Exam (elaborations)
INSURANCE LICENSE PRACTICE XCEL SOLUTIONS FINAL EXAM #12 - TEXAS LIFE QUESTIONS AND ANSWERS
- Course
- Institution
INSURANCE LICENSE PRACTICE XCEL SOLUTIONS FINAL EXAM #12 - TEXAS LIFE QUESTIONS AND ANSWERS
[Show more]
Content preview
INSURANCE LICENSE PRACTICE XCELSOLUTIONS FINAL EXAM #12 - TEXAS
LIFE QUESTIONS AND ANSWERS
Question 1
Which settlement option pays a stated amount to an annuitant, but no residual value to
a beneficiary? - Answer-Life income
Question 2
A new agent must complete at least _____ hours of continuing education within 24
months of initial license? - 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? - Answer-Adjust the death benefits to a
reduced amount
Question 4
An example of false advertising would be? - Answer-And insurer exaggerating in
dividends in a magazine advertisement
Question 5
With whom an agent legally share commissions? - Answer-Another agent with the same
line of insurance
Question 6
Insurance agent as a fiduciary responsibility to all of the following EXCEPT? - Answer-
Other agents
Question 7
Which of these is not an example of doing insurance business? - Answer-Selling shares
of stock
Question 8
taking receipt of premiums and holding them for the insurance company is an example
of? - Answer-Fiduciary responsibility
Question 9
How does an indexed annuity differ from a fixed annuity? - 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? - Answer-Variable universal life
Question 11
How long does an insurance company appointment remain in force? - Answer-Until
terminated
Question 12
in Texas an individual life insurance policy is REQUIRED to have a grace period of? -
Answer-31 days
Question 13
Which statement is TRUE regarding a variable whole life policy? - Answer-A minimum
guaranteed death benefit is provided
Question 14
in an insurance contract the insurer is the only party who makes a - Answer-Unilateral
Question 15
which of these is NOT considered to be an element of an insurance contract? - Answer-
Negotiating
Question 16
What does a 401(k) plan generally provide its participants? - Answer-Salary-deferral
contributions
Question 17
All these statements concerning Settlement Options are true, EXCEPT? - Answer-Only
the beneficiary may select
Question 18
A domestic insurance company in Texas is considered a company that? - Answer-Is
incorporated and formed in Texas
Question 19
Which of the following statements about non-contributory employee group life insurance
is FALSE? - 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? - Answer-void the policy only if it is discovered
during the contestable period and proven to be material
Question 21
In Texas how long must a policy be in force before an insurance company must pay
death benefits for suicide - Answer-2 years
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
