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200 questions Texas Life Insurance Only State Exam Simulator Questions & 100% Verified Correct Answers with complete solutions (Latest update CA$11.46   Add to cart
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200 questions Texas Life Insurance Only State Exam Simulator Questions & 100% Verified Correct Answers with complete solutions (Latest update

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200 questions Texas Life Insurance Only State Exam Simulator Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 15, 2024
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  • 200 questions texas life insurance only state exam

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200 questions Texas Life Insurance Only State
Exam Simulator
Owner's Rights - ANS-In a life insurance policy, which provision states who may select policy
options, designate and name a beneficiary, and be the recipient of any financial benefits from
the policy

Past due premiums are waived - ANS-All of the following statements are true regarding a
policy's Grace period, EXCEPT:

key person insurance - ANS-An architecture firm would stand to lose a lot of money in the event
of the death of its project manager. Which type of policy should the firm purchase on its project
manager?

Risk classification - ANS-Which of these terms accurately defines an underwriter's assessment
of information on a life insurance application?

irrevocable - ANS-A policyowner's rights are limited under which beneficiary designation?

Single premium immediate joint with survivor annuity - ANS-K has inherited a large sum of
money. K purchases an annuity with this sum on July 1, and starts receiving payments August
1. These payments will continue for as long as she and her spouse lives. Which type of annuity
did K purchase?

fraternal benefit society - ANS-What is an organization that solicits insurance only to its
members?

Extended term - ANS-Which of these provisions is NOT required in life insurance policies?

Limited Pay Life - ANS-Life insurance that covers an insured's whole life with level premiums
paid over a limited time is called:

unilateral contracts - ANS-Life and health insurance policies are

is incorporated and formed in Texas - ANS-A domestic insurance company in Texas is
considered a company that?

Another agent with the same line of insurance - ANS-With whom may an agent legally share
commissions?

15-year decreasing term - ANS-A 15-year mortgage is best protected by what kind of life policy?

, insured - ANS-If a contract of adhesion contains complicated language, to whom would the
interpretation be in favor of?

Proceeds will be payable to K's estate if P dies within a specified time - ANS-K is the insured
and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident
where K dies before P. Under the Common Disaster provision, which of these statements is
true?

policy proceeds - ANS-M has an insurance policy that also has an outstanding policy loan at the
time of M's death. The insurer will deduct the outstanding loan balance from the:

Inspection report - ANS-Information obtained from a phone conversation to the proposed
insured can be found in which of these reports?

variable - ANS-A Life insurance policyowner would like to take out a policy loan against the cash
value in his Whole Life policy. The interest rate applied to this loan may vary over time. This is
referred to as a(n) ____ rate loan.

Full face amount minus any past due premiums - ANS-An insured is past due on his life
insurance premium, but is still within the Grace Period. What will the beneficiary receive if the
insured dies during this Grace Period?

Only the beneficiary may select - ANS-All of these statements concerning Settlement Options
are true, EXCEPT:

applicant's physician - ANS-An applicant's medical information received from the Medical
Information Bureau (MIB) may be furnished to the

third-party with no insurable interest - ANS-Stranger-Owned Life Insurance (STOLI) is when a
person purchases life insurance only to sell to a(n):

S&P 500 - ANS-Which of the following are Equity Indexed annuities typically invested in?

K will forfeit the right to use the automatic loan provision upon reinstatement - ANS-K's whole
life insurance policy lapsed two months ago due to nonpayment. She would now like to reinstate
the policy. All of these statements are correct about the policy's reinstatement EXCEPT

adjust the death benefit to a reduced amount - ANS-L takes out a life insurance policy and dies
10 years later. During the claim process, the insurer discovers that L had understated her age
on the application. Under the Misstatement of Age provision, the insurer will

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