CALIFORNIA LIFE, ACCIDENT AND HEALTH CRAM
COURSE FINAL EXAM 2024/2025 BANK ACTUAL
QUESTIONS WITH DETAILED ANSWERS WITH
STUDY GUIDE EXPERT VERIFIED FOR GUARANTEED
PASS/ALREADY GRADED A+
The systematic liquidation of a sum of money is provided by a(n) ..
ANSWER..annuity
An annuitant would like to determine the current value of her annuity. To do
this, she multiplies the number of "accumulation units" she owns times the unit
value of the "separate account". What kind of annuity BEST matches this
description? .. ANSWER..Variable annuity
What kind of annuity pays income to two annuitants until their deaths? ..
ANSWER..Joint and survivor annuity
What distinguishes a deferred annuity from an immediate annuity? ..
ANSWER..The time at which benefit payments start
Victoria owns a life annuity and elects to receive annuity payments monthly for
the remainder of her life with "ten years certain". Her annuity will make
payments .. ANSWER..for a minimum of 120 months and a maximum of the
remainder of her life
When a mutual insurer becomes a stock company, the process is called ..
ANSWER..Demutualization
An insurer owned by its policyholders is called a .. ANSWER..mutual insurer
Which of the following statements regarding a life insurance policy dividend is
TRUE? .. ANSWER..It is the distribution of excess of funds accumulated by the
insurer on participating policies
A participating company is also referred to as which type of insurer? ..
ANSWER..Mutual insurer
Which of the following is NOT a benefit of insurance? .. ANSWER..Losses due to
fraud are eliminated
1
, Which of the following is NOT a provision in a disability income policy? ..
ANSWER..Deductible and coinsurance provision
Which of these statements is NOT true concerning recurrent disabilities? ..
ANSWER..The insurer continues coverage after a new elimination period
Allen has a disability income policy with a $2,500 monthly benefit and a 30-day
elimination period. He is unable to work 90 days following an automobile
accident. What will the policy pay? .. ANSWER..$5,000
Manuel is considered to be a disabled person as defined by the Americans with
Disabilities Act (ADA). As such, he is unable to perform any of the following life
activities EXCEPT .. ANSWER..Driving
Under a disability income policy, which criteria must be met for "bodily injury" to
be classified as accidental? .. ANSWER..The cause may be intentional, but the
result must be accidental
During the underwriting process for a group health policy, it was discovered
that 15 out of 50 members of the group have major health issues. How would
the insurer handle this? .. ANSWER..Accept or reject the whole group
Coverage is limited for vision and dental insurance in all of the following ways,
EXCEPT .. ANSWER..Specific dollar amount for examinations
An eligible individual who would like to obtain group health insurance without
providing evidence of insurability must .. ANSWER..enroll within a specified
eligibility period
In regards to a group health insurance plan, which statement is CORRECT? ..
ANSWER..A non-contributory group health plan must cover all eligible members
The problem of overinsurance is addressed in which health insurance
provision? .. ANSWER..Coordination of benefits
A health insurance policy paid on a quarterly basis has a grace period of ..
ANSWER..31 days
2
COURSE FINAL EXAM 2024/2025 BANK ACTUAL
QUESTIONS WITH DETAILED ANSWERS WITH
STUDY GUIDE EXPERT VERIFIED FOR GUARANTEED
PASS/ALREADY GRADED A+
The systematic liquidation of a sum of money is provided by a(n) ..
ANSWER..annuity
An annuitant would like to determine the current value of her annuity. To do
this, she multiplies the number of "accumulation units" she owns times the unit
value of the "separate account". What kind of annuity BEST matches this
description? .. ANSWER..Variable annuity
What kind of annuity pays income to two annuitants until their deaths? ..
ANSWER..Joint and survivor annuity
What distinguishes a deferred annuity from an immediate annuity? ..
ANSWER..The time at which benefit payments start
Victoria owns a life annuity and elects to receive annuity payments monthly for
the remainder of her life with "ten years certain". Her annuity will make
payments .. ANSWER..for a minimum of 120 months and a maximum of the
remainder of her life
When a mutual insurer becomes a stock company, the process is called ..
ANSWER..Demutualization
An insurer owned by its policyholders is called a .. ANSWER..mutual insurer
Which of the following statements regarding a life insurance policy dividend is
TRUE? .. ANSWER..It is the distribution of excess of funds accumulated by the
insurer on participating policies
A participating company is also referred to as which type of insurer? ..
ANSWER..Mutual insurer
Which of the following is NOT a benefit of insurance? .. ANSWER..Losses due to
fraud are eliminated
1
, Which of the following is NOT a provision in a disability income policy? ..
ANSWER..Deductible and coinsurance provision
Which of these statements is NOT true concerning recurrent disabilities? ..
ANSWER..The insurer continues coverage after a new elimination period
Allen has a disability income policy with a $2,500 monthly benefit and a 30-day
elimination period. He is unable to work 90 days following an automobile
accident. What will the policy pay? .. ANSWER..$5,000
Manuel is considered to be a disabled person as defined by the Americans with
Disabilities Act (ADA). As such, he is unable to perform any of the following life
activities EXCEPT .. ANSWER..Driving
Under a disability income policy, which criteria must be met for "bodily injury" to
be classified as accidental? .. ANSWER..The cause may be intentional, but the
result must be accidental
During the underwriting process for a group health policy, it was discovered
that 15 out of 50 members of the group have major health issues. How would
the insurer handle this? .. ANSWER..Accept or reject the whole group
Coverage is limited for vision and dental insurance in all of the following ways,
EXCEPT .. ANSWER..Specific dollar amount for examinations
An eligible individual who would like to obtain group health insurance without
providing evidence of insurability must .. ANSWER..enroll within a specified
eligibility period
In regards to a group health insurance plan, which statement is CORRECT? ..
ANSWER..A non-contributory group health plan must cover all eligible members
The problem of overinsurance is addressed in which health insurance
provision? .. ANSWER..Coordination of benefits
A health insurance policy paid on a quarterly basis has a grace period of ..
ANSWER..31 days
2
