"name": "What does the application process for the test entail? ", I would recommend this book. 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? A living benefit on a life insurance policy is typically a policy rider that allows an insured who has a qualifying terminal illness to access some or all of the death benefit proceeds in order to pay medical bills or other financial obligations. apply to bodily injury or property damage that occurs when? As an insurance agent, one is allowed to offer many different lines of coverage provided that the required training and testing qualifications have been met. He trades in his car and purchases a new private passenger auto as a replacement vehicle. A MSN, or Medicare Summary Notice, can also be checked for any changes to a patient's claims. Fees vary by state, so please check in your area. } (Use the arithmetic average.) DIC can provide considerable protection at a reasonable cost. The elimination period is not part of a major medical insurance policy. In the event of a physical damage loss that makes a covered auto unavailable for Each CPT also corresponds to one or more International Classification of Diseases (ICD-9) codes. Great investment and resource guide. "@type": "Question", { Own occupation is a type of benefit trigger that is found in a disability insurance policy, not in long-term care insurance policies. An insurer's loss ratio is determined by dividing what? The applicable depreciation rates are 20%, 32%, 19%, 12%, 11%, and 6%. With the installment method, the insured may wish to use these funds to pay his or her ongoing monthly bills. There are many purposes in which the proceeds of corporate owned life insurance may be used. }, Furthermore, I learn from trial and error so when I took the practice test I was able to go back and relearn a certain topic if I didnt retain it well. Again, that varies by state. It tells me what I need to know on the test. Arbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal. @9[35.`A Medical payments under a homeowners policy are available for expenses resulting from an injury to which of the following? Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks. 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. In legal terms, the actions by one party might have the effect of giving up a known right. "text": "Fees vary by state, so please check in your area." Under which type of marketing system do agents or agencies operate as Some states have other requirements, such as requiring a background and fingerprint check." "@type": "Answer", that conventional 500 page book will drive you crazy. 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. The Commissioner may disapprove the use of any true or fictitious name for all of the following reasons EXCEPT: It is the bona fide natural name of an individual, When an insurer can no longer meet its financial obligations when they are due, the insurer is considered to be. } In addition to the information about the applicant for insurance, underwriters will also look at the named beneficiary in the policy in order to determine whether or not there is an insurable interest. The companys marginal tax rate is 35% and it has a 12% WACC. ", } "text": "Since insurance agents determine the needs of their clients, excellent analytical skills are a big plus. "text": "In general, youll have to provide background information, like employment history, and personal information, such as a picture ID. This chapter reviews basic principles that provide a foundation ", "name": "What type of skills do I need? "name": "Whats the test like? } The primary regulator of all Health Maintenance Organizations (HMOs) in this state is the: California Department of Managed Health Care. She has held roles at several large insurance and investment companies. No. "acceptedAnswer": { insurance? Under liability insurance policies, what does the term "personal injury" usually }, Our comprehensive study guide has been researched by a team of professionals with years of experience helping educators prepare for exams just like this one. Choose This book is the best way to study . }. 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. Over the 5-year period, what average nominal interest rate would be expected to produce a 2% real risk-free return on 5-year Treasury securities? b. It is the maximum limit for each claim when multiple claimants are arising out of the same occurrence. How long does it take? Does your answer here make you question the yield curve you drew in part c? Some property insurance policies provide for payment of the full policy limit in the event of a total loss by a covered peril, regardless of the actual value of the property. the following? 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. Which dwelling policy forms are named peril forms? Tests vary by state. "@type": "Answer", We offer a 100% risk-free, money-back guarantee. 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. a higher amount is purchased? Currently offered and recognized by the issuing organization. Wish more were like this! ,JfA3XF. A device that is used to minimize small nuisance claims and that helps to keep insurance premiums down is called what? }, The Bigbee Bottling Company is contemplating the replacement of one of its bottling machines with a newer and more efficient one. Although it typically takes approximately two weeks to settle death benefit claims, insurance companies are required to settle such claims within 30 days. e. In general, how would each of the following factors affect the investment decision, and how should each be treated? } "@type": "FAQPage", { { e. If investors in early 1981 expected the inflation rate for every future year to be 10% (i.e., $\mathrm{I}_{\mathrm{t}}=\mathrm{I}_{\mathrm{t}+1}=10 \%$ for t=1 to $\infty)$, what would the yield curve have looked like? Mometrix has a number of tools that can help you study for the Life & Health Exam. It can be altered or withdraw BEFORE the insurance is issued, The trust that your client places in you in regard to handling premiums. The death benefit proceeds on the policy will be reduced by the amount that is accessed by the insured. Take this free practice test to get an idea of what is on your state's life and health insurance agent licensing exam. A study guide like the one we provide is a key to success. "name": "What type of preparation is required to take the Life and Health Insurance Exam? and the insured purchases a supplemental extended reporting period (ERP), the Under liability insurance policies, what does an "aggregate limit" mean? Certain articles of clothing may also be prohibited. Incorrect answer. hVko0+jb~4!imi4RHPn^Pcr)n@nH8v w\=Fw;=x hW%{%fX,/`NQT YGGUC74Z7 2B600\OwT#Ik$31i]b1M2ucA#y>N}Z4kig&gjk:iYR0^|1pQzzw$7 4]$NF$jG'r=5IO;:`_'ZMZ;]NTZ~.$a4VrSVU5hH^elQ^7j/h.x=]?.R7!C3,q6^s|@~-s]D'z, The purchase of insurance does all of the following EXCEPT: A person shall not solicit, negotiate, or effect contracts of insurance unless the person holds a valid license from the Commissioner authorizing them to act in that capacity. "@type": "Question", period for reporting claims under the policy will be extended for how long? In order to obtain a life and health insurance license, individuals must take and successfully pass an exam that is offered by the state licensing boards. 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. "@type": "Answer", #Fu]pY;e{-ho\olb"EjAUdULb!8S7x,^mNB,ZGFF?1:bZAq6b!iyjhut }8'gtcHw>-)?M3Hgk w[g_L2>WK:QUKy tn!:RD;s'7{XC,"pfce)0x9-tY$z ,i Insurance agents regularly talk with clients, youll need to be a very skilled communicator. 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. "acceptedAnswer": { "acceptedAnswer": { "name": "What types of questions can I expect with taking the Life and Health Insurance Exam? All of the following are true regarding warranties in an insurance contract EXCEPT: A particular form of words is necessary to create a warranty. The guide provides specifics on how to tackle the questions youll be asked. Please choose another answer. What initial cash outlay is required for the new machine? Minnesota, Oregon, and Wyoming are the only states with a passing rate of 75% or higher on the Life & Health Insurance exam. The United States, its territories and possessions, and Canada. "text": "The number of questions on the test, the format, and the length of time it takes all vary by state." transportation expenses at the rate of $20 per day up to how much? Because the underlying investments are equities such as mutual funds, variable life insurance policies are considered to be securities. What was the average expected inflation rate over the 5-year period 19811985? Tom Baxter has an automobile insured by a personal auto policy. 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. "acceptedAnswer": { To prepare for your licensing exam, use the full-length Life & Health Insurance Agent Practice Exam with answers fully explained for ideal study. Its future value? Please check in your area. 136 0 obj <> endobj This study guide is easy to understand and only 82 pages. ", The person or entity that is the policy beneficiary will have an effect on the acceptance of the policy. In general, no electronics cell phones, tablets, watches, and the like are prohibited and will have to be locked in a secure area outside the test room. { ", The amount an individual chooses to pay, out-of-pocket, after the funds in the pretax account have been exhausted and before the health insurance plan's deductible is met. Some require a pre-test, and some dont. Important Disclaimer: FINRA does not approve or endorse any professional credential or designation. When this occurs, the party has created which of the following? Insurance agents regularly talk with clients, youll need to be a very skilled communicator. The expected life of the existing machine decreases. "@context": "https://schema.org", "name": "Are all Life and Health Insurance exams the same? Whats the best way to prepare? "@type": "Question", I am now studying from the guide alone and I am so sure I will pass this time. First City Bank that, along with her $25,000 down payment, equals the $100,000 for the insurance industry. Rebating is the act of offering an applicant an inducement to purchase insurance. And, if youre worried at all about buying the guide, dont worry. In disability insurance, the period of time between when the disability started and the commencement of benefits is the: The Process of making and implementing decisions to handle loss exposure is known as __________. It is the single largest limit that applies when a loss is covered by two or more policies issued by the same insurer. Assume MRP=0. These policies are known as which of the following? "@type": "Answer", "name": "When will I know if I passed? c. What are the incremental cash flows in Years 1 through 5? examfx insurance study training prelicensing courses securities package self If there is not, the application for life insurance could be rejected. A wife (owner) can take a policy out on her husband (insured), yet the husband is not a party to the insurance contract. The living benefits that are accessed from a life insurance policy can typically be taken out either in one lump sum amount or they could be received via regular installments. So far, Ive seen how this product is beneficial for those who are like me and struggle with information overload. 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. { endstream endobj startxref mean? "acceptedAnswer": { For example, 99214 may be used for a physical and 90658 indicates a flu shot. This product is also great when paired with another book for more referencing. hb```f``J? You can get that license by taking the Life and Health Insurance exam in your state. If youre interested in selling life or health insurance, this may be a good time to get the licensing that you need. Those who wish to sell life and health insurance are required to possess the proper licensing for each state in which they conduct business. Where can I find a best-in-class study guide? "@type": "Answer", 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. Its important to check the regulations in your area." for at least one vehicle, a new vehicle will be automatically covered from the shown in the declarations, except for which of What a difference! LaTonya purchases a house from John. "text": "There are no specific education and degree requirements, so that means a high school diploma or its equivalent is fine. biodiversity concept { "acceptedAnswer": { As well preparation for my license. Which of the following is considered to be a morale hazard? A representation that fails to correspond with its assertions or stipulations is: All are true about transacting insurance EXCEPT: If a Life insurer issues a policy based upon an application submitted by an agent who is not their appointee, the insurer must send a Notice of Appointment to the Commissioner within: Under the California Insurance Code (CIC), neither party to a contract of insurance is bound to communicate any of the following EXCEPT: A Life settlement broker represents a life insurance: A hazard is defined as something that increases the risk. If he does not notify the insurance company, the liability coverage for his replacement vehicle will apply automatically for how long? Assume that interest rate parity holds and that 90-day risk-free securities yield a nominal annual rate of 3% in the United States and a nominal annual rate of 3.5% in the United Kingdom. date it is acquired as long as the insured notifies the insurer and requests the 146 0 obj <>/Filter/FlateDecode/ID[<4D470C6F3022E39AA7C100BA34205CBD><87E7588D02533644A891B68326476D67>]/Index[136 23]/Info 135 0 R/Length 70/Prev 160233/Root 137 0 R/Size 159/Type/XRef/W[1 3 1]>>stream If other investments of equal risk earn 11% annually, what is its present value? In the spot market, 1 pound=$1 53. a. } These General insurance exam questions and answers cover general insurance concepts. "@type": "Question", "acceptedAnswer": { All of the following are true regarding representations EXCEPT: The Department within an insurer that is responsible for the evaluation, selection and classification of insurable risks in a manner that is equitable for insureds and profitable for the insurer is known as the ________ Department: Which of the following must be printed on every licensee's business cards, written price quotations and printed advertisements: All of the following must be specified in an insurance policy EXCEPT: Any licensee who diverts fiduciary funds to his or her own use is guilty of: The California Life and Health Insurance Guarantee Association will provide coverage for which of the following types of insurance? has worked in the insurance and financial services industry for over 20 years, where she has focused, in part, on producing training and educational materials. No formal education or experience is required to become a licensed life and health insurance agent. Some require a pre-test, and some dont. The old machine is being depreciated by $120,000 per year, using the straight-line method. "name": "Whats not allowed in the room when I take the Life and Health Insurance Exam? So, I decided to buy the Life & Health Exam Study Guide for my next license exam. endstream endobj 137 0 obj <> endobj 138 0 obj <> endobj 139 0 obj <>stream "text": "Again, that varies by state. Whats the best way to prepare? The law of agency regulates the relationship between agents and principals as well as agents and third parties with whom they deal on the principal's behalf. However, many investors expected the new Reagan administration to be more effective in controlling inflation than the Carter administration had been. life insurance policyowner sells policy to 3rd party for more than cash value. Quality starts with who wrote the material. "text": "No. } Our large, easy-to-read flashcards help you learn through repetition, and the questions cover every content area of the exam. This product synthesizes the information to make it more palatable and easier to digest. 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)? ", 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. hYRRj.P[kH@plhcd';`F|}b?J>O~y{Mm3Q4DD*%u>8-e6f'It qsSMbr "acceptedAnswer": { A copayment is the amount or portion of the total cost that is the patient's responsibility upon receiving a medical service such as an annual check-up. You need to be self-confident and be willing to take the initiative since youll be seeking out new clients. }, } Check out Mometrix's Life & Health Study Guide, Get practice questions, video tutorials, and detailed study lessons, { "acceptedAnswer": { office oak Under most property insurance policies, the policy territory includes which of Injury for such things as libel, slander, false arrest, or invasion of privacy. Moreover, many observers believed that the extremely high interest rates and generally tight credit, which resulted from the Federal Reserve Systems attempts to curb the inflation rate, would lead to a recession, which, in turn, would lead to a decline in inflation and interest rates. The practice exam is written by Susan Wright, MBA, CLU, RHU, REBC, who has over 20 years of experience in the insurance industry and Noah Sobin, an life insuance underwriting expert. "text": "While the day of the test will vary by state, there are some similarities. "@type": "Question", }, Therefore, Social Security disability benefits should only be used to supplement an individual disability income policy. Which of the following is not true about difference in conditions (DIC) It is prohibited as an unfair trade practice. The WACC is not constant, but is increasing as Bigbee adds more projects into its capital budget for the year.