California Life, Accident, and Health Insurance Questions and Answers
1. Which of the following are common personal uses for life insurance: ✔✔✔
Estateplanning, Cash accumulation, Protection of survivors
2. Which of the following is a characteristic of an interest sensitive whole
life policy: ✔✔✔ Flexible premiums, Guaranteed minimum death benefit,
Guaranteedminimum rate of return.
3. What type of policy provides coverage for life, but the premiums are not
due beyond age 65, has guaranteed premium, accumulates cash value and
the coverage will never decrease: ✔✔✔ A limited pay life policy
4. Under the PPACA, the shared responsibility payment is assessed on what
basis✔✔✔ Monthly
5. Which of the following statements is true about conditions to reinstate a
lapsed life insurance policy✔✔✔ The policy has been expired no more than 3
years
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, 6. An insurance company whose main responsibility is to make money for its
policyholders is called a✔✔✔ Mutual insurance company
7. How does the California Insurance Code define an insurance
contract✔✔✔ Alegal agreement made between an insurance company and an
individual
8. An individual disability policy will be characterized in all of the following
ways: ✔✔✔ The benefit is a stated dollar amount based on a percentage of
income permonth.
The premium is established by the insured's occupation and health status
The company may be able to increase premiums
Disability benefits are required to be paid no less than monthly..
9. Which of the following nonforfeiture options permits the policyowner to
use the cash values to purchase paid-up term life insurance coverage✔✔✔
Ex-tended term
10. Which of the following statements is true about the Guaranteed Insurabil-
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1. Which of the following are common personal uses for life insurance: ✔✔✔
Estateplanning, Cash accumulation, Protection of survivors
2. Which of the following is a characteristic of an interest sensitive whole
life policy: ✔✔✔ Flexible premiums, Guaranteed minimum death benefit,
Guaranteedminimum rate of return.
3. What type of policy provides coverage for life, but the premiums are not
due beyond age 65, has guaranteed premium, accumulates cash value and
the coverage will never decrease: ✔✔✔ A limited pay life policy
4. Under the PPACA, the shared responsibility payment is assessed on what
basis✔✔✔ Monthly
5. Which of the following statements is true about conditions to reinstate a
lapsed life insurance policy✔✔✔ The policy has been expired no more than 3
years
1/6
, 6. An insurance company whose main responsibility is to make money for its
policyholders is called a✔✔✔ Mutual insurance company
7. How does the California Insurance Code define an insurance
contract✔✔✔ Alegal agreement made between an insurance company and an
individual
8. An individual disability policy will be characterized in all of the following
ways: ✔✔✔ The benefit is a stated dollar amount based on a percentage of
income permonth.
The premium is established by the insured's occupation and health status
The company may be able to increase premiums
Disability benefits are required to be paid no less than monthly..
9. Which of the following nonforfeiture options permits the policyowner to
use the cash values to purchase paid-up term life insurance coverage✔✔✔
Ex-tended term
10. Which of the following statements is true about the Guaranteed Insurabil-
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