Texas Life Insurance Exam Questions with Complete Solution [100% VERIFIED]
7 keer bekeken 0 keer verkocht
Vak
Texas life insurance
Instelling
Texas Life Insurance
Texas Life Insurance Exam Questions
with Complete Solution [100%
VERIFIED]
Texas Life Insurance Exam Questions
with Complete Solution [100%
VERIFIED]
Who is considered a field underwriter? - Answer An agent
Who is considered a nonresident agent? - Answer An agent who resides ...
Texas Life Insurance Exam TESTBANK
[100% VERIFIED ANSWERS]
, Texas Life Insurance Exam TESTBANK
[100% VERIFIED ANSWERS]
What type of reinsurance contract involves two companies automatically sharing their
risk exposure? - Answer ✓✓Treaty
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
When third-party ownership is involved, applicants who also happen to be the stated
primary beneficiary are required to have - Answer ✓✓insurable interest
Statements made on an insurance application that are believed to be true to the best of
the applicant's knowledge are called - Answer ✓✓representations
The part of a life insurance policy guaranteed to be true is called a(n) - Answer ✓✓
warranty
Which of these is NOT a type of agent authority?
Express
Implied
Principal
Apparent - Answer ✓✓Principal
The Consideration clause of an insurance contract includes - Answer ✓✓the schedule
and amount of premium payments
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? -
Answer ✓✓In this situation, the proceeds from E's life insurance policy will go to F.
Which term defines the legally enforceable promise in an insurance contract by the
insurer? - Answer ✓✓Unilateral
Insurance contracts are known as ____ because certain future conditions or acts must
occur before any claims can be paid. - Answer ✓✓conditional
Which of these require an offer, acceptance, and consideration? - Answer ✓✓Contract
,Which of these is NOT considered to be an element of an insurance contract?
the offer
acceptance
negotiating
consideration - Answer ✓✓negotiating
An agent is an individual that represents whom? - Answer ✓✓Insurer
Which policy requires an agent to register with the National Association of Securities
Dealers (NASD) before selling? - Answer ✓✓Variable Life
Which of the following actions require a policy owner to provide proof of insurability in
an Adjustable Life policy? - Answer ✓✓increase face amount
When a policy owner exchanges a term policy for a whole life policy without providing
proof of good health, which of these apply? - Answer ✓✓Conversion provision
What type of life insurance are credit policies issued as? - Answer ✓✓Term
How long does the coverage normally remain on a limited-pay life policy? - Answer ✓✓
age 100
All of these statements about Equity Indexed Life Insurance are correct EXCEPT
- Cash value has a minimum rate of accumulation
- If the gain on the index goes beyond the policy's minimum rate of return, the cash
value will mirror that of the index
-The premiums can be lowered or raised, based on investment performance
-Tied to an equity index such as the S&P 500 - Answer ✓✓The premiums can be
lowered or raised, based on investment performance
What type of life insurance incorporates flexible premiums and an adjustable death
benefit? - Answer ✓✓Universal Life
What type of life policy covers 2 lives and pays the face amount after the first one dies?
- Answer ✓✓Joint Life Policy
Life insurance that covers an insured's whole life with level premiums paid over a limited
time is called - Answer ✓✓Limited-Pay Life
What kind of life insurance product covers children under their parent's policy? - Answer
✓✓Term rider
P is looking to purchase a life insurance policy that will pay a stated monthly income to
his beneficiaries for 20 years after he dies and a lump sum of $20,000 at the end of that
, 20 year period. What type of policy should P purchase? - Answer ✓✓Family
Maintenance policy
Which of the following statements about a Variable Whole Life policy is CORRECT?
-It provides a minimum guaranteed Death benefit
- It is a combination of a Limited Period Endowment and a Decreasing Term policy
- Its premiums and benefits are variable
- It has a guaranteed rate of return - Answer ✓✓It provides a minimum guaranteed
Death benefit
Credit Life insurance is - Answer ✓✓issued in an amount not to exceed the amount of
the loan
When does Term Life expire? - Answer ✓✓At the end of the policy period
What does a Face Amount Plus Cash Value Policy supposed to pay at the insured's
death? - Answer ✓✓Face amount plus the policy's cash value
A life policy with a death benefit that can fluctuate according to the performance of its
underlying investment portfolio is referred to as - Answer ✓✓Variable Life
Insurance
(General concept) - Answer ✓✓- transfers the risk of loss from an individual to an
insurer
- based on the principle of indemnity
- based on the principle of risk (risk pooling)
Agent/ Producer - Answer ✓✓a legal representative of an insurance company; the
classification of producers usually includes agents and brokers' agents are the agents of
the insurer
Applicant of proposed insured - Answer ✓✓a person applying for insurance
Beneficiary - Answer ✓✓a person who receives the benefits of an insurance policy
Broker - Answer ✓✓an insurance producer who is not appointed by an insurance
company and who represents the client
Death benefits - Answer ✓✓the amount paid upon death of the insured in a life
insurance policy
Estate - Answer ✓✓a person's net worth
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper QuizGuider82. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor $11.99. Je zit daarna nergens aan vast.