LATEST CA-LIFE-ACCIDENT-AND-HEALTH TEST QUESTION | CA-LIFE-ACCIDENT-AND-HEALTH SURE PASS

Latest CA-Life-Accident-and-Health Test Question | CA-Life-Accident-and-Health Sure Pass

Latest CA-Life-Accident-and-Health Test Question | CA-Life-Accident-and-Health Sure Pass

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California Department of Insurance CA Life, Accident and Health or Sickness Examination Sample Questions (Q103-Q108):

NEW QUESTION # 103
Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), a qualifying event ensures that an employee who loses coverage can

  • A. elect to continue coverage.
  • B. convert to an individual policy.
  • C. transfer coverage to another group.
  • D. request a waiver of premium.

Answer: A

Explanation:
COBRA provides employees and their families who lose health benefits the right to choose to continue group health benefits provided by their group health plan under certain circumstances. A qualifying event under COBRA includes termination of employment or a reduction in the number of hours of employment. When a qualifying event occurs, the employee or beneficiary can elect to continue their group health insurance coverage for a limited period, typically up to 18 months. This provision helps ensure that individuals do not immediately lose their health insurance coverage due to job loss or other qualifying events.


NEW QUESTION # 104
For Social Security purposes, a person with 40 quarters of coverage is considered

  • A. partially insured.
  • B. currently insured.
  • C. conditionally insured.
  • D. fully insured.

Answer: D

Explanation:
For Social Security purposes, a person with 40 quarters of coverage is considered "fully insured." This status qualifies them for a range of Social Security benefits, including retirement and disability benefits, as well as survivor benefits for their dependents.


NEW QUESTION # 105
Your client has just bought a new home which he has financed with a $150,000, 7.5% interest, 30-year bank loan. He would like to be sure that if he dies prematurely, the unpaid balance of the mortgage would be paid.
He wants a policy that will cover the mortgage balance - no more, no less - anytime during the life of the mortgage. Which policy is designed to meet this need?

  • A. Level term policy.
  • B. Increasing term policy.
  • C. Decreasing term policy.
  • D. Home service policy.

Answer: C

Explanation:
Mortgage Protection:A decreasing term policy is designed to provide a death benefit that decreases over time, matching the declining balance of a mortgage. This ensures that if the policyholder dies prematurely, the remaining mortgage balance is covered.
Policy Selection:Level term policy (A) provides a fixed death benefit, home service policy (B) typically refers to small face-value policies for burial expenses, and increasing term policy (C) increases the death benefit over time, making them unsuitable for this specific need.
Reference:These types of policies and their applications are detailed in the California Department of Insurance guidelines on life insurance products.


NEW QUESTION # 106
Which of the following is a common business use for life insurance?

  • A. Helping to fund a person's retirement.
  • B. Creating an immediate estate.
  • C. Creating emergency funds to avoid the need to liquidate assets.
  • D. Key person policy.

Answer: D

Explanation:
A key person policy is a common business use for life insurance. It is designed to protect a company from the financial loss that might occur from the death of an important employee, such asa founder, executive, or someone with unique skills critical to the company's success. The business is the beneficiary of the policy, which helps to offset the costs associated with the loss of the key person, such as recruitment, training of a replacement, and lost revenue. This practice is widely recognized and recommended by the California Department of Insurance for businesses to ensure financial stability in the event of the death of a key employee.


NEW QUESTION # 107
In health insurance the coinsurance is

  • A. a portion of the premium paid by the insured and insurer for each covered service.
  • B. a percentage paid for covered expenses by the insured and insurer after the deductible is satisfied.
  • C. a payment shared by the insured and provider of covered service minus the deductible.
  • D. a percentage of the cost for covered expenses paid by more than one insurer.

Answer: B

Explanation:
* Definition: Coinsurance is a cost-sharing mechanism in health insurance policies where the insured and the insurer each pay a specified percentage of the covered medical expenses after the insured has paid the deductible.
* Mechanism: Once the insured meets the deductible, they are responsible for a portion of the remaining costs, typically expressed as a percentage (e.g., 20%), while the insurer pays the rest (e.g., 80%).
* Example: If an insured person has a health policy with an 80/20 coinsurance split and incurs $1,000 in covered medical expenses after meeting their deductible, they would pay $200 (20%), and the insurer would pay $800 (80%).
* Purpose: Coinsurance helps manage healthcare costs by sharing the financial responsibility between the insurer and the insured, encouraging cost-effective use of medical services.
* Regulations: California insurance laws require clear disclosure of coinsurance terms in policy documents to ensure that consumers understand their financial obligations.
References:
* California Department of Insurance guidelines on health insurance cost-sharing.
* Standard health insurance policy provisions.


NEW QUESTION # 108
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