CA LIFE AND HEALTH INSURANCE EXAM 3 LATEST
VERSIONS (VERSION A, B AND C) 2023-2024 ACTUAL
EXAM 350 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
|ALREADY GRADED A
CA LIFE AND HEALTH INSURANCE EXAM VERSION A
According to the California Insurance Code, the Commissionee can disapprove a licensee's request to use a fictitious name for any of the following reasons EXCEPT that the - ANSWER- Name is the licensee's actual name
Is is considered an unfair method of competition for an agent to advertise that the insurer that agent is appointed with is - ANSWER- A member of the Insurance Guatentee Association
All of the following are requirements of contract EXCEPT - ANSWER- there must be equal consideration between the parties
If an insurer must have its rates accepted by the insurance department prior to using them, the insurer would be operating in which of the following types of jurisdictions? - ANSWER- prior approval
It is federal offense for an insurance agent to do all of the following except - ANSWER- Misrepresent facts on an insurance application
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How often MUST an insurer file the National Association of Insurance Commissioners (NAIC) financial statement? - ANSWER- Annually
A person authorized by and on behalf of an insurer who transacts life, disability or life and accident and health insurance is defined as? - ANSWER- Life agent
An insurer entitled to transact business by complying with the California Insurance Code is known as an? - ANSWER- admitted carrier
Who are the members of the Medical Information Bureau? - ANSWER- Life and health insurers
If you have been convicted of a misdemeanor and that mideameanor conviction is later expunged pursuant to California Penal Code Sectiob 1203.4, which of the following is true? - ANSWER- Even though your misdemeanor conviction was expunged, you must still disclose your misdemeanor conviction in your individual application for an insurance license.
The direct response distribution of Insurance untalizes all of the following to promote the sales of insurance EXCEPT - ANSWER- Telephone call from an agent
The increase in the probability of a loss resulting from an insured's dishonest tendencies is known as - ANSWER- Moral hazard
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Which is an agreement in which an insurer contacts with a third party to insure itself against losses from insurance policies it issues? - ANSWER- Reinsurance
Which of the following would an agent be guilty for misrepresenting the amount of dividends a policy will pay? - ANSWER- A misdemeanor
What rule is used to determine the importance of a representation? - ANSWER- The materiality of concealment
Which of the following is a hazard? - ANSWER- A condition that may increase the likelihood of a loss occurring
When are the parties to a contract REQUIRED to connunicGe information solely based on personal judgement for a matter in question? - ANSWER- Never
According to the California Insurance Code, if an insurer's certificate of authority is revoked, the commissioner can proceed with any of the following actions EXCEPT - ANSWER- Using Guarantee Funds to pay salaries
Section 1729.2 of the California Insurance Code requires insurance producer apppicstoons and licenses to notify the insurance commissioner in writing, within ___ days of charges in background information after an application has been submitted or a license has been issued? - ANSWER- 30 days 3 / 4
The insurer's department with PRIMARY responsibility for the risk
selection process is called: - ANSWER- Underwriting
A person owns a life annuity. He elects to receive his annuity payments monthly for the remainder of his life with "ten years certain". The annuity will make payments for.. - ANSWER- A minimum of 120 months and a maximum of the remainder of his life
All of the following information is gathered during the personal financial planning process EXCEPT - ANSWER- A listing of a person's civic and professional organizational memberships.
Which policy provisions allows an insured to continue coverage under a lrevisional lapsed policy? - ANSWER- The reinstatement provision
According to the California Insurance Code, governing the use of life insurance policy illustrations, the term illustration means - ANSWER- Presentation of policy features that includes non-guaranteed elements
The life insurance grace period allows the insured to - ANSWER- Pay the premium after the due date without loss of coverage
When a family policy covers children, all of the following are true EXCEPT - ANSWER- evidence of insurability is required to convert coverage for children to permanent insurance.
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