TX GENERAL LINES LIFE, ACCIDENT AND HEALTH EXAM PREP QUESTIONS AND ANSWERS 100% CORRECT!
7 views 0 purchase
Course
TX GENERAL LINES LIFE, ACCIDENT AND HEALTH
Institution
TX GENERAL LINES LIFE, ACCIDENT AND HEALTH
All the following statements about the taxation of annuities are correct EXEPT: - ANSWER Qualified annuities are taxes no different than no qualified annuities
Which of the following statements about utmost good faith in insurance is correct - ANSWER Both the insurance and the insurer must act i...
,TX GENERAL LINES LIFE, ACCIDENT AND
HEALTH EXAM PREP QUESTIONS AND
ANSWERS 100% CORRECT!
Health insurance coverage under COBRA, HIPAA guarantees that the person will -
ANSWER Have Acces to a guaranteed-issue individual health policy, regardless of
health
All the following statements about ordinary (or straight) whole life insurance are correct -
ANSWER The cash value remains level throughout the life of the policy
Which activity in NOT an error or omission that makes an agent or producer legally to
both the insurance and the insure - ANSWER Placing insurance with an approved
surplus line insurer
All the following statements about the taxation of annuities are correct EXEPT: -
ANSWER Qualified annuities are taxes no different than no qualified annuities
Which of the following statements about utmost good faith in insurance is correct -
ANSWER Both the insurance and the insurer must act in utmost good faith
Which annuity settlement option pays income for the annuitant's life, but no less than for
a specified number of year - ANSWER Life income with period certain
Tim has paid only four premium totally $1000 on his health insurance policy when he
was diagnosed with cancer. The insurance company paid more than $100.000 to cover
the medical bills for his treatments which of the following characteristics of insurance
contracts - ANSWER They are aleatory
Jack, an insurance agent, offers free season football tickets to anyone who buys a life
insurance policy from him. This sales practice is called - ANSWER rebating
After Todd was injured in a car crash, he received occupational theyto help him return to
work. His disability income policy paid for this therapy because it had - ANSWER A
rehabilitation provision
, If a small employer insurance decides to terminate all small employer health benefits
plans it issues in TEXAS, it must notify the TEXAS commissioner and all affected
employer of its intent to do so at least - ANSWER At least 180 days before it ends
coverage
Contract characteristics is unique to insurance contracts but NOT all contracts -
ANSWER Unilateral
With respect to the transfer-for-value rule, which of the following situations would result
in the new owner being subject to tax on the policy's gain upon the insured's death -
ANSWER Policy is sold by the insured to neighborhood in exchange for cash
Which of the following describes the options available with a universal life insurance
policy the owner no longer wishes to maintain - ANSWER Surrender the policy for its
cash value or let the policy continue without premium until the cash value can no longer
cover monthly deductions
A section 125 cafeteria plan may cover which of these expenses - ANSWER Health
insurance premiums
An insurance producer tells a life insurance applicant that he has the authority to waive
the medical exam that is normally required by the insurer with every application. The
insurer may be required to accept the application without a medical exam due to the
producers: - ANSWER Apparent authority
A long-term care rider on a life insurance policy will pay benefits if the insured is
diagnosed as chronically ill due to which of the following? - ANSWER Either a medical
or cognitive (mental health) reason
Which federal law group health plans and protects their enrollees - ANSWER A
What type of state regulation gives a person in poor health or with a pre-existing
condition the opportunity to buy health insurance - ANSWER Guaranteed issue
With certain limitations a policyowner may change all of the following in a life insurance
policy, EXCEPT: - ANSWER The incontestability provision
With certain limitations, a policyowner may change all of the following in a life insurance
policy, EXCEPT: - ANSWER A
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 Luckyexams. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
