Final Exam - California Life Only Questions and Answers Already Passed

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Final Exam - California Life Only Questions and Answers Already Passed According to the California Insurance Code, what is "insurance"? ✔✔A contract Which of these statements correctly describe... s risk? ✔✔Pure risk is the only insurable risk Only pure risks are insurable Which of the following does NOT have to be included on life insurance policy illustrations? ✔✔Statement that all values and benefits are guaranteed An agent's attempt to stop the replacement of an existing life insurance policy is known as ✔✔conservation If a material warranty violation on the part of the insured is found, what recourse does an insurer have? ✔✔Rescind the policy Which of the following pieces of information is NOT gathered during the personal financial planning process? ✔✔An individual's civic organization memberships Which of the following does the California Insurance Code NOT require an insurance policy to specify? ✔✔Insurer's financial rating What is an "insurance broker" according to California Insurance Code? ✔✔A person compensated for transacting insurance on behalf of another person with an insurer The objective of underwriting is to ✔✔avoid selecting a disproportionate number of bad risks An annuitant would like to determine the amount of an annuity distribution that is exempt from taxation. What is used to calculate this? ✔✔Exclusion ratio A worker is entitled to Social Security disability benefits if all of the following are true, EXCEPT for: ✔✔worker cannot perform his or her current job, but is actively seeking other employment How are death benefits that are received by a beneficiary normally treated for tax purposes? ✔✔Exempt from federal income taxes Which of the following statements correctly describes a contract of indemnity? ✔✔One party is restored to the same financial position the party was in before the loss occurre [Show More]

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