Ucanpass Exam Questions and Verified
Answers |Already Graded A+| 2026
Brand New Version!!!
Under the Fair Credit Reporting Act, if a consumer challenges the accuracy of the
information contained in a consumer or investigative report, the reporting agency
must
a) Respond to the consumer's complaint.
b) Defend the report if the agency feels it is accurate.
c) Change the report.
d) Send an actual certified copy of the entire report to the consumer. - Correct
Answer -The consumer has the right to request the information on the report, the
reasons for turn down and any adverse underwriting decisions. The reporting
agency is required to respond to the consumer's complaint, and, if necessary, to
reinvestigate the report.
All of the following statements are correct regarding credit life insurance EXCEPT
a) Benefits are paid to the borrower's beneficiary.
b) The amount of insurance permissible is limited per borrower.
c) Premiums are usually paid by the borrower.
d) Benefits are paid to the creditor. - Correct Answer -In credit life insurance, the
creditor is the beneficiary for the amount of benefit equal to the outstanding
balance of the loan.
,All of the following are requirements for life insurance illustrations EXCEPT
a) They may only be used as approved.
b) They must identify nonguaranteed values.
c) They must differentiate between guaranteed and projected amounts.
d) They must be part of the contract. - Correct Answer -An illustration may not be
altered by an agent and must clearly state that it is not part of the contract. It is
legal to list nonguaranteed values in the contract, but they must be specifically
labeled as projected, not guaranteed values.
When the partners of a business develop an arrangement whereby should one of
them die or become permanently disabled, the other partners would purchase
the interest of the deceased or disabled partner at a predetermined price, this is
called a/an
a) Executive bonus plan.
b) Business continuation plan.
c) Key person plan.
d) Business overhead expense plan. - Correct Answer -A business continuation
plan is an agreement between business owners whereby they agree, should one
of them die or become disabled, the surviving owners will purchase the interest of
the deceased or disabled owner at a predetermined price. Such a plan is usually
funded by each owner purchasing insurance on each of the other owners.
, All of the following are true regarding a qualified annuity EXCEPT
a) Funds accumulate on a tax-deferred basis.
b) Employer contributions are not counted as income to the employee while the
plan is in force.
c) At distribution, all amounts received by the employee are tax free.
d) Employer contributions are tax deductible as ordinary business expense. -
Correct Answer -Funds in a qualified plan accumulate on a tax-deferred basis;
however, at distribution any amount received by the employee will be treated as
ordinary income for tax purposes.
Every long-term care insurer in California must submit to the Commissioner a list
of all agents or other insurer representatives authorized to solicit individual
consumers for the sale of long-term care insurance. These submitted agent lists
must be updated at least
a) Monthly
b) Quarterly
c) Annually
d) Semiannually - Correct Answer -According to CIC 10234.93, the insurer must
submit an updated list semiannually of all agents authorized to solicit long term
care insurance.
An individual applied for an insurance policy and paid the initial premium. The
insurer issued a conditional receipt. Five days later the applicant had to submit to
a medical exam. If the policy is issued, what would be the policy's effective date?
Answers |Already Graded A+| 2026
Brand New Version!!!
Under the Fair Credit Reporting Act, if a consumer challenges the accuracy of the
information contained in a consumer or investigative report, the reporting agency
must
a) Respond to the consumer's complaint.
b) Defend the report if the agency feels it is accurate.
c) Change the report.
d) Send an actual certified copy of the entire report to the consumer. - Correct
Answer -The consumer has the right to request the information on the report, the
reasons for turn down and any adverse underwriting decisions. The reporting
agency is required to respond to the consumer's complaint, and, if necessary, to
reinvestigate the report.
All of the following statements are correct regarding credit life insurance EXCEPT
a) Benefits are paid to the borrower's beneficiary.
b) The amount of insurance permissible is limited per borrower.
c) Premiums are usually paid by the borrower.
d) Benefits are paid to the creditor. - Correct Answer -In credit life insurance, the
creditor is the beneficiary for the amount of benefit equal to the outstanding
balance of the loan.
,All of the following are requirements for life insurance illustrations EXCEPT
a) They may only be used as approved.
b) They must identify nonguaranteed values.
c) They must differentiate between guaranteed and projected amounts.
d) They must be part of the contract. - Correct Answer -An illustration may not be
altered by an agent and must clearly state that it is not part of the contract. It is
legal to list nonguaranteed values in the contract, but they must be specifically
labeled as projected, not guaranteed values.
When the partners of a business develop an arrangement whereby should one of
them die or become permanently disabled, the other partners would purchase
the interest of the deceased or disabled partner at a predetermined price, this is
called a/an
a) Executive bonus plan.
b) Business continuation plan.
c) Key person plan.
d) Business overhead expense plan. - Correct Answer -A business continuation
plan is an agreement between business owners whereby they agree, should one
of them die or become disabled, the surviving owners will purchase the interest of
the deceased or disabled owner at a predetermined price. Such a plan is usually
funded by each owner purchasing insurance on each of the other owners.
, All of the following are true regarding a qualified annuity EXCEPT
a) Funds accumulate on a tax-deferred basis.
b) Employer contributions are not counted as income to the employee while the
plan is in force.
c) At distribution, all amounts received by the employee are tax free.
d) Employer contributions are tax deductible as ordinary business expense. -
Correct Answer -Funds in a qualified plan accumulate on a tax-deferred basis;
however, at distribution any amount received by the employee will be treated as
ordinary income for tax purposes.
Every long-term care insurer in California must submit to the Commissioner a list
of all agents or other insurer representatives authorized to solicit individual
consumers for the sale of long-term care insurance. These submitted agent lists
must be updated at least
a) Monthly
b) Quarterly
c) Annually
d) Semiannually - Correct Answer -According to CIC 10234.93, the insurer must
submit an updated list semiannually of all agents authorized to solicit long term
care insurance.
An individual applied for an insurance policy and paid the initial premium. The
insurer issued a conditional receipt. Five days later the applicant had to submit to
a medical exam. If the policy is issued, what would be the policy's effective date?
