CALIFORNIA LIFE INSURANCE
EXAM 2026 STUDY GUIDE
COMPREHENSIVE QUESTIONS
ANSWERS VERIFIED A+
◉ Variable whole life has a guaranteed death benefit.
Answer: Which of the following is a key distinction between variable
whole life and variable universal life products?
◉ Pure risks
Answer: According to California Insurance Code, which of the
following can be classified as an insurable event?
◉ Outstanding loans and interest
Answer: When calculating the amount a policyowner may borrow from
a variable life policy, what must be subtracted from the policy's cash
value?
◉ The cause of loss insured against.
Answer: Peril is most easily defined as
◉ Be fined a sum of $1,000.
Answer: Any insurance agent who engages in the insurance business and
violates the Code with respect to insurance replacement shall on the first
violation
, ◉ One-sided: only one party makes an enforceable promise.
Answer: What is a definition of a unilateral contract?
◉ Earned income
Answer: What qualifies an individual to contribute to an IRA?
◉ Birthplace
Answer: If the information is used only for identification and not for
underwriting purposes, which of the following information about the
applicant may be listed on a life insurance application?
◉ Pay a late premium without penalty.
Answer: During the grace period, the policyowner can
◉ Tax deductible contributions.
Answer: The advantage of qualified plans to employers is
◉ The owner is guaranteed a fixed interest rate for a specific period of
time.
Answer: Which of the following is true regarding a market value
adjusted annuity?
◉ Reduction of Premium
EXAM 2026 STUDY GUIDE
COMPREHENSIVE QUESTIONS
ANSWERS VERIFIED A+
◉ Variable whole life has a guaranteed death benefit.
Answer: Which of the following is a key distinction between variable
whole life and variable universal life products?
◉ Pure risks
Answer: According to California Insurance Code, which of the
following can be classified as an insurable event?
◉ Outstanding loans and interest
Answer: When calculating the amount a policyowner may borrow from
a variable life policy, what must be subtracted from the policy's cash
value?
◉ The cause of loss insured against.
Answer: Peril is most easily defined as
◉ Be fined a sum of $1,000.
Answer: Any insurance agent who engages in the insurance business and
violates the Code with respect to insurance replacement shall on the first
violation
, ◉ One-sided: only one party makes an enforceable promise.
Answer: What is a definition of a unilateral contract?
◉ Earned income
Answer: What qualifies an individual to contribute to an IRA?
◉ Birthplace
Answer: If the information is used only for identification and not for
underwriting purposes, which of the following information about the
applicant may be listed on a life insurance application?
◉ Pay a late premium without penalty.
Answer: During the grace period, the policyowner can
◉ Tax deductible contributions.
Answer: The advantage of qualified plans to employers is
◉ The owner is guaranteed a fixed interest rate for a specific period of
time.
Answer: Which of the following is true regarding a market value
adjusted annuity?
◉ Reduction of Premium
