Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023, Exams of Nursing

Download Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 and more Exams Nursing in PDF only on Docsity! Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 Which is TRUE regarding a life and health agent who has not been specifically appointed by the insurer? - Correct Answer ✅If a policy is issued, the insurer is considered to have authorized the agent to act on its behalf. What are the requirements for notices required by any provision of the insurance code to a person unless expressly provided otherwise? - Correct Answer ✅They should be sent to a mailing notice at their residence or place of business. Which of the following can the insurer do if the insured intentionally conceals or misrepresents a material fact concerning any coverage part? - Correct Answer ✅Rescind the contract. Which is an INACCURATE statement regarding a life settlement contract? - Correct Answer ✅The loan proceeds are used to solely pay premiums for the policy and any expenses incurred. All of the following are TRUE regarding regulation and use of an agency name EXCEPT - Correct Answer ✅a name would not be denied on the basis of being too similar to other company names. Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 Which of the following is TRUE regarding nonadmitted insurers? - Correct Answer ✅Acting as an agent for a nonadmitted insurer is considered a misdemeanor. When working on behalf of an insurer for which they are not specifically appointed, what may a licensed agent do? - Correct Answer ✅present a proposal for insurance and transmit an application to the insurer When examination of an insurer shows the insurer to be insolvent and a danger to the public, which authority is granted to the Commissioner by the CIC? - Correct Answer ✅The commissioner may take possession of offices, books and property immediately without court order. When can a person act as an agent of the insurer? - Correct Answer ✅when the insurer has filed with the commissioner a notice of appointment The following are all penalties for unlawfully acting as an insurer without a certificate of authority EXCEPT - Correct Answer ✅the individual will be banned from practicing insurance for a period of 5 years. Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 An agent or representative who issues long term care insurance must do all of the following EXCEPT - Correct Answer ✅complete a total of 10 hours of continuing education if licensed before January 1st, 2002. Which of the following provisions of free insurance offered as an incentive to purchase or rent property is TRUE? - Correct Answer ✅It requires a separate charge or fee If fiduciary funds are received by any licensee, the funds shall be maintained in any of the following EXCEPT - Correct Answer ✅bonds issued in all 50 states of the United States. What is the punishment for a person who refuses to deliver books, records, or assets to the commissioner when subject to a seizure order in an insolvency proceeding? - Correct Answer ✅Not more than $1000 fine and/or 1 year imprisonment Which form of negotiation is covered under the definition of "transact" as applied to insurance? - Correct Answer ✅Negotiations preliminary to execution Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 How can a licensee surrender any license for cancellation? - Correct Answer ✅By submitting written notice or by delivering the license to the commissioner. Where shall an express warranty be made? - Correct Answer ✅in the policy itself Which of the following terms refers to any evidence or documentation in the possession of the insurer that provides any evidence of a claim and that reasonably supports the magnitude or the amount of the claimant loss? - Correct Answer ✅proof of claim What is the maximum fine for a person who transacts insurance without a valid license? - Correct Answer ✅$50,000 and/or imprisonment for a period not exceeding one year. In the event of receiving notice of a claim or other claim communication, all of the following timelines are accurate EXCEPT - Correct Answer ✅every Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 licensee or claims agent shall transmit notice of the claim to the insurer in no more than 5 calendar days. When may a surplus line broker solicit and place insurance for a home state insured with a nonadmitted insurer? - Correct Answer ✅If the same insurance coverage cannot be procured from an admitted insurer. Which is considered nonpublic personal information as defined by the California Financial Code? - Correct Answer ✅tax return When is a representation false? - Correct Answer ✅when the facts fail to correspond with its assertions or stipulations Which of the following is the method wherein a contract of insurance is finalized as relates to the sales process? - Correct Answer ✅Execution of a contract of insurance Which group of people is offered additional protection by the Unfair Practices Act that regulates trade practices in the business of insurance? - Correct Answer ✅survivors of the Holocaust Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 Which coverage is a life insurance licensee NOT authorized to produce? - Correct Answer ✅Coverage for major medical expenses When does a disability policy become incontestable as to the statements contained in the application? - Correct Answer ✅After this policy been in force for a period of two years during the lifetime of the insured. When is a person acting as a licensee allowed to act as an agent of the insurer? - Correct Answer ✅when the insurer has filed with the commissioner a notice of appointment All of the following are requirements for an applicant to be licensed as a life & disability insurance analyst EXCEPT - Correct Answer ✅having been employed by an insurance company. Who is the California Life and Health & Guarantee Association is regulated by? - Correct Answer ✅The California Insurance Commissioner When does a license become inactive for a broker? - Correct Answer ✅upon the termination of all appointments, or all endorsements Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 Life and Disability Insurance Analysts must provide an agreement with a statement that includes all of the following EXCEPT - Correct Answer ✅that fees can be received for servicing a policy on which they were the selling agent. A policy with a life insurance benefit for a disabled employee includes an extension of benefits upon its discontinuance when all of the following are met EXCEPT - Correct Answer ✅during a 30 day period in which to accept the terms of the new policy. All of the following are covered under the Access for Infants and Mothers Program EXCEPT - Correct Answer ✅any mother who resides in the State of California whether or not she has applied All of the following are permitted to have blanket insurance policies with specific restrictions EXCEPT - Correct Answer ✅any union with dues-paying members Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 All of the following may be eligible to qualify for enrollment in the Healthy Families Program EXCEPT - Correct Answer ✅children who fail to meet citizenship or immigration rules. Which of the following regarding the Pre-Existing Condition Program (PCIP) is TRUE? - Correct Answer ✅The State of California has transitioned their PCIP to the Federally run PCIP What makes a comprehensive long-term care policy unique from other long- term care policies? - Correct Answer ✅Provides for both institutional and home care. Which of the following BEST defines the general concept of the 24-hour care plan? - Correct Answer ✅It integrates workers? compensation medical care with the care provided by group health insurance. Which of the following may insurers use in their underwriting? - Correct Answer ✅family medical history Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 All of the following are TRUE about the rules regarding the sale of life insurance and annuities to seniors age 65 or older EXCEPT - Correct Answer ✅the agent, broker or insurer is required to show a copy of their insurance license with name, address, and phone number when conducting business in the senior's home. Which is an INACCURATE statement regarding underwriting based on genetic testing? - Correct Answer ✅The proposed insured must pay for the cost of the testing. Which of the following types of coverage must have a proven insurable interest at the time of the application? - Correct Answer ✅coverage for a minor child under age 18 or a corporate owned policy on an employee As long as employment continues, which is the ONLY reason the validity of a group life insurance policy can be contested? - Correct Answer ✅Non- payment of premiums after the policy has been in force for two years. When an insured under age 60 purchases a new policy, how much time do they have to cancel and receive a full refund of premiums? - Correct Answer ✅The insured has a period of not less than 10, and not more than 30 days, Insurance Practice Test Questions and Answers (Verified Answers) Latest Update 2023 during which they may cancel and receive a full refund for the premiums paid Which is an INACCURATE statement regarding blanket life insurance? - Correct Answer ✅The policy is for the benefit of the policyholder. What happens if an owner requests an immediate investment of monies in a variable annuity policy be returned during the 30 day cancellation period? - Correct Answer ✅The owner shall receive the market value at the time of the cancellation