Insurance license practice XCEL solutions FINAL EXAM #12 - Texas life only Questions with complete solution 2023
Course
Insurance license practice XCEL
Institution
Insurance License Practice XCEL
Insurance license practice XCEL solutions FINAL EXAM #12 - Texas life only Questions with complete solution 2023
Question 1
Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? - correct answer Life income
Question 2
A new agent must comple...
Insurance license practice XCEL solutions FINAL EXAM #12 - Texas life only Questions with complete solution 2023
Question 1
Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? - correct answer Life income
Question 2
A new agent must complete at least _____ hours of continuing education within 24 months of initial license? - correct answer 24 hours
Question 3
L takes out a life insurance policy and dies 10 years later. During the claim process, the insurer discovers that L has understated range on the application. Under the misstatement of age provision the insurer will? - correct answer Adjust the death benefits to a reduced amount
Question 4
An example of false advertising would be? - correct answer And insurer exaggerating in dividends in a magazine advertisement
Question 5
With whom an agent legally share commissions? - correct answer Another agent with the same line of insurance
Question 6
Insurance agent as a fiduciary responsibility to all of the following EXCEPT? - correct answer Other agents
Question 7
Which of these is not an example of doing insurance business? - correct answer Selling shares of stock
Question 8
taking receipt of premiums and holding them for the insurance company is an example of? - correct answer Fiduciary responsibility
Question 9
How does an indexed annuity differ from a fixed annuity? - correct answer Indexed annuity owners receive crediting interest time to the fluctuation of the linked index Question 10
which of the following policies combines investment choices with a form of Term coverage? - correct answer Variable universal life
Question 11
How long does an insurance company appointment remain in force? - correct answer Until terminated
Question 12
in Texas an individual life insurance policy is REQUIRED to have a grace period of? - correct answer 31 days
Question 13
Which statement is TRUE regarding a variable whole life policy? - correct answer A minimum guaranteed death benefit is provided
Question 14
in an insurance contract the insurer is the only party who makes a - correct answer Unilateral
Question 15
which of these is NOT considered to be an element of an insurance contract? - correct answer Negotiating
Question 16
What does a 401(k) plan generally provide its participants? - correct answer Salary-
deferral contributions
Question 17
All these statements concerning Settlement Options are true, EXCEPT? - correct answer Only the beneficiary may select
Question 18
A domestic insurance company in Texas is considered a company that? - correct answer Is incorporated and formed in Texas
Question 19
Which of the following statements about non-contributory employee group life insurance
is FALSE? - correct answer A minimum number of employees is required to participate
Question 20
when a misrepresentation on a life insurance policy application is discovered what action may an insurance company take? - correct answer void the policy only if it is discovered during the contestable period and proven to be material
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