California Life And Health Insurance Exam Questions And Answers

A life insurance policy where the insured can choose where the cash value can be invested is called {Ans: variable life}According to the California Insurance Code, what is the maximum penalty per violation for anyone who unwillfully commits an unfair method of competition? {Ans: $5,000}What are residual disability income insurance payments based on? {Ans: The amount of the insured's income is reduced by the disability}An insurer that has been found using higher rates based on race, religion, or ethnicity is said to be engaging in {Ans: unfair discrimination}The California Insurance Code allows an individual how many days to cancel a life policy for a full-refund? {Ans: Between 10 and 30 days}A person who asserts a right of recovery under an insurance policy is called {Ans: claimant}A life insurance policy's limit of liability would be {Ans: the policy's face amount}What kind of annuity pays income to two annuitants until their deaths? {Ans: Joint and survivor annuity}What is an "insurance broker" according to California Insurance Code? {Ans: A person authorized to assist a broker or agent in transacting insurance.}Which of these factors do NOT affect the rates of medical insurance? {Ans: Race}