, in good faith, all facts within their knowledge which

Typology: Exams

2023/2024

Available from 02/03/2024

Academician
Academician 🇺🇸

4.1

(17)

3.9K documents

Partial preview of the text

Download 52 Hour California Life, Accident and Health Insurance Exam Course 100% Solved and more Exams Health sciences in PDF only on Docsity!

52 Hour California Life, Accident and Health Insurance Exam

Course 100% Solved

#8Question # When an insurer can no longer meet its financial obligations when they are due, the insurer is considered to be: - Correct Answer: Insolvent Explanation: Insolvency means any impairment of required minimum paid-in capital or the inability of the insurer to meet its financial obligations when they are due. #9Question # An appointment as an agent of an insurer becomes effective on the date it is: - Correct Answer: Signed by the insurer Explanation: The authority to transact insurance given to a licensee by an insurer by appointment shall be effective as of the date the notice of appointment is signed by the insurer. #10Question # Under the California Insurance Code (CIC), neither party to a contract of insurance is bound to communicate any of the following EXCEPT: - Correct Answer: Information known to be material Explanation: Each party of a contract of insurance shall communicate to the other, in good faith, all facts within their knowledge which are or which they believe to be material to the contract. #12Question # A representation that fails to correspond with its assertions or stipulations is: - Correct Answer: False Explanation: A representation is false when the facts fail to correspond with its assertions or stipulations. #20Question # A cause of loss is also known as a(n): ~ Correct Answer: Peril Explanation: Risk is defined as the chance of loss. A hazard is something that increases the risk. A peril is a cause of loss, such as accident or sickness. An exposure is a condition that could result in a loss. #23Question # Making an insured whole again after a loss is known as: - Correct Answer: To indemnify Explanation: The principle of indemnity states that the purpose of insurance is to restore a person financially to the position they were in before the claim occurred. To make a person whole again financially is to indemnify that person.

#29Question # An insurer organized under the laws of another state who is legally transacting insurance in this state is known as: - Correct Answer: A foreign insurer Explanation: A domestic insurer is organized in this state, a foreign insurer is organized in another state and an alien insurer is organized in #11Question # A cause of loss is also known as a(n): - Wrong Answer: Risk Correct Answer: Peril Explanation: Risk is defined as the chance of loss. A hazard is something that increases the risk. A peril is a cause of loss, such as accident or sickness. An exposure is a condition that could result in a loss. #22Question # A person shall not solicit, negotiate, or effect contracts of insurance unless the person holds a valid license from the Commissioner authorizing them to act in that capacity. Any person who transacts insurance without a valid license to do so is guilty of a misdemeanor punishable by: - Wrong Answer: Imprisonment in a county jail for a period not exceeding 1 year Correct Answer: Both a fine not exceeding $50,000 and up to 1 year in a county jail Explanation: Any person who transacts insurance without a valid license to do so is guilty of a misdemeanor punishable by a fine not exceeding $50,000 or by imprisonment in a county jail for a period not exceeding one year, or by both that fine and imprisonment. #27Question # Making an insured whole again after a loss is known as: - Wrong Answer: Estoppel Correct Answer: To indemnify Explanation: The principle of indemnity states that the purpose of insurance is to restore a person financially to the position they were in before the claim occurred. To make a person whole again financially is to indemnify that person. #35Question # The neglect to communicate that which a party knows, and ought to communicate, is concealment. Concealment entitles the injured party to rescind the insurance if it is: - Wrong Answer: Unintentional Correct Answer: Intentional or unintentional Explanation: Concealment, whether intentional or unintentional, entitles the injured party to rescind (void) an insurance contract. #36Question #

If a Life insurer issues a policy based upon an application submitted by an agent who is not their appointee, the insurer must send a Notice of Appointment to the Commissioner within: - Wrong Answer: 7 days Correct Answer: 14 days Explanation: Not more than 14 days after the life agent submits an application to the insurer for which the insurer issues a policy, the insurer shall forward to the Commissioner a Notice of Appointment for that agent. #40Question # When an insurer can no longer meet its financial obligations when they are due, the insurer is considered to be: - Wrong Answer: Incapacitated Correct Answer: Insolvent Explanation: Insolvency means any impairment of required minimum paid-in capital or the inability of the insurer to meet its financial obligations when they are due. #2Question # An insurer or agent who makes any statement which is misleading for the purpose of inducing another person to take out a policy of insurance or for the purpose of inducing them to lapse, forfeit or surrender their insurance may be guilty of _______. - Wrong Answer: Rescission Correct Answer: Misrepresentation Explanation: This is known as "twisting" the facts, which is a form of misrepresentation. #5Question # All of the following are true regarding representations EXCEPT: - Wrong Answer: They may be oral or written Correct Answer: They may qualify as an express provision in a contract of insurance Explanation: A representation cannot qualify as an express provision in a contract of insurance, but may qualify as an implied warranty. #10Question # A life settlement broker represents and owes a fiduciary duty only to the ______. - Wrong Answer: Life settlement provider Correct Answer: Life insurance policyowner Explanation: A life settlement broker represents only the life insurance policyowner and owes a fiduciary duty to the owner to act in accordance with their instructions. #14Question #

Under Section 1669 of the California Insurance Code (CIC), the Commissioner may, without a hearing, deny an application or suspend or revoke any permanent license for all of the following reasons EXCEPT: - Wrong Answer: Pleading guilty to a felony Correct Answer: Lack of integrity or good business reputation Explanation: A suspension or revocation of any permanent license on grounds other than those set forth in Section 1669 of the CIC shall be after a notice and hearing conducted by the Commissioner. #17Question # All of the following are true regarding an insurance solicitor EXCEPT: - Wrong Answer: They represent an agent or broker Correct Answer: They must be appointed by an admitted insurer Explanation: Solicitors are appointed by the P&C agents or brokers they represent, not by an insurer. #20Question # A written instrument in which a contract of insurance is set forth is a(n): - Wrong Answer: Rider Correct Answer: Policy Explanation: The written instrument in which a contract of insurance is set forth is the policy. #21Question # Which of the following does NOT allow an insurer to rescind a contract? - Wrong Answer: Concealment, whether intentional or unintentional Correct Answer: The violation of an immaterial warranty by either party Explanation: The violation of a material warranty or other material provision of a policy on the part of either party entitles the other to rescind. Underwriters do not care about "immaterial" warranties. #22Question # A licensed life agent may present an application to an insurer for which they are not appointed. Not more than ____ days after the agent submits an application for which the insurer issues a policy, the insurer shall forward a notice of appointment to the Commissioner. - Wrong Answer: 7 Correct Answer: 14 Explanation: Licensed life or health agents may present an application to an insurer for which they are not appointed. If a policy is issued pursuant to that application, the insurer is considered to have authorized the agent to act on its behalf, and not more than 14 days after the agent submits an application to the insurer for which the insurer issues a policy, the insurer shall appoint that agent. This is known as "brokerage." #2Question #

All of the following are true regarding life insurance policies issued by mutual insurers EXCEPT: - Wrong Answer: They are known as "participating policies" Correct Answer: They may pay dividends to their stockholders Explanation: Although mutual insurers may pay dividends to their policyholders, they do not have any stockholders. #6Question # On what type of life insurance is the policyholder also the beneficiary? - Wrong Answer: Group life Correct Answer: Credit life Explanation: On credit life, the creditor (such as a bank) is both the policyholder and the beneficiary. Upon the death of the insured, the proceeds are paid to the bank to extinguish the insured's debt. #8Question # Since level term policies often lapse at the end of a term due to the increase in premium, some insurers have attempted to improve their "persistency" by offering their insureds a: - Wrong Answer: Reinstatement provision Correct Answer: Re-entry option Explanation: On level term, some insurers give their insureds the opportunity to renew their policy at a rate lower than the guaranteed renewal rate if they can pass a physical exam, which is known as the "re-entry" option. "Persistency" is their renewal rate stated as a percentage. #2Question # All of the following are true regarding life insurance mortality tables EXCEPT: - Wrong Answer: They are developed by insurance actuaries Correct Answer: They are used to determine which people will die this year Explanation: Mortality tables can tell insurers how many people of a given age will die this year, but they cannot tell which ones. #5Question # The party covered by an individual or group life insurance policy is known as the: - Wrong Answer: Policyowner Correct Answer: Insured Explanation: The party covered by a life insurance policy is the insured. The policyowner and the insured are not necessarily the same person. #4Question # Which type of annuity has no accumulation period? - Wrong Answer: Equity indexed

Correct Answer: Immediate Explanation: Although there are both single-premium deferred annuities and single-premium immediate annuities, it is the immediate annuity that has no accumulation period. #5Question # The accumulation period on a deferred annuity is also known as the: - Wrong Answer: Payout period Correct Answer: Pay-in period Explanation: The accumulation period on a deferred annuity is also known as the pay-in period. #6Question # On an annuity, the person whose life the contract is based upon is known as the: - Wrong Answer: Owner Correct Answer: Annuitant Explanation: The person whose life an annuity contract is based upon is the annuitant. #7Question # Which annuity payout option has no beneficiary? - Wrong Answer: Life income with 10-year period certain Correct Answer: Life income Explanation: Although the Life income payout option will make payments for the life of the annuitant, there is no beneficiary. If the annuitant dies before receiving their entire account balance, the insurer keeps whatever is left. #2Question # Any attempt by an existing insurer or its agent to dissuade a policyowner from the replacement of existing life insurance is known as: - Wrong Answer: Conversion Correct Answer: Conservation Explanation: Replacing life insurers must send to the existing life insurer a communication advising them of the replacement within three (3) working days of the date their new application was received. The existing insurer may then undertake a "conservation" effort in order to dissuade their policyowner from replacing. #3Question # The rules regarding replacement are designed to protect the interests of: - Wrong Answer: Existing insurers Correct Answer: Life insurance and annuity purchasers Explanation:

The rules regarding replacement are designed to protect the interests of life insurance and annuity purchasers. Remember, on replacement, the incontestability and suicide clauses start over, which may be detrimental to the insured. #1Question # Which of the following life insurance settlement options has no tax implications? - Wrong Answer: Fixed period Correct Answer: Lump sum Explanation: Life insurance policy proceeds that are paid as a lump-sum cash distribution are tax free. All other life insurance settlement options that are paid out over a period of time will accrue interest to some extent, which is taxable. #2Question # All of the following are true regarding the reinstatement of a lapsed life insurance policy EXCEPT: - Wrong Answer: A policy that has been surrendered for cash cannot be reinstated Correct Answer: The premium on a reinstated policy is based upon the insured's current age Explanation: The premium on a reinstated life insurance policy is based upon the insured's original age, which is the main advantage of reinstatement. #3Question # All of the following are nonforfeiture provisions in a cash value life insurance policy EXCEPT: - Wrong Answer: Cash surrender Correct Answer: Automatic premium loan Explanation: Automatic premium loan is a rider, not a nonforfeiture option. #4Question # A written agreement between a provider and an owner with no health problems under which the owner agrees to sell their life insurance policy for compensation that is greater than their cash surrender value but less than their death benefit is known as a(n): - Wrong Answer: Stranger-originated life insurance contract (STOLI) Correct Answer: Life Settlement contract Explanation: A Life Settlement contract is a written agreement between a policy owner and a life settlement provider that establishes the terms under which the provider will pay the owner compensation for their life insurance policy that is more than their cash value, but less than the face amount of their policy. #5Question # In order to get the free look period started, insurers may deliver the policy by any of the following methods EXCEPT: - Wrong Answer: In person, with a signed, written delivery receipt

Correct Answer: First class mail Explanation: Life insurance policies cannot be delivered by first class mail, unless a signed, written delivery receipt is obtained. #7Question # A Life Settlement broker represents the: - Wrong Answer: Life settlement provider Correct Answer: The life insurance policyowner Explanation: A Life Settlement broker represents, and has a fiduciary duty to, the owner of the life insurance policy. #8Question # What is the first Whole life insurance policy provision that applies when the insured does not pay their premium when due? - Wrong Answer: Conversion Correct Answer: Grace period Explanation: It is the grace period that is the first policy provision to apply when the insured does not pay their premium when due. If the premium is not paid by the end of the grace period, the policy will lapse. #9Question # Agents must provide prospective life insurance purchasers a Buyer's Guide: - Wrong Answer: At the time of solicitation Correct Answer: Prior to accepting the applicant's initial premium Explanation: The life insurance Buyer's Guide is a generic document that explains the different types of life insurance. It must be delivered prior to accepting the applicant's initial premium. #2Question # Which type of life insurance has a tax-deductible premium? - Wrong Answer: Key person Correct Answer: Group life Explanation: The premiums paid by the employer for group life coverage for their eligible employees are considered to be a business expense, so they are therefore tax deductible for the employer. #1Question # If a currently insured Social Security participant dies and leaves a 30-year-old spouse and 10-year-old child as survivors, how long is the "black-out" period? - Wrong Answer: 6 years Correct Answer: 24 years Explanation:

The surviving spouse of a currently insured participant is eligible to receive monthly life income benefits at age 60. However, if a surviving spouse, under age 60, has children under age 16, both the spouse and children are eligible for monthly survivors benefits until the youngest child turns age 16. The period of time between the youngest child turning age 16 and the surviving spouse turning age 60 is known as the "black-out" period, since no survivors benefits will be payable to the surviving spouse during that period of time. In this case, survivors benefits will only be paid until the surviving spouse turns age 36, so they will have to wait another 24 years before they turn 60. #2Question # All of the following are true regarding life insurance company underwriting requirements EXCEPT: - Wrong Answer: They properly classify the risk Correct Answer: They are standardized by the Commissioner Explanation: Life insurance company underwriting requirements vary by company. #1Question # The owner of a life insurance policy may do all of the following EXCEPT: - Wrong Answer: Assign or transfer ownership in the policy Correct Answer: Change the dividend scale Explanation: Although owners of life insurance policies may assign their ownership in the policy to another person, change their mode of payment, change their beneficiary or change their dividend option, they cannot change the dividend scale, which is an illustration of dividends paid historically, currently and projected. The dividend scale (or illustration) is set by the insurer and although it is not a guarantee of future payments, it can be a strong indicator. #2Question # All of the following are true regarding the reinstatement of a lapsed life insurance policy EXCEPT: - Wrong Answer: The premium for the reinstated policy will be based upon the insured's original age Correct Answer: The policyowner has up to three (3) years to apply to reinstate a policy that was surrendered for cash Explanation: Although a policyowner has up to three (3) years after lapse to apply for reinstatement, a life insurance policy that has been surrendered for cash cannot be reinstated. #6Question # The person upon whose life a life insurance policy is based is known as the: - Wrong Answer: Applicant Correct Answer: Insured Explanation: Although the policyowner and the insured are often the same person, they do not have to be. For example, a parent might purchase a life insurance policy on a minor child. The child is the insured, but the parent is the policyowner. #7Question #

If a client has to multiply the value of an accumulation unit by the number of units he or she owns in the separate account in order to determine the value of his or her annuity, he or she must have a(an):

  • Wrong Answer: Equity indexed annuity Correct Answer: Variable annuity Explanation: Variable annuity units are similar to shares of a mutual fund, in that they vary in value based upon the performance of the underlying investment portfolio or separate account. For example, if a client owns 100 units in a variable annuity separate account and each unit is worth $100, then the value of the account is $10,000. However, if the value of a unit increases tomorrow to $110, the account value will increase by $1,000. #8Question # When making a life settlement, a policyowner will permanently transfer all rights of ownership in the policy to another party by making a(n): - Wrong Answer: Conversion of ownership Correct Answer: Absolute assignment Explanation: In a life settlement transaction, a policyowner sells all of their rights of ownership to another party, which is accomplished by means of an absolute assignment. Although the prior policyowner is still the insured under the policy, the new policyowner will usually name themselves as the beneficiary to receive the proceeds upon the death of the insured. #9Question # All of the following are true regarding social security disability income benefits EXCEPT: - Wrong Answer: The disability must be expected to last at least 12 months or to result in death Correct Answer: Individuals must meet the own job definition of total disability Explanation: Social security's definition of total disability is difficult to meet since it requires the worker to have fully insured status and be unable to perform any substantial gainful work. The disability must also be expected to last at least 12 months or be expected to result in death. #10Question # Which type of term life insurance has a level face amount but a premium that increases each year as the insured gets older? - Wrong Answer: Convertible Correct Answer: Renewable Explanation: Although renewable term life insurance has a level face amount or death benefit, the premiums will go up each year as the insured gets older. Most group life insurance is sold as annual renewable term, with the premium based upon the average age of the group. #11Question # The department of an insurer that is responsible for classifying risks is: - Wrong Answer: Actuarial Correct Answer:

Underwriting Explanation: Underwriting is known as risk classification. An underwriter's job is to accept risks that will be profitable for the insurer to write at the premium charged and to reject those that will not be. #14Question # All of the following are true regarding dividends paid by a mutual life insurance company EXCEPT: - Wrong Answer: They are legally defined as a return of premium and are not taxable Correct Answer: They must be paid in cash Explanation: If a mutual insurer declares a dividend, the policyowner may elect to receive the dividend as cash, leave it to accumulate at interest, use it to buy paid-up additional life insurance or one-year term life insurance, or they may apply the dividend to their next premium, when due. #16Question # Which of the following completes the application for life insurance? - Wrong Answer: Policyowner Correct Answer: Applicant Explanation: An applicant is a prospective insured who completes and signs a written application form containing the personal information needed by the underwriter to make an informed underwriting decision. #19Question # The incontestability clause in a life insurance policy protects the insured by preventing an insurer from denying a claim: - Wrong Answer: Before the policy has been in effect for a specified period of time Correct Answer: After the policy has been in effect for a specified period of time Explanation: By law, life insurance policies are contestable for the first two (2) years, and incontestable thereafter, meaning that insurers may not deny life insurance claims for material misrepresentations made on the application after the policy has been in effect for two (2) years, even if fraudulent. #20Question # The premium that an employer pays for group life insurance coverage for an employee that exceeds $50,000 in coverage is: - Wrong Answer: Tax deductible for the employer Correct Answer: Taxable as income to the employee Explanation: Employers must include in an employee's wages the cost of group term life insurance beyond $50, worth of coverage. #21Question # Life insurance policies and annuities sold to persons age 60 or older must contain an examination period of ____ days after receipt of the policy for purposes of review, at which time the applicant may return the contract for a full refund of premium. - Wrong Answer:

Correct Answer: 30 Explanation: Every policy of individual life insurance and every individual annuity contract that is delivered to a senior citizen in this state shall have printed thereon or attached thereto a notice stating that, after receipt of the policy by the owner the policy may be returned for cancellation by delivering it or mailing it to the insurer or agent from whom it was purchased. The period of time set forth by the insurer for return of the policy by the owner shall be clearly stated on the notice and this period shall be not less than 30 days. #22Question # All of the following are true regarding annuities EXCEPT: - Wrong Answer: They are purchased by those who are worried about outliving their savings Correct Answer: The contract owner and the annuitant must be the same person Explanation: Although the policyowner and the annuitant are usually the same person, they do not have to be. #23Question # All of the following are true regarding mutual insurance companies EXCEPT: - Wrong Answer: They may pay dividends to their policyholders Correct Answer: They issue non-participating policies Explanation: Mutual insurers issue participating policies, meaning that their policyowners may participate in company profits in the form of dividends. It is stock insurers that issue non-participating policies that may pay dividends to their shareholders, instead of their policyholders. #25Question # Which of the following would not be considered to be ordinary life insurance? - Wrong Answer: Limited pay Correct Answer: Group Explanation: Ordinary life insurance includes whole life (including limited pay whole life), term and endowment policies. Insurers issuing these types of policies base their rates and benefits on the Commissioner's Standard Ordinary Life mortality table. However, group life is not considered to be ordinary life insurance and rates are generally based upon the past claims experience of the group. #26Question # All of the following are true regarding group life conversion EXCEPT: - Wrong Answer: Proof of insurability is not required Correct Answer: The employer will pay the entire cost of the new policy Explanation: Although terminated employees have 31 days to convert their group life coverage to any form of individual life insurance customarily issued by the group insurer, except term, the entire premium for the converted policy must be paid by the converting employee.

#28Question # Which mode of premium payment would have the highest overall annual cost? - Wrong Answer: Annual Correct Answer: Monthly Explanation: Life insurance policyowners may pay their annual premium by utilizing various modes of payment, which can be changed at any time. However, since most insurers charge service fees for processing payments made other than annually, the more frequent the mode of payment, the higher the annual cost will be. For example, a policy with an annual premium of $1,200 could be paid at the rate of $ per month, which means that the client is actually paying $60 more a year in service fees than would a client who chose the annual mode. #29Question # All of following are required nonforfeiture options or provisions on a cash value life insurance policy EXCEPT: - Wrong Answer: Cash surrender Correct Answer: Automatic premium loan Explanation: Automatic premium loan is a rider, not a nonforfeiture option. #30Question # All of the following are true regarding key person life insurance EXCEPT: - Wrong Answer: The employer is the policyowner and the beneficiary Correct Answer: The premium is tax deductible for the employer as a business expense Explanation: Key person life insurance is individual life insurance that is used for a business purpose. The business owner would buy life insurance on a key person, naming the business as beneficiary. If the key person died, the proceeds would be paid to the business that would use the funds to hire and train a replacement. The premiums paid are not tax deductible, but neither are the proceeds taxable. #32Question # The source of dividends paid to the owners of participating life insurance policies issued by mutual insurers is: - Wrong Answer: Paid-in capital Correct Answer: Earned surplus Explanation: A mutual insurer's earned surplus or retained earnings are the source of dividends to be paid to their policyholders. Retained earnings are defined as the insurer's net profit before the payment of dividends. #33Question # Group life insurance policies may exclude all of the following EXCEPT: - Wrong Answer: Aviation Correct Answer: Accidents Explanation:

Group life insurance policies may exclude death due to war, aviation or during military service. #36Question # Which of the following life insurance settlement options enables the beneficiary to conserve the proceeds of a life insurance policy? - Wrong Answer: Lump sum Correct Answer: Interest only Explanation: If a beneficiary wants to conserve the estate that was created for them upon the death of the insured, they would choose the interest only life insurance settlement option. Under this option, the proceeds are left with the insurer to accumulate interest and the principal amount of the death benefit remains intact, although it may be withdrawn at any time. Although life insurance death benefits are not taxable, the interest that accrues on them is. #42Question # All of the following are dividend options on a participating life insurance policy EXCEPT: - Wrong Answer: Paid-up additions Correct Answer: Monthly income Explanation: Mutual insurers usually offer their policyholders a choice of five dividend options: cash, accumulation at interest, paid-up additions, reduced premium payment and one-year term. Monthly income is an annuity pay out option, not a dividend option. #43Question # If the beneficiary of a life insurance policy wants to take the proceeds over a 5 year period, they should select the ______ settlement option. - Wrong Answer: Lump sum Correct Answer: Fixed period Explanation: If a life insurance beneficiary wants to take the proceeds over a five year period upon the death of the insured, they should choose the fixed period settlement option, which means that all of the proceeds will be paid out over that period of time. #44Question # The greater the number of similar exposure units insured, the easier it will be to predict future claims based upon the law of: - Wrong Answer: Diminishing returns Correct Answer: Large numbers Explanation: The law of large numbers is a mathematical premise that states that the greater the number of exposures the more accurate the prediction. This law forms the basis for the statistical expectation of loss upon which premium rates for life insurance policies are calculated. Out of a large group of policyholders, life insurers can fairly accurately predict not by name, but by number, the number of insureds that will die at a given age. #47Question #

An individual who obtains a 30 year mortgage and would like insurance coverage which would pay off the mortgage in the event of his or her death and no more and no less, would purchase: - Wrong Answer: Level term Correct Answer: Decreasing term Explanation: Decreasing term insurance can be set up so the amount of life insurance coverage decreases at exactly the same rate as a client's mortgage amortizes, which is also known as mortgage protection or mortgage redemption insurance.