FINAL EXAM: CALIFORNIA LIFE, ACCIDENT, AND HEALTH INSURANCE /LATEST QUESTIONS & DETAILED ANSWERS (A+ GUIDE SOLUTIONS) 2025 / 2026.

FINAL EXAM: CALIFORNIA LIFE, ACCIDENT, AND HEALTH INSURANCE /LATEST QUESTIONS & DETAILED ANSWERS (A+ GUIDE SOLUTIONS) 2025 / 2026. Quiz_________________? A beneficiary receives only the death benefit earnings in which settlement option? - Answer Interest option Quiz_________________? A hazard can be best described as - Answer a condition that may increase the likelihood of a loss occurring Quiz_________________? A life insurance policy can be surrendered for its cash value under which policy provision? - Answer Nonforfeiture options Quiz_________________? A life insurance policy that pays the face amount if the insured survives to a specified period of time is called - Answer endowment insurance Quiz_________________? A life insurance policy where the insured can choose where the cash value can be invested is called - Answer variable life Quiz_________________? A life insurance policy's limit of liability would be - Answer the policy's face amount Quiz_________________? A report which is based on creditworthiness and personal characteristics that influences an insurance applicant's eligibility for life and health insurance is called a(n) - Answer consumer report Quiz_________________? A situation in which there is ONLY a chance of loss or no loss is a - Answer pure risk Quiz_________________? A spendthrift clause in a life insurance policy - Answer restricts the ability of the beneficiary to sign benefits Quiz_________________? A terminated employee that has exercised the conversion privilege is able to convert - Answer term insurance into permanent insurance Quiz_________________? According to Social Security, an individual with 6 credits of coverage during the previous 13-quarter is considered to be: - Answer currently insured Quiz_________________? According to the California Insurance Code, what is "insurance"? - Answer A contract Quiz_________________? According to the California Insurance Code, what term is used to describe a fact so important it could affect the policy premium? - Answer Materiality Quiz_________________? According to the PPACA, an adult can be covered by a parent's health care plan until what age? - Answer Age 26 Quiz_________________? After the annual deductible is met, a Medicare Part B patient will pay ____ of the remaining covered expenses. - Answer 20% Quiz_________________? After the annual deductible is met, Medicare Part B will pay ____ of the remaining approved charges. - Answer 80% Quiz_________________? All of the following circumstances must be met for loss retention to be an effective risk management technique, EXCEPT - Answer Probability of loss is unknown Quiz_________________? All of these are examples of cost sharing in a health insurance policy EXCEPT - Answer Coordination Quiz_________________? An agent's attempt to stop the replacement of an existing life insurance policy is known as - Answer conservation Quiz_________________? An individual that has 40 quarters of coverage, for Social Security purposes, is considered to be - Answer fully insured Quiz_________________? An individual who transacts life, disability, or life and accident and health insurance on behalf of an insurer is called a(n): - Answer life agent Quiz_________________? An insurance policy issued in California may be called a comprehensive long-term care insurance policy if benefits are provided for - Answer Institutional (nursing facilities) and home care