California Life License Exam 21 Questions with Answers,100% CORRECT, Exams of Nursing

Download California Life License Exam 21 Questions with Answers,100% CORRECT and more Exams Nursing in PDF only on Docsity!

California Life License Exam 21 Questions with Answers

An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a ... - CORRECT ANSWER Single premium deferred annuity A technique that is used to determine the amount of life insurance needed on the projected earning potential of an insured is called the... - CORRECT ANSWER Human life approach When replacing a policy the producer must present the applicant with a Notice Regarding Replacement of Life Insurance... - CORRECT ANSWER At the time of taking the application The possibility of a financial loss incurred by a life insurance company got the premature death of an insured is known as a... - CORRECT ANSWER Risk A person who signs a fraudulent claim form may be found guilty of... - CORRECT ANSWER Perjury Which policy is a combination of annual renewable term insurance and interest- sensitive cash value? - CORRECT ANSWER Universal life The right to a full refund of premiums for insureds age 60 or older is - CORRECT ANSWER 14 days Intentionally omitting a history of heart problem on application - CORRECT ANSWER Concealment A tax-sheltered annuity (TSA) is a qualified plan available for - CORRECT ANSWER Non-profit organizations The intent of replacement regulations is to protect the - CORRECT ANSWER Policyowner

Which provision allows a lapsed policy to be put back in force - CORRECT ANSWER Reinstatement According to the California Department of Insurance, an insurer whose articles of Incorporation are registered in Oslo, Norway is considered a/an - CORRECT ANSWER Alien Insurer Mortality is defined as the - CORRECT ANSWER Rate of death Which of the following is NOT a characteristic of group life insurance?

• A group may exist for the purpose of purchasing insurance
• The Insurance is written as a master policy
• Members receive a certificate of insurance
• Conversion rights without evidence of insurability must be offered - CORRECT ANSWER A group may exist for the purpose of purchasing insurance When a producer collects the initial premium and issues a conditional receipt, the receipt... - CORRECT ANSWER May allow life insurance companies to start coverage before policy delivery The law of large numbers allows an insurance company to predict the expected losses among - CORRECT ANSWER Members of a group of individuals with similar risks If an insurers legal reserve funds are found to be less than the minimum required by law, the insurer is considered - CORRECT ANSWER Insolvent Which type of policy would be suitable to protect the balance of a home mortgage - CORRECT ANSWER decreasing term When must insurable interest exist - CORRECT ANSWER At the time of application which - CORRECT ANSWER The rider - CORRECT ANSWER