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Texas Statutes and rules common to Life and Health Insurance. Q&A $14.49   Add to cart
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Texas Statutes and rules common to Life and Health Insurance. Q&A
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Cease and desist - Answer-To stop or discontinue Coercion - Answer-Forceful act or threat aimed to influence a person to act against his or her will. Commission - Answer-Payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium Commissi...

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  • March 8, 2024
  • 12
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • texas statutes and rules common to life and health
  • cease and desist answer to stop or discontinue

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  • Texas Life and Health Insurance
  • Texas Life and Health Insurance

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Texas Statutes and rules common to Life
and Health Insurance. Q&A
Cease and desist - Answer-To stop or discontinue
Coercion - Answer-Forceful act or threat aimed to influence a person to act against his or her will.
Commission - Answer-Payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium
Commissioner - Answer-The head of the state department of insurance
Exempt - Answer-Not subject to an obligation
Home office - Answer-Insurer's headquarters, principal place of business
Inducement - Answer-An offer that attempts to influence the other party
Insolvent - Answer-unable to meet financial obligations
Moral turpitude - Answer-conduct that is contrary to community standards of justice honesty or good morals
Reciprocity - Answer-a mutual interchange of rights and privileges
Restitution - Answer-restoration to the original condition or repayment
Statute - Answer-a formal written law enacted by legislature insurance statutes can be found in the state insurance code.
Transacting insurance - Answer-includes any of the following by mail or any other means. Solicitation Negotiations
Sale (effectuation of a contract of insurance)
Advising an individual concerning coverage or claims
Types of insurers: The insurer - Answer-Or principal is the company or organization that
issues a policy of insurance. The classification of insurance companies is not mutually exclusive Domestic Foreign alien - Answer-Insurance companies are classified according to the location of incorporation (domicile) regardless of where an insurance company is incorporated it must obtain a certificate of authority before transacting insurance within the state.
Domestic - Answer-insurer is an insurance company that is incorporated in this state. The company's home office is in the state in which it was formed - the company's domicile.
Foreign - Answer-insurer is an insurance company that is incorporated in another state or territorial possession (such as puerto rico guam or American samoa) for example, a company chartered in Cali would be a foreign company within the state of New York.
Alien - Answer-Insurer is an insurance company that is incorporated outside of the US.
Stock companies - Answer-are owned by the stockholders who provide the capital necessary to establish and operate the insurance company and who share in any profits
or losses. Officers are elected by the stockholders and manage stock insurance companies. Traditionally, stock companies issue nonparticipating policies in which policy owners do not share in profits or losses.
Nonparticipating stock policy - Answer-does not pay dividends to policy owners, however taxable dividends are paid to stockholders.
Mutual companies - Answer-Are owned by the policy owners and issue participating policies. With participating policies, policy owners are entitled to dividends, which, in the
case of mutual companies are a return of excess premiums and are therefore nontaxable. Dividends are generated when the premiums and the earnings combined exceed the actual costs of providing coverage, creating a surplus. Dividends are not guaranteed.
Certificate of authority - Answer-Before insurers may transact business in a specific state they must apply for and be granted this. From the state department of insurance and meet any financial capital and surplus requirements set by the state. Insurers who meet the states financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as a legal insurer. Those insurers who have not been approved to do business in the state are considered unauthorized or non-admitted. Most states have laws that prohibit unauthorized insurers
to conduct business in the state, except through licensed excess and surplus lines brokers.
Commissioner of insurance - Answer-is the chief executive and administrative officer of the state department of insurance. The Commissioner must be a citizen of Texas, be well informed and qualified in the field of insurance and insurance regulation, and have at least 5 years of experience in the administration of business or government or as a

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