A BUNDLE FOR CLAIMS-Texas Life and Health Insurance Exams with solutions

At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? Upon completion of the application Who elects the governing body of a mutual insurance company? policyholders An insurance applicant MUST be informed of an investi...

If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provision...

Why does an insurer have a 2-year suicide clause? a) because the commissioner of insurance requires it. b) suicide is never paid for in life insurance. c)to prevent payment of an immediate claim for a person contemplating suicide. d) to help an insurer be more profitable. Answer: C To prevent ...

An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity A...

Which of these characteristics is consistent with a Straight Life Policy? Premiums are payable for as long as there is insurance coverage in force Which of the following are Equity Indexed annuities typically invested in? S&P 500 Which of the following does Social Security NOT provid...

Who is considered a field underwriter? An agent When must insurable interest exist in life insurance? Application or issue date If no receipt is issued at the time of application, a statement of good health is usually required at the time of? Policy delivery The Medical Infor...

urance (General concept) - 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) insurable interest (General Concept) - must exist at the time of the application - insuring one's own life, fami...

D is an architect receiving Disability Income benefits who is not able to return to work full time, but can work on a part-time basis. Which of these features would allow D to continue receiving benefits? *Residual Benefit clause *Waiver Benefit clause *Concurrent Benefit clause *Guaranteed Be...

T owns an Accident & Health policy and notifies her insurance company that she has chosen a less hazardous occupation. Under the Change of Occupation provision, which of the following actions may her insurance company take? Increase her policy's coverage amount When an insurer issues a poli...

A certificate of _____ permits an insurance company to transact business in Texas. Authority Which of the following statements about Health Reimbursement Arrangements (HRA) is CORRECT? If the employee paid for qualified medical expenses, the reimbursements may be tax-free The individ...

Convertible Term Life Insurance This optional form of term life insurance lets the policyowner convert the policy to a whole life policy without having to prove insurability. Ordinary Life Insurance This class of individual life insurance has many flexible options and features policies with...

claimant a person who submits a claim for payment of benefits dividend a payment made by a policy (distribution of profits or returned of unused funds) lapse policy termination due to a non payment of premium Nonforfeiture Values benefits in a life insurance policy that the ...

Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? Variable Universal Life Insurance contracts are known as because certain future conditions or acts must occur before any claims can be paid. conditional Question Benefits for dr...

What law protects consumers from the circulation of inaccurate or obsolete information? The Fair Credit Reporting Act What do individuals use to transfer their risk of loss to a larger group? Insurance What term describes the fee a person pays an insurance company to start coverage? ...