This California life insurance quiz assesses knowledge on risk concepts, types of insurers, and the law of large numbers. It is designed for learners to understand insurance fundamentals and the mechanics of risk prediction in insurance, enhancing their professional or academic competencies in the field.
10,000
9,000
8,000
7,000
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Having a financial interest in the thing at risk.
A possibility for loss or gain.
Transfering the risk of loss to another party.
Human carelessness or irresponsibility.
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Intimidation
Coercion
Twisting
Restraint of trade
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Concealment
Adhesion
Consideration
Misrepresantation
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Sales presentation
Conditional receipt
Buyers guide
Disclosure authorization form
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A statement guaranteed to be absolutely true
A statement that is true to the best knowledge of the applicant
A statement that is material to the risk involved
A statement pertaining to the substandard nature of the risk to be insured
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Gladys' heirs as named in her will
Ben's heirs as named in his will
Ben's estate
The state in which Ben resided at the time of his death
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A domestic insurer
An alien insurer
A foreign insurer
An unauthorized insurer.
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Annual
Semiannual
Quarterly
Monthly
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An assesment insurer.
A stock insurer.
A reciprocal insurer.
A mutual insurer.
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September 11
September 15
September 17
September 19
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Perils
Hazards
Pure risks
Exposure units.
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Between the date of an early retirement and the date an individual first becomes elibible for Social Security retirement benefits
After survivor benefits for the youngest child end and before the surviving spouse becomes eligible for Social Security retirement benefits.
That a disabled worker has to wait before Social Security disability benefits begin.
During which income earned after age 65 is no longer subject to Social Security taxes.
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Insurable interest must exist at the time of loss
Insurable interest must exist at the time of application.
Insurable interest must exist throughout the duration of the policy.
Insurable interest must exist at the time of the insured's death.
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Measurable
Predictable
Catastrophic
Uncertain
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Implied authority
Apparent authority
Fiduciary responsibilities
Express authority
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Waived until the insured child reaches age 30
Increased upon death of a the premium payor
Decreased upon the activation of the automatic premium loan provision
Waived until the insured child reaches the age of majority.
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The availability of credit life insurance on an impartial basis
Protection to debtors against credit collection agencies
The requirement that an applicant for insurance be informed that a consumer report may be requested regarding his application
Information concerning any previous applications for insurance by an applicant
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Term insurance
Whole life insurance
Universal life insurance
Endowments
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Equity indexed
Fixed
Variable
Joint
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Level term
Decreasing term
Increasing term
Convertible term
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Owner
Annuitant
Beneficiary
Insured
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An employer with more than 100 employees
A self-employed professional
A businessowner who becomes disabled
An employee without a qualified plan
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Any reduction in the quantity, quality, or value of something.
The potential or actual cause of a loss.
A possibility of a loss and uncertainty about wether it will occur.
A condition that might increase the severity of a loss.
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A contributory plan
A noncontributory plan
A credit life plan
A risk-sharing plan
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It offers a combination of investment options and a guaranteed death benefit.
The premiums paid are fixed at a level amount.
This policy combines whole life and decreasing term coverage.
Lower premiums are charged in the early years of the policy.
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Not deductible
Deductible until cash values exceed premium payments
Deductible once they exceed 7.5% of AGI
Deductible as long as the policy is less than $100,000.
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250,000
200,000
150,000
100,000
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Collateral assignment
Absolute assignment
Consignment assignment
Split owner assignment
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1
2
3
6
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Units
Shares
Equities
Bonds
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Cannot take action without a specific Code
May call for a hearing in the matter
May immediately issue an enjoin and restrain order
Must seek arbitration through the Attorney General's office
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Flexible
Periodic
Level
Single
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50%
75%
90%
100%
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The debtor
The employer
The lender
The beneficiary
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The insured can demand renewal at the end of the original term
Premiums for a renewal policy cannot be increased.
Evidence of insurability cannot be required at renewal
Limits may be placed on the number of permitted renewals.
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Medical examination
Application
Agent's report
Statement of good health
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Inflationary trends in the economy
Future income needs of survivors
An individual's future stream of income
Probate and estate taxes
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Adjustable life insurance
Universal life insurance
Variable life insurance
Modified life insurance
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401(k)s
SEPs
SIMPLE IRAs
SIMPLE 401(k)s
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Any life insurance application submitted to the underwriting department must include the signatures of the policyowner, proposed insured, and agent
Any changes made to an application before its submission to the insurer must be initialed by the applicant
The initial premium must be submitted to the insurer with the completed application
Incomplete applications may be delay the underwriting process
It becomes a fully paid-up policy prior to maturity.
Death benefits are payable for a limited period of time.
Cash value withdrawals are permitted only for a limited number of years.
Proceeds may be paid only to the policyowner or a primary beneficary, and not to any other individual or party.
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An indexed equity annuity
An immediate annuity
A fixed annuity
A deferred annuity
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The annuitant shows proof of insurability
Earnings grow tax-deferred
Premiums for a fixed annuity are invested in the general account
10% penalty for distributions prior to age 59 1/2
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This type of plan may utilize any form of life insurance contract.
It is useful to the key employee who needs protection but has insufficient funds to meet his needs.
Two life policies are required; one for the employee and one for the employer.
All policy death proceeds are paid directly to the employer.
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The IRA owner's age
Wether or not the IRA owner participates in a qualified employer plan.
The type of investment the IRA purchases with the contributions
The IRA owner's marital status
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Joint with last survivor
Joint income
Joint life
Cash refund
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Fixed
Single premium
Variable
Flexible
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