California Life, Accident, And Health
Insurance Final Exam Questions And
Answers 2023
What is considered the most common type of specified disease insurance policy? -
Correct Answer-Cancer
Minimum participation standards exist for a group health insurance plans in order to -
Correct Answer-Prevent Adverse Selection
How does underwriting differ between group life and individual life insurance? - Correct
Answer-Medical questions must be answered on individual life insurance
when handling premiums for an insured an agent is acting in which capacity? - Correct
Answer-Fiduciary
what is the term used to describe the frequency and severity of certain illnesses and
accidents? - Correct Answer-Morbidity
Which of the following describes the statement "The more times an event is repeated,
the more predictable the outcome becomes"? - Correct Answer-Law of large numbers
In order to be considered "currently insured" under Social Security, an individual must
be credited with? - Correct Answer-6 quarters of coverage during the last 13-quarter
period
How long must a policy be in force before an insurer is prohibited from denying claims
based on misstatements made on the health policy application? - Correct Answer-2
Years
Which of the following does the California Insurance Code NOT require an insurance
policy to specify? - Correct Answer-Insurer's financial rating
Which of the following is NOT required in the content of a policy? - Correct Answer-
Probability of loss
Which of the following pieces of information is NOT gathered during the personal
financial planning process? - Correct Answer-An individual's civic organization
memberships
Which of the following is not considered to be an unfair claims settlement practice? -
Correct Answer-Advising a claimant to hire an attorney
, When an applicant applies for insurance, the process by which the insurer determines
whether to issue a policy is called? - Correct Answer-Underwriting
How is a Medicare claim submitted? - Correct Answer-Expenses are submitted to
Medicare by the health provider
According to the PPACA, the medical enrollment tier that has 80% actuarial value is
called: - Correct Answer-Gold
Employer contributions to qualified plans are - Correct Answer-Tax-deductible by the
employer
Employee participation in a noncontributory group life plan must be - Correct Answer-
100%
What does the term "illustration" mean when used in the phrase "life insurance policy
illustration", according to the California Insurance Code? - Correct Answer-Presentation
of policy features that includes non-guaranteed elements
Which of the following is NOT a characteristic of a preferred provider organization
(PPO)? - Correct Answer-Primary physicians serve as gatekeepers
John owns an insurance policy that gives him the right to share in the insurer's surplus.
What kind of policy is this? - Correct Answer-Participating
a life agent who has misappropriated fiduciary funds to his own use. What is Pete guilty
of? - Correct Answer-Theft
If an insured dies because of an accident, which type of life insurance rider will provide
additional coverage? - Correct Answer-Accidental death rider
Tom is shopping for a policy that covers two people and would pay the face amount
ONLY when the first person dies. The type of life policy he is looking for is called a -
Correct Answer-Joint life policy
Which of these statements is NOT true concerning recurrent disabilities? - Correct
Answer-The insurer continues coverage after a new elimination period
An insurer owned by its policyholders is called a? - Correct Answer-Mutual Insurer
Medicare Part B Covers? - Correct Answer-Physician Expenses
Which of these is NOT a relevant factor in the health insurance principle of morbidity? -
Correct Answer-Intelligence
Insurance Final Exam Questions And
Answers 2023
What is considered the most common type of specified disease insurance policy? -
Correct Answer-Cancer
Minimum participation standards exist for a group health insurance plans in order to -
Correct Answer-Prevent Adverse Selection
How does underwriting differ between group life and individual life insurance? - Correct
Answer-Medical questions must be answered on individual life insurance
when handling premiums for an insured an agent is acting in which capacity? - Correct
Answer-Fiduciary
what is the term used to describe the frequency and severity of certain illnesses and
accidents? - Correct Answer-Morbidity
Which of the following describes the statement "The more times an event is repeated,
the more predictable the outcome becomes"? - Correct Answer-Law of large numbers
In order to be considered "currently insured" under Social Security, an individual must
be credited with? - Correct Answer-6 quarters of coverage during the last 13-quarter
period
How long must a policy be in force before an insurer is prohibited from denying claims
based on misstatements made on the health policy application? - Correct Answer-2
Years
Which of the following does the California Insurance Code NOT require an insurance
policy to specify? - Correct Answer-Insurer's financial rating
Which of the following is NOT required in the content of a policy? - Correct Answer-
Probability of loss
Which of the following pieces of information is NOT gathered during the personal
financial planning process? - Correct Answer-An individual's civic organization
memberships
Which of the following is not considered to be an unfair claims settlement practice? -
Correct Answer-Advising a claimant to hire an attorney
, When an applicant applies for insurance, the process by which the insurer determines
whether to issue a policy is called? - Correct Answer-Underwriting
How is a Medicare claim submitted? - Correct Answer-Expenses are submitted to
Medicare by the health provider
According to the PPACA, the medical enrollment tier that has 80% actuarial value is
called: - Correct Answer-Gold
Employer contributions to qualified plans are - Correct Answer-Tax-deductible by the
employer
Employee participation in a noncontributory group life plan must be - Correct Answer-
100%
What does the term "illustration" mean when used in the phrase "life insurance policy
illustration", according to the California Insurance Code? - Correct Answer-Presentation
of policy features that includes non-guaranteed elements
Which of the following is NOT a characteristic of a preferred provider organization
(PPO)? - Correct Answer-Primary physicians serve as gatekeepers
John owns an insurance policy that gives him the right to share in the insurer's surplus.
What kind of policy is this? - Correct Answer-Participating
a life agent who has misappropriated fiduciary funds to his own use. What is Pete guilty
of? - Correct Answer-Theft
If an insured dies because of an accident, which type of life insurance rider will provide
additional coverage? - Correct Answer-Accidental death rider
Tom is shopping for a policy that covers two people and would pay the face amount
ONLY when the first person dies. The type of life policy he is looking for is called a -
Correct Answer-Joint life policy
Which of these statements is NOT true concerning recurrent disabilities? - Correct
Answer-The insurer continues coverage after a new elimination period
An insurer owned by its policyholders is called a? - Correct Answer-Mutual Insurer
Medicare Part B Covers? - Correct Answer-Physician Expenses
Which of these is NOT a relevant factor in the health insurance principle of morbidity? -
Correct Answer-Intelligence
