CA-LIFE-ACCIDENT-AND-HEALTH RELIABLE EXAM PRICE, BRAIN CA-LIFE-ACCIDENT-AND-HEALTH EXAM

CA-Life-Accident-and-Health Reliable Exam Price, Brain CA-Life-Accident-and-Health Exam

CA-Life-Accident-and-Health Reliable Exam Price, Brain CA-Life-Accident-and-Health Exam

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California Department of Insurance CA Life, Accident and Health or Sickness Examination Sample Questions (Q153-Q158):

NEW QUESTION # 153
Individual life insurance policies sold to seniors in the State of California must include aprominently placed statement that divulges all of the following information EXCEPT

  • A. the policy can be returned during a free look period for a full refund.
  • B. a charge might apply if declined after the time allowed for surrender.
  • C. proof of surrender must be notarized at the agent's principal office.
  • D. the policy should be returned to the agent or insurer if not wanted.

Answer: C

Explanation:
Individual life insurance policies sold to seniors in California must include a prominently placed statement that provides important information about the policy. This includes instructions to return the policy to the agent or insurer if it is not wanted, the possibility of a charge if declined after the allowed surrender period, and the right to return the policy during a free look period for a full refund. However, there is no requirement for proof of surrender to be notarized at the agent's principal office.References: California Department of Insurance regulations on disclosures for life insurance policies sold to seniors.


NEW QUESTION # 154
People commonly purchase an annuity to protect against the risk of

  • A. becoming uninsurable.
  • B. outliving their financial resources.
  • C. dying too soon.
  • D. dying before their home mortgage is paid off.

Answer: B

Explanation:
Purpose of Annuities: Annuities are financial products that provide a stream of payments to the purchaser, typically after retirement.
Risk Protection: The primary risk addressed by annuities is longevity risk, or the risk of outliving one's financial resources.
Financial Security: By providing guaranteed income for life or a specified period, annuities help ensure that individuals do not run out of money in retirement.References: California Insurance Code Section 10170.3 defines annuities and the risks they are designed to mitigate.


NEW QUESTION # 155
The conversion privilege allows a terminated employee to convert

  • A. an annuity into group life insurance.
  • B. permanent insurance into term insurance.
  • C. term insurance into permanent insurance.
  • D. group life insurance into an annuity.

Answer: C

Explanation:
The conversion privilege in life insurance allows a terminated employee to convert their term insurance policy into a permanent insurance policy without needing to provide evidence of insurability. This option is beneficial for employees who want to continue their life insurance coverage after leaving their employer.


NEW QUESTION # 156
An insured replaces an existing annuity with a new one and must pay a surrender charge for cancelling the existing annuity. The new policy holds no greater financial benefits to the insured than the existing contract.
This is an example of

  • A. a deferred annuity.
  • B. a substandard annuity.
  • C. nonforferture.
  • D. an unnecessary replacement.

Answer: D

Explanation:
Definition of Replacement: According to the California Department of Insurance, a replacement involves an insured replacing one annuity with another. When doing so, certain disclosures and comparisons must be made to ensure it is in the best interest of the insured.
Surrender Charges: In this scenario, the insured is incurring a surrender charge for cancelling the existing annuity. Surrender charges are penalties for withdrawing funds from an annuity before a certain period.
No Greater Financial Benefit: The new policy does not offer greater financial benefits compared to the existing one. This is critical as the primary motive behind replacing an annuity should be to provide the insured with better benefits, whether they be financial or in terms of coverage.
Regulations: The California Code of Regulations (CCR) requires that any replacement of an annuity must be suitable for the insured, meaning it must offer greater or more appropriate benefits than the existing policy.
Conclusion: Given these points, this scenario falls under "an unnecessary replacement," where the insured is subject to surrender charges without receiving any greater financial benefit, which is against the principles set forth by the California Department of Insurance.


NEW QUESTION # 157
All of the following statements about mortality tables are true EXCEPT

  • A. the tables track a group of people from the year they were born until they all die.
  • B. the numbers in the tables are based on past experience.
  • C. the theory of probability is applied to numbers in the tables.
  • D. actuaries use the tables to predict the number of deaths among a given number of people at a given age.

Answer: A

Explanation:
Mortality tables, also known as life tables, are statistical charts used by actuaries and insurance companies to predict life expectancy and the probability of death at various ages. These tables are based on past data (A) and apply the theory of probability to the numbers (B) to estimate future mortality rates (D). However, they do not track a specific group of people from birth until they all die (C). Instead, they compile data from various sources to represent average mortality rates for a given population.


NEW QUESTION # 158
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