California Life-Only Agent Exam, The Individual Life Insurance Contract: all 36 questions

All questions from the The Individual Life Insurance Contract section for California Life-Only Agent Exam, each with the correct answer.

• 8001The applicant's signature on a life insurance application attests that
• 8002Why does an insurer attach a copy of the application to the policy?
• 8003A conditional receipt issued with a life insurance application generally provides that coverage begins
• 8004Which statement about binders in California life insurance is correct?
• 8005A temporary insurance agreement provides coverage
• 8006A non-medical life insurance application means
• 8007What is the policy specifications page used for?
• 8008Unlike property and casualty policies, life policies
• 8009Which of the following is an acceptable method for delivery of a life policy under California law?
• 8010A delivery receipt is important because it
• 8011The insuring clause in a life policy
• 8012The consideration clause in a life policy states that
• 8013A primary beneficiary is
• 8014A contingent beneficiary receives the proceeds
• 8015Under a revocable beneficiary designation, the owner may
• 8016A spendthrift clause in a life policy
• 8017A common disaster (simultaneous death) clause applies when
• 8018In a per stirpes distribution, the share of a deceased beneficiary
• 8019The grace period in a life insurance policy is
• 8021Automatic premium loan provision
• 8022Reinstatement of a lapsed life policy generally requires
• 8023A policy loan from a whole life contract
• 8025A suicide clause in a life policy typically provides that if the insured dies by suicide within the first two years, the insurer will
• 8026If the age of the insured is misstated on the application, the death benefit is typically
• 8027Which nonforfeiture option provides the same death benefit for a limited period without further premiums?
• 8028Which nonforfeiture option provides a smaller amount of permanent insurance with no more premiums due?
• 8029If an owner stops paying premiums and does not choose a nonforfeiture option, the default option is usually
• 8030The fixed period settlement option pays the proceeds
• 8031Under the interest only settlement option, the insurer
• 8032The dividend option that uses dividends to buy small amounts of fully paid-up insurance is
• 8033A policy exclusion for war or military service means the insurer
• 8034If an insured dies while engaged in a hazardous activity excluded by endorsement, the insurer will most likely
• 8035A life settlement contract is
• 8036Stranger originated life insurance (STOLI) is
• 8037Which of the following must a life insurer provide to a prospective buyer with a life insurance application?
• 8038A surrender charge in a life or annuity contract is

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