,JfA3XF. Some states have other requirements, such as requiring a background and fingerprint check." It covers all of the following areas which are typically covered in your actual state Life & Health Insurance examination: Copyright 2009-2022 Tests.com LLC - All Rights Reserved, General Life Insurance Basics, Insurable Interest, Parties and Regulations, Types of Life Insurance Policies and Individual versus Group Life Insurance, Life Insurance Application and Underwriting, Selling Life Insurance, Determining Coverage Needs and Issuance and Delivery, Life Insurance for Business Owners and in Estate Planning, Policy Components, Riders and Non-forfeiture Options, Claims, Settlement Options and Tax Concepts, Living Benefits and Viatical and Life Settlements, General Health Insurance Basics, Regulation and Social Health Insurance, Types of Health Insurance Policies and HMO and PPO, Health Insurance Policy Components and Exclusions, Selling Health Insurance, Issuance and Delivery and Tax Considerations, Health Insurance Claims and Indemnity vs. Check out Mometrix's Life & Health Flashcards, Get complex subjects broken down into easily understandable concepts. The Bigbee Bottling Company is contemplating the replacement of one of its bottling machines with a newer and more efficient one. In short, its a good idea not to bring anything of value to the testing center." Which type of insurance professional does not actually sell insurance coverages but sells advice about insurance coverages? A beneficiary and the underwriter are not parties to a life insurance contract. It is expected to economize on electric power usage, labor, and repair costs, as well as to reduce the number of defective bottles. Whats the best way to prepare? hYRRj.P[kH@plhcd';`F|}b?J>O~y{Mm3Q4DD*%u>8-e6f'It qsSMbr As well preparation for my license. When the special causes of loss form are attached to a commercial property coverage part, coverage for theft of furs and fur garments is limited to how much? However, the Bureau of Labor Statistics says about one-third of all agents have college degrees." "@context": "https://schema.org", "name": "What does it cost to take the test? "acceptedAnswer": { Concealment entitles the injured party to rescind the insurance if it is: The uncertainty about loss that exists whenever more than one outcome is possible is called: When an insurer voids an insurance contract due to an intentionally fraudulent omission by the insured of a material fact, it is known as: Acting as an agent for a nonadmitted insurer in the transaction of insurance in this state is considered to be a misdemeanor unless acting as a: Transacting insurance includes all of the following activities EXCEPT: It shall be the obligation of each agent to preserve and maintain all applicable records in their possession, in addition to those records transmitted to the insurer, at their principal place of business for a minimum of ____ years: When must a licensee notify the Insurance Commissioner of a change of address? When you have read the first 100 pages you, won't remember the first thing you read. The guide provides specifics on how to tackle the questions youll be asked. }. "text": "In general, youll have to provide background information, like employment history, and personal information, such as a picture ID. It tells me what I need to know on the test. "text": "While the day of the test will vary by state, there are some similarities. No formal education or experience is required to become a licensed life and health insurance agent. "acceptedAnswer": { You will be tested in topics that include HMOs (health maintenance organizations), and health insurance tax issues; annuities and annuity policy tax issues; life insurance plans and general knowledge about the subject; health insurance, dental coverage, medical plans, and more." It is concise and to the point so there is no wasted time digging through hundreds of pages with useless information. Under liability insurance policies, what does an "aggregate limit" mean? I can tell this book is very useful, understandable. 2. "@type": "FAQPage", All of the above are types of health insurance policies. The following practice exam is a sample from the full-length test. The person or entity that is the policy beneficiary will have an effect on the acceptance of the policy. Insurance agents regularly talk with clients, youll need to be a very skilled communicator. All of the following are true regarding warranties in an insurance contract EXCEPT: A particular form of words is necessary to create a warranty. Who has an insurable interest in this home? "@type": "Question", It is prohibited as an unfair trade practice. In this case, the new policy does not necessarily benefit the client, however, the agent will likely receive a commission on the sale of the new policy. She has held roles at several large insurance and investment companies. This is helping me understand and preparing me for new product analyst position in our health plan! An elimination period in a long-term care insurance policy is the number of days that an insured must pay for their care after a qualifying claim, but before benefits begin to pay (such as with a deductible). Traditional perils (such as fire, lightning, and so on) are usually excluded by DIC policies. Take this free practice test to get an idea of what is on your state's life and health insurance agent licensing exam. An appointment as an agent of an insurer becomes effective on the date it is: All of the following are ways to reduce risk EXCEPT. endstream endobj 137 0 obj <> endobj 138 0 obj <> endobj 139 0 obj <>stream All that is required is a high school diploma or its equivalent. basic, or minimum, the limit for employers liability coverage is how much per When this occurs, the party has created which of the following? Firm compliance professionals can access filings and requests, run reports and submit support tickets. Which dwelling policy forms are named peril forms? DIC supplements other coverages and fills insurance gaps. }, I am renewing my license and there are great practice exams. "acceptedAnswer": { For example, 99214 may be used for a physical and 90658 indicates a flu shot. purchase price of the home. You will be tested in topics that include HMOs (health maintenance organizations), and health insurance tax issues; annuities and annuity policy tax issues; life insurance plans and general knowledge about the subject; health insurance, dental coverage, medical plans, and more. A long-term care insurance policy's elimination period is the number of days that the insured must pay for services out-of-pocket until the insurance coverage begins to pay. Support your answer. Health savings accounts (HAS) are used with high deductible health insurance policies. She has earned nine industry professional designations, including: Chartered Life Underwriter, Registered Health Underwriter, Registered Employee Benefits Consultant, Certified Senior Advisor and Certified in Long-Term Care. classifications of covered autos, which are designated by numerical symbols dwelling policy, what basic limit of coverage applies to medical payments unless { "text": "There are no specific education and degree requirements, so that means a high school diploma or its equivalent is fine. "@type": "Answer", 0 { This is a very very helpful book. Check out Mometrix's Life & Health Study Guide, Get practice questions, video tutorials, and detailed study lessons, { "text": "No. Your license will be considered to be inactive when you: As specified by the California Insurance Code (CIC), every person must have insurable interest in the person insured at the time of application. First City Bank that, along with her $25,000 down payment, equals the $100,000 Ms. Wright has been licensed as an insurance agent and an NASD/FINRA securities broker. Every person has an insurable interest in the life or health of all of the following persons EXCEPT: An insurer organized under the laws of another state who is legally transacting insurance in this state is known as: Making an insured whole again after a loss is known as: An individual who assists consumers with enrollment into the programs administered by the California Health Benefit Exchange is known as a(n)? Twisting involves an agent suggesting that an individual let their current insurance coverage lapse in order to purchase a new policy, typically with similar benefits. If a contract contains unclear wording, then a court will interpret the language used against the writer of the contract - unless the wording that is used is required by law to be stated in a specific way. Permanent life insurance should be used with buy / sell agreements in order to ensure that the insured will not need to re-qualify for life insurance after a certain amount of time elapses. Those who wish to sell life and health insurance are required to possess the proper licensing for each state in which they conduct business. Every licensee shall file with the Commissioner his or her truename and also all fictitious names under which he or she conducts business. What a difference! "Any auto" is the broadest coverage classification. Because the funds in the HSA account can be used for medical services, participants often use them for un-covered procedures such as chiropractic visits or other health-related services that are not covered by their insurance policy. "@type": "Question", ?MfM HiD%s>?iHKSN%m]wmQd[em^rCfW/K "name": "Are all Life and Health Insurance exams the same? The death benefit proceeds on the policy will be reduced by the amount that is accessed by the insured. "@type": "Answer", An insured can select different classifications for various coverages. A commercial property coverage part with the basic causes of loss form attached California Life And Health Insurance Exam Questions Quiz, common homeowners insurance questions and answers, general insurance agent practice questions with answers, Know Everything About Insurance Policies - Insurance Quiz, homeowners insurance quiz questions and answers, Chapter 4: Life insurance Policies, Options and Riders, Nature Of Insurance Quiz Questions And Answers. endstream endobj 140 0 obj <>stream These criteria can include hobbies, occupation, lifestyle, gender, age, income, and many more. coverage within how many days? Learn More All content on this website is Copyright 2022. He trades in his car and purchases a new private passenger auto as a replacement vehicle. "@type": "Question", Where can I find a best-in-class study guide? %PDF-1.6 % Here, there is nothing suspicious about John's death. "acceptedAnswer": { }, Each CPT also corresponds to one or more International Classification of Diseases (ICD-9) codes. It is the most the insurer will pay for all losses during any one policy period. All of the following definitions are correct EXCEPT: The chance of loss without any possibility for gain is known as: The Insurance Commissioner may deny an insurance license application without a hearing: If the applicant has a final conviction of a felony. for the insurance industry. Draw a yield curve based on these data. In total, an annual savings of$255,000 will be realized if the new machine is installed. "name": "What can I expect on test day? This study guide is easy to understand and only 82 pages. In the event of a physical damage loss that makes a covered auto unavailable for In short, its a good idea not to bring anything of value to the testing center. An insured may be, but is not necessarily a party. "text": "You should get a high-quality, professional study guide, like the one here. apply to bodily injury or property damage that occurs when? It is designed to help you evaluate your comprehension of the general insurance concepts for which you will be tested in your insurance license qualification exam. Claims-made general liability coverage does not I like the fact that it is also focuses on test anxiety. ", Own occupation is a type of benefit trigger that is found in a disability insurance policy, not in long-term care insurance policies. ", 158 0 obj <>stream Although it typically takes approximately two weeks to settle death benefit claims, insurance companies are required to settle such claims within 30 days. }, ", "@type": "Answer", Its important to check the regulations in your area." An insurer's loss ratio is determined by dividing what? Should a permanent life insurance policy holder decide to cancel the policy prior to the insured's death, they will receive the amount of the cash surrender value. Incorrect answer. "@type": "Answer", for at least one vehicle, a new vehicle will be automatically covered from the This California life and health insurance exam quiz is useful for those individuals who are looking towards producing or selling life and/or health insurance in the state of California. Own occupation offers the most liberal definition of disability as the insured is considered to be totally disabled if he or she is unable to engage in the principal duties of his or her own occupation. ", While the tests and requirements vary by state, the overall topics are about the same. It is the single largest limit that applies when a loss is covered by two or more policies issued by the same insurer. "name": "How many questions are on the test? FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. I love this because it excludes all the fluff. b. There are many purposes in which the proceeds of corporate owned life insurance may be used. { "@type": "Question", Individuals holding an INS certificate (regardless of when they earned it) earn the AINS designation once they pass an ethics exam. The old machine has a book value of $600,000 and a remaining useful life of 5 years. I am fairly new to life and health insurance field. } If coverage for personal liability and medical payments is attached to a "@type": "Question", You may be required to present your test confirmation to ensure youre taking it at the right day, time, and location.

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