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INSURANCE LICENSE TEXAS EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024 $28.99
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INSURANCE LICENSE TEXAS EXAM LATEST 2024 WITH ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024
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INSURANCE LICENSE TEXAS
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INSURANCE LICENSE TEXAS
INSURANCE LICENSE TEXAS EXAM LATEST 2024 WITH
ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO
PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024
INSURANCE LICENSE TEXAS EXAM LATEST 2024 WITH
ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+ 100% GUARANTEED TO
PASS CONCEPTS(ALL WHAT YOU NEED) LATEST EDITION 2024
Which of these describe a participating life insurance policy?
-Policyowners are entitled to receive dividends
-Policyowners pay assessments for company losses
-Stock companies allow their policyowners to share in any company earnings
-Policyowners are not entitled to vote for members of the board of directors -
ANSWER-Policyowners are entitled to receive dividends
The stated amount or percent of liquid assets that an insurer must have on
hand that will satisfy future obligations to its policyholders is called - ANSWER-
reserves
What type of reinsurance contract involves two companies automatically
sharing their risk exposure? - ANSWER-Treaty
A policy of adhesion can only be modified by whom? - ANSWER-The insurance
company
Which of these require an offer, acceptance, and consideration?
,Warranty
Estoppel
Contract
Representation - ANSWER-Contract
Offer, acceptance, and consideration are all elements of a contract.
Which of these arrangements allows one to bypass insurable interest laws?
Concealment
Indemnity contract
Contract of adhesion
Investor-Originated Life Insurance - ANSWER-Investor-Originated Life Insurance
Investor-originated life insurance (or IOLI), sometimes called stranger-
originated life insurance (or STOLI) is used to circumvent state insurable
interest statutes. This is done when an investor (or stranger) persuades an
individual to take out life insurance specifically for the purpose of selling the
policy to the investor. The investor compensates the insured and makes the
premiums, then collects the death benefit when the insured dies.
At what point must a life insurance applicant be informed of their rights that
fall under the Fair Credit Reporting Act? - ANSWER-Upon completion of the
application
Who elects the governing body of a mutual insurance company? - ANSWER-
policyholders
An insurance applicant must be informed of an investigation, by an inspection
company, regarding his/her reputation and character according to the -
ANSWER-Fair Credit Reporting Act of 1970
,What is the consideration given by an insurer in the Consideration clause of a
life policy? - ANSWER-Promise to pay a death benefit
If a contract of adhesion contains questionable language, to whom would the
interpretation be in favor of? - ANSWER-Insured
In a contract of adhesion, any confusing language would be interpreted in the
favor of the insured.
Who makes the legally enforceable promises in a unilateral contract? -
ANSWER-Under a unilateral insurance policy, the insurance company makes the
legally enforceable promises.
The part of a life insurance policy guaranteed to be true is called - ANSWER-
warranty
Warranties are statements that are considered literally true. A warranty that is
not literally true in every detail, even if made in error, is sufficient to render a
policy void.
E and F are business partners. Each takes out a $500,000 life insurance policy
on the other, naming himself as primary beneficiary. E and F eventually
terminate their business, and four months later E dies. Although E was married
with three children at the time of death, the primary beneficiary is still F.
However, an insurable interest no longer exists. Where will the proceeds from
E's life insurance policy be directed to?
F
The dissolved partnership
E's family
E's estate - ANSWER-F
In this situation, the proceeds from E's life insurance policy will go to F.
Insurable interest only needs to exist at the time of application.
, An agent is an individual that represents whom? - ANSWER-the insurer
An agent is an individual who is authorized by an insurer to sell goods and
services on its behalf. An agent is also the insurer's representative in dealing
with the public.
Insurable interest must exist at what time? - ANSWER-At the time of
application
It is important to note that insurable interests must exist upon issuance of a life
or health insurance contract. It does not have to continue throughout the
duration of the policy nor does it have to exist at the time of claim.
Insurance policies offered on a "take it or leave it" basis are considered what? -
ANSWER-Contracts of Adhesion
When third-party ownership is involved, applicants who also happen to be the
stated primary beneficiary are required to have - ANSWER-insurable interest in
the proposed insured
Which of these is NOT a type of agent authority?
Express
Implied
Principal
Apparent - ANSWER-Principal
Agent authority is what an agent is authorized to do on behalf of his company.
The three types of agent authority include express, implied, and apparent
authority.
The Consideration clause of an insurance contract includes - ANSWER-the
schedule and amount of premium payments
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