Study sets matching "life insurance california"

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Study sets matching "life insurance california"

551 terms
California Life and Health Insurance
Medical expense premiums paid by sole…
What is the Eligibility of a Qualified…
If an insurance contract has "variable…
What insurance product has a flexible…
They are fully deductible.
ERISA prescribes that all full time employees who have worked…
It is under the Federal Securities Laws. They have met the de…
A flexible premium deferred annuity.
Medical expense premiums paid by sole…
They are fully deductible.
What is the Eligibility of a Qualified…
ERISA prescribes that all full time employees who have worked…
California Life and Health Insurance
Medical expense premiums paid by sole…
What is the Eligibility of a Qualified…
If an insurance contract has "variable…
What insurance product has a flexible…
They are fully deductible.
ERISA prescribes that all full time employees who have worked…
It is under the Federal Securities Laws. They have met the de…
A flexible premium deferred annuity.
Medical expense premiums paid by sole…
They are fully deductible.
What is the Eligibility of a Qualified…
ERISA prescribes that all full time employees who have worked…
551 terms
California Life and Health Insurance
Medical expense premiums paid by sole…
What is the Eligibility of a Qualified…
If an insurance contract has "variable…
What insurance product has a flexible…
Fully deductible.
ERISA prescribes that all full time employees who have worked…
It is under the Federal Securities Laws. They have met the de…
A flexible premium deferred annuity.
Medical expense premiums paid by sole…
Fully deductible.
What is the Eligibility of a Qualified…
ERISA prescribes that all full time employees who have worked…
California Life and Health Insurance
Medical expense premiums paid by sole…
What is the Eligibility of a Qualified…
If an insurance contract has "variable…
What insurance product has a flexible…
They are fully deductible.
ERISA prescribes that all full time employees who have worked…
It is under the Federal Securities Laws. They have met the de…
A flexible premium deferred annuity.
Medical expense premiums paid by sole…
They are fully deductible.
What is the Eligibility of a Qualified…
ERISA prescribes that all full time employees who have worked…
51 terms
California Life Insurance Test Terms Syncis Set
Needs Approach
Ordinary Life
Mortality Table
Morbidity Table
Attempting to determine how much insurance an individual woul…
Insurance policy with a face amount of $1000 or more, premium…
Used by life insurance companies to help predict the life exp…
Predicts the likelihood that an insured will contract any num…
Needs Approach
Attempting to determine how much insurance an individual woul…
Ordinary Life
Insurance policy with a face amount of $1000 or more, premium…
78 terms
POL California Life: The Insurance Marketplace
An independent agent may have contacts…
An exclusive agent...
Which of the following persons represe…
An agent is a legal person who acts on…
More than one insurer
Has a contract with one company
Independent agent
The principal
An independent agent may have contacts…
More than one insurer
An exclusive agent...
Has a contract with one company
California Life & Health Insurance 1 - General Insurance
What type of risk is insurable?
According to the Law of Agency, a prin…
What type of insurer is a voluntarily…
When a change needs to be made on the…
Pure Risk
Agent or Producer
Fraternal Insurer
Complete a new application or ask the applicant to initial th…
What type of risk is insurable?
Pure Risk
According to the Law of Agency, a prin…
Agent or Producer
California Life & Health Insurance 12 - Insurance Regulation
On its advertisement, a company claims…
The requirement that agents must accou…
If a producer makes maliciously critic…
What type of misrepresentation persuad…
Misrepresentation
Fiduciary Reponsibility
Defamation
Twisting
On its advertisement, a company claims…
Misrepresentation
The requirement that agents must accou…
Fiduciary Reponsibility
California Life & Health Insurance 2 - Life Insurance Basics
What are the personal uses of life ins…
Who is responsible for the contents of…
What type of policy issues certificate…
When must insurable interest exist in…
Survivor protection, estate creation and conservation, cash a…
The insurance company
Group Policy
At the time of application.
What are the personal uses of life ins…
Survivor protection, estate creation and conservation, cash a…
Who is responsible for the contents of…
The insurance company
50 terms
California Life & Health Insurance 1 - General Insurance
What type of risk is insurable?
According to the Law of Agency, a prin…
What type of insurer is a voluntarily…
When a change needs to be made on the…
Pure Risk
Agent or Producer
Fraternal Insurer
Complete a new application or ask the applicant to initial th…
What type of risk is insurable?
Pure Risk
According to the Law of Agency, a prin…
Agent or Producer
California Life Insurance Key Facts
Survivorship life pays when...
Allows the insured to select from a nu…
What is variable life and what do you…
TRUE OR FALSE:... Can a policy owner ente…
The surviving insured dies and is commonly used to help pay e…
A variable life insurance policy...
Variable life is a securities product and a securities licens…
TRUE.`
Survivorship life pays when...
The surviving insured dies and is commonly used to help pay e…
Allows the insured to select from a nu…
A variable life insurance policy...
69 terms
POL California Life: Life Insurance- Basics
Kayla's husband died in a plane crash…
What is the term used when a person se…
Which of the following is NOT a type o…
A family's need for income is great du…
Life insurance proceeds.
Liquidation
Estimated longevity
Family Dependency Period
Kayla's husband died in a plane crash…
Life insurance proceeds.
What is the term used when a person se…
Liquidation
California Life & Health Insurance 12 - Insurance Regulation
On its advertisement, a company claims…
The requirement that agents must accou…
If a producer makes maliciously critic…
What type of misrepresentation persuad…
Misrepresentation
Fiduciary Reponsibility
Defamation
Twisting
On its advertisement, a company claims…
Misrepresentation
The requirement that agents must accou…
Fiduciary Reponsibility
California Life & Health Insurance 12 - Insurance Regulation
On its advertisement, a company claims…
The requirement that agents must accou…
If a producer makes maliciously critic…
What type of misrepresentation persuad…
Misrepresentation
Fiduciary Reponsibility
Defamation
Twisting
On its advertisement, a company claims…
Misrepresentation
The requirement that agents must accou…
Fiduciary Reponsibility
California Life & Health Insurance 3 - Life Insurance Policies
What type of premium is charged on a s…
What are the "living benefits" of whol…
If an employee wants to join group lif…
Under a 20-Pay whole life policy, in o…
A level premium for the life of the insured.
Loan Values
Evidence of Insurability
For 20 years or until the insured's death, which ever occurs…
What type of premium is charged on a s…
A level premium for the life of the insured.
What are the "living benefits" of whol…
Loan Values
51 terms
California Life Insurance Test Terms Syncis Set
Needs Approach
Ordinary Life
Mortality Table
Morbidity Table
Attempting to determine how much insurance an individual woul…
Insurance policy with a face amount of $1000 or more, premium…
Used by life insurance companies to help predict the life exp…
Predicts the likelihood that an insured will contract any num…
Needs Approach
Attempting to determine how much insurance an individual woul…
Ordinary Life
Insurance policy with a face amount of $1000 or more, premium…
121 terms
California Insurance Life Agent Combo Test Sample
Risk is:... a. the chance that might prov…
When can a representation be altered o…
The function of insurance is best desc…
When large numbers of similar risks ar…
d. the uncertainty or chance of a loss occurring.
a. It can be altered or withdrawn before the insurance is iss…
c. It spreads financial risk over a large group so as to mini…
d. predictable
Risk is:... a. the chance that might prov…
d. the uncertainty or chance of a loss occurring.
When can a representation be altered o…
a. It can be altered or withdrawn before the insurance is iss…
121 terms
California Insurance Life Agent Combo Test Sample
Risk is:... a. the chance that might prov…
When can a representation be altered o…
The function of insurance is best desc…
When large numbers of similar risks ar…
d. the uncertainty or chance of a loss occurring.
a. It can be altered or withdrawn before the insurance is iss…
c. It spreads financial risk over a large group so as to mini…
d. predictable
Risk is:... a. the chance that might prov…
d. the uncertainty or chance of a loss occurring.
When can a representation be altered o…
a. It can be altered or withdrawn before the insurance is iss…
51 terms
California Life Insurance Test Terms Syncis Set
Needs Approach
Ordinary Life
Mortality Table
Morbidity Table
Attempting to determine how much insurance an individual woul…
Insurance policy with a face amount of $1000 or more, premium…
Used by life insurance companies to help predict the life exp…
Predicts the likelihood that an insured will contract any num…
Needs Approach
Attempting to determine how much insurance an individual woul…
Ordinary Life
Insurance policy with a face amount of $1000 or more, premium…
California Life and Health Insurance Glossary Terms
Absolute Assignment
Accident
Accident and Sickness
Accidental Means
A transfer by the policyholder of all control and rights to a…
A sudden event, unforeseen and unintended
Insurance against bodily injury, disability or death by accid…
The unexpected cause of an accidental bodily injury. Under an…
Absolute Assignment
A transfer by the policyholder of all control and rights to a…
Accident
A sudden event, unforeseen and unintended
California Life & Health Insurance 6 - Tax Consideration
What are the income tax benefits of a…
SIMPLE plans are available to groups o…
What is the primary purpose of a 401(k…
What is the main purpose of the Seven-…
Employer contributions are tax deductible and are not taxed a…
No more than 100
To provide retirement income.
To determine if a life insurance policy is a Modified Endowme…
What are the income tax benefits of a…
Employer contributions are tax deductible and are not taxed a…
SIMPLE plans are available to groups o…
No more than 100
79 terms
California Life Insurance Test Syncis Set Questions 1
Which one of these is an Ordinary Life…
What is another name for an accidental…
What kind of tax is charged on the dea…
John has a life insurance policy. He n…
Single Premium Whole Life (Ordinary life policies are always…
Double Indemnity
Death Benefits are Tax Exempt.
Morale Hazard
Which one of these is an Ordinary Life…
Single Premium Whole Life (Ordinary life policies are always…
What is another name for an accidental…
Double Indemnity
70 terms
POL California Life: Individual Life Insurance Contract - Provisions and Options
According to the Entire Contract provi…
According to the entire contract provi…
The provision which states that both t…
Which of the following policy componen…
A copy of the original application for insurance.
Copy of the original application
Entire contract
Insuring clause
According to the Entire Contract provi…
A copy of the original application for insurance.
According to the entire contract provi…
Copy of the original application
43 terms
POL California Life: Taxation of Life Insurance and Annuities - Premiums and Proceeds
If taken as a lump sum, life insurance…
When the owner of a $250,000 life insu…
Which of the following terms is used t…
Which of the following is true regardi…
Free of federal income taxation
$11,000
Dividend
Dividends are not taxable
If taken as a lump sum, life insurance…
Free of federal income taxation
When the owner of a $250,000 life insu…
$11,000
20 terms
POL California Life: Life Insurance and Annuities - Policy Replacement and Cancellation
All insurance policies and annuity con…
Which of the following insureds has a…
The notice to senior consumers regardi…
The right of the applicant to rescind…
30 days
Insureds 60 years of age or older
12-point bold print
Must be clearly stated in the policy's text
All insurance policies and annuity con…
30 days
Which of the following insureds has a…
Insureds 60 years of age or older
25 terms
California Insurance Pre-Licensing - Life Limited to Final Expense
Guaranteed Renewable Insurance Contract
Double Indemnity
Common Disaster Clause
Noncontributory Benefits
A life or health insurance policy that cannot be changed, exc…
A policy rider that doubles the death benefit if the insured…
Protects the beneficiaries when the insured and beneficiary d…
A life or health insurance plan that an employer provides for…
Guaranteed Renewable Insurance Contract
A life or health insurance policy that cannot be changed, exc…
Double Indemnity
A policy rider that doubles the death benefit if the insured…
California Life & Health Insurance 11 - Senior Citizens & Special Needs Individuals
What Medicare part provides a prescrip…
What benefits are provided by Medicare…
What is another name for Old Age, Surv…
Who qualifies for Medicare coverage?
Part D
Expanded benefits for a fee through private insurance program…
Social Security
People age 65 or older, or anyone who has been entitled to So…
What Medicare part provides a prescrip…
Part D
What benefits are provided by Medicare…
Expanded benefits for a fee through private insurance program…
California Life & Health Insurance 8 - Types of Health Policies
How can an AD&D (Accidental Death & Di…
What is the time requirement for termi…
If a group health policy covers indivi…
When are newborns covered in individua…
As a rider to a health insurance policy, or as a separate pol…
31 days after termination of the employment.
The state in which the policy was delivered.
From the moment of birth.
How can an AD&D (Accidental Death & Di…
As a rider to a health insurance policy, or as a separate pol…
What is the time requirement for termi…
31 days after termination of the employment.
150 terms
California Life Insurance Test Syncis Set Questions 4
Harold, a variable annuity applicant d…
Any transaction that involves purchasi…
According to the CA Insurance Code, in…
An organization will cease to exist as…
The entire premium.
replacement.
Life
termination of a key employee.
Harold, a variable annuity applicant d…
The entire premium.
Any transaction that involves purchasi…
replacement.
California Life & Health Insurance 11 - Senior Citizens & Special Needs Individuals
What Medicare part provides a prescrip…
What benefits are provided by Medicare…
What is another name for Old Age, Surv…
Who qualifies for Medicare coverage?
Part D
Expanded benefits for a fee through private insurance program…
Social Security
People age 65 or older, or anyone who has been entitled to So…
What Medicare part provides a prescrip…
Part D
What benefits are provided by Medicare…
Expanded benefits for a fee through private insurance program…
California Life & Health Insurance 4 - Life Insurance Policy Provisions, Options, & Riders
What type of beneficiary is next in li…
What are the dividend options in life…
What are the three non forfeiture opti…
What happens to a policy's cash value…
Contingent Beneficiary
Cash, Reduced Premium, Accumulation at Interest, Paid-Up Addi…
Cash Surrender, Reduced Paid-Up, and Extended Term
The cash value is converted the same face amount as in the wh…
What type of beneficiary is next in li…
Contingent Beneficiary
What are the dividend options in life…
Cash, Reduced Premium, Accumulation at Interest, Paid-Up Addi…
79 terms
California Life Insurance Test Syncis Set Questions 1
Which one of these is an Ordinary Life…
What is another name for an accidental…
What kind of tax is charged on the dea…
John has a life insurance policy. He n…
Single Premium Whole Life (Ordinary life policies are always…
Double Indemnity
Death Benefits are Tax Exempt.
Morale Hazard
Which one of these is an Ordinary Life…
Single Premium Whole Life (Ordinary life policies are always…
What is another name for an accidental…
Double Indemnity
101 terms
life insurance
term life insurance
level term life insurance
increasing term policy
face value
temporary protection that lasts only for a specified period o…
premiums remain the same thoughout the life of the policy
level premium, as do all policies, but the face amount increa…
death benefit
term life insurance
temporary protection that lasts only for a specified period o…
level term life insurance
premiums remain the same thoughout the life of the policy
California Life & Health Insurance 11 - Senior Citizens & Special Needs Individuals
What Medicare part provides a prescrip…
What benefits are provided by Medicare…
What is another name for Old Age, Surv…
Who qualifies for Medicare coverage?
Part D
Expanded benefits for a fee through private insurance program…
Social Security
People age 65 or older, or anyone who has been entitled to So…
What Medicare part provides a prescrip…
Part D
What benefits are provided by Medicare…
Expanded benefits for a fee through private insurance program…
13 terms
Life Insurance: Life Insurance
Categories of Life Insurance
Traditional forms of ordinary insurance
Term
Whole life insurance
Ordinary life, industrial, and group life.
Whole life (permanent), term (temporary), and endowment (perm…
Produces the most protection with the least amount of money.
A form of ordinary life insurance that provides coverage unti…
Categories of Life Insurance
Ordinary life, industrial, and group life.
Traditional forms of ordinary insurance
Whole life (permanent), term (temporary), and endowment (perm…
72 terms
Life Insurance
An insurance policy
Transfer of risks
Pooling of risks
The premium
Is a social device, legal contract, or policy for the transfe…
Through insurance individuals transfer to insurance companies…
Is when a large group of people contribute money to a fund ou…
Is the money paid by the policyowner to the insurance company…
An insurance policy
Is a social device, legal contract, or policy for the transfe…
Transfer of risks
Through insurance individuals transfer to insurance companies…
50 terms
POL California Life: Group Life Insurance, Retirement Plans, and Social Security Disability Program
An employee is joining a group insuran…
What type of life insurance is most co…
All of the following statements are tr…
All of the following are characteristi…
Join during the open enrollment period
Annually renewable term
Participants in the policy each receive a policy
There is a requirement to prove insurability on the part of t…
An employee is joining a group insuran…
Join during the open enrollment period
What type of life insurance is most co…
Annually renewable term
General California Insurance Law
reinsurance
more insurable
ceding insurer
facultative reinsurance
a contract under which one insurance company indemnifies anot…
if a loss becomes more predictable, it also becomes more or l…
originating company that procures insurance on itself from an…
when reinsurance is purchased on a specific policy, it is cla…
reinsurance
a contract under which one insurance company indemnifies anot…
more insurable
if a loss becomes more predictable, it also becomes more or l…
30 terms
California Life
A group contract
IIIustration
Life insurance policy IIIUSTRATION ... No…
A stock redemption buy/sell agreement
Insurer and the employed
Presentation or depiction that includes non guaranteed elemen…
The premiums, benefits, values, credits or charges under a po…
Facilities the purchase of a deceased shareholders shares fro…
A group contract
Insurer and the employed
IIIustration
Presentation or depiction that includes non guaranteed elemen…
28 terms
General California Insurance Law
Transfers
person
personS
insurance
What insurance companies do to reduce the risk of loss from a…
legal entity that acts on behalf o f itself accepting legal a…
indiv human beings, associations, orgs, and corps, partnershi…
legal agreement/ contract where 2 parties agree to limit the…
Transfers
What insurance companies do to reduce the risk of loss from a…
person
legal entity that acts on behalf o f itself accepting legal a…
220 terms
California Commercial Insurance Exam
In a commercial property policy, conce…
Any licensed agent or broker may submi…
Under the Building and Personal Proper…
If a building has been vacant for 90 c…
Be voided, denied or cancelled.... NOTE: This is a common con…
But there is no binding authority.... NOTE: An agent never ha…
Insufficient business property present to conduct customary o…
All of the above are true.... NOTE: The policy states if a pr…
In a commercial property policy, conce…
Be voided, denied or cancelled.... NOTE: This is a common con…
Any licensed agent or broker may submi…
But there is no binding authority.... NOTE: An agent never ha…
220 terms
California Commercial Insurance Exam
In a commercial property policy, conce…
Any licensed agent or broker may submi…
Under the Building and Personal Proper…
If a building has been vacant for 90 c…
Be voided, denied or cancelled.... NOTE: This is a common con…
But there is no binding authority.... NOTE: An agent never ha…
Insufficient business property present to conduct customary o…
All of the above are true.... NOTE: The policy states if a pr…
In a commercial property policy, conce…
Be voided, denied or cancelled.... NOTE: This is a common con…
Any licensed agent or broker may submi…
But there is no binding authority.... NOTE: An agent never ha…
California Insurance 2015
insurance is based on two principles:…
insurance = written contract that inde…
Insurance = social device that transfe…
Insurance = substitution/exchange of a…
ins definition
ins definition
ins definition
ins definition
insurance is based on two principles:…
ins definition
insurance = written contract that inde…
ins definition
120 terms
Life Insurance
401k
absolute assignment
collateral assignment
accelerated death benefit
a qualified retirement plan in which the employee can set asi…
a permanent and irrevocable transfer of rights and/or benefit…
a temporary and/or revocable transfer of benefits by the poli…
policy provision that allows full or partial payment of the p…
401k
a qualified retirement plan in which the employee can set asi…
absolute assignment
a permanent and irrevocable transfer of rights and/or benefit…
421 terms
LIFE INSURANCE
All of these are typically sources of…
When does a life insurance policy typi…
Which of the following pertains to the…
Which of the following describes a per…
Disclosure authorization response
When initial premium is collected and policy is issued
Underwriting
Substandard risk
All of these are typically sources of…
Disclosure authorization response
When does a life insurance policy typi…
When initial premium is collected and policy is issued
life insurance
term life insurance
level term life insurance
increasing term policy
face value
temporary protection that lasts only for a specified period o…
premiums remain the same thoughout the life of the policy
level premium, as do all policies, but the face amount increa…
death benefit
term life insurance
temporary protection that lasts only for a specified period o…
level term life insurance
premiums remain the same thoughout the life of the policy
59 terms
California Commercial Insurance Exam
What is a Modular Policy?
What is a Commercial Package Policy (C…
What must a CPP policy consist of?
What is the purpose of an Interline fo…
A modular policy is a policy consisting of several different…
A Commercial Package Policy is a modular policy that combines…
A Declaration Page (stating premium charges and coverage limi…
An Interline form is used to eliminate redundancy and minimiz…
What is a Modular Policy?
A modular policy is a policy consisting of several different…
What is a Commercial Package Policy (C…
A Commercial Package Policy is a modular policy that combines…
California Property and Casualty Insurance Test
The term "Time element Coverage" is us…
Which is NOT one of the common law def…
Are Vehicles eligible for a Personal A…
Business owners policies provide an ad…
The term time element coverage is used for many indirect loss…
Assumption of risk, contributory negligence, and the fellow s…
Generally, four-wheel private passenger autos, pickups, and v…
The preservation of property additional coverage under a BUSI…
The term "Time element Coverage" is us…
The term time element coverage is used for many indirect loss…
Which is NOT one of the common law def…
Assumption of risk, contributory negligence, and the fellow s…
25 terms
Life Insurance
What is speculative risk?
Life insurance illustrations
T/F: A signed waiver of premium is som…
What is the significance of a conditio…
The chance of gain or loss and is not insurable
Must ... - Identify non guaranteed values... -differentiate guarant…
F: Waiver or prem is a rider that can be added to the policy,…
To provide coverage on an earlier date than the policy
What is speculative risk?
The chance of gain or loss and is not insurable
Life insurance illustrations
Must ... - Identify non guaranteed values... -differentiate guarant…
21 terms
California Insurance Cod (CIC)
admitted insurer
nonadmitted insurer
domestic insurer
foreign insurer
An insurer entitled and certified to transact insurance busin…
An insurer that is not entitled or certified to transact insu…
An insurer organized under the laws of California, whether or…
An insurer not organized under the laws of California, whethe…
admitted insurer
An insurer entitled and certified to transact insurance busin…
nonadmitted insurer
An insurer that is not entitled or certified to transact insu…
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