California Life and Health Final Exam – Already Passed

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California Life and Health Final Exam – Already Passed Employer-provided group term life insurance is exempt from income taxation up to ✔✔$50,000 Medicare Part B has an initial enrollment per... iod. How many months after an individual's 65th birthday month does this enrollment period end? ✔✔3 months Which statement is true regarding policy dividends? ✔✔A dividend option is selected by the insured at the time of policy purchase What does the insurance term "indemnity" refer to? ✔✔Make whole What is a common reason people purchase an annuity? ✔✔To protect against the risk of outliving their financial resources The importance of a representation is demonstrated in what rule? ✔✔Materiality of concealment Who does a life settlement broker represent? ✔✔Individual wanting to sell their life policy to a third party Who is financially liable for the payment of covered claims in a fully insured group health plan? ✔✔Insurer The Human Life Value concept is based on ✔✔income Business Overhead Expense Insurance pays for ✔✔business expenses when a business owner becomes disabled At what point does a self-insured group qualify for stop-loss coverage? ✔✔When claims exceed a specified limit in a set period of time What percentage of eligible employees must participate in a noncontributory group health plan before it can be put in effect? ✔✔100% A life insurance policy where the insured can choose where the cash value can be invested is called ✔✔variable life Which of these statements correctly describes risk? ✔✔Pure and speculative risks are both insurable The elimination period in a disability income policy serves the same purpose as a(n) ______ in a medical expense policy. ✔✔deductible What is required after a life agent sells an insurance policy to an applicant without being appointed by the insurer? ✔✔Notice of appointment must be submitted to the Commissioner Retirement plans are prevented from favoring highly compensated employees under which government regulation? ✔✔Nondiscrimination ESOPs are typically invested in ✔✔employer stock The reason for social insurance is to ✔✔protect certain vulnerable segments of the population [Show More]

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