Texas Life and Health Insurance Exam % Correct (SCORED A)Exam Bundles

What type of reinsurance contract involves two companies automatically sharing their risk exposure? - ANSWERTreaty 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 - ANSWERreserves When third-par...

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 -ANSWER pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provis...

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 Answer: C To p...

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

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

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 ...

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 th...

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? - ANSWER-Increase her policy's coverage amount When an insurer issues a ...

What is the main purpose of the Seven-pay Test? - ANSWER-It determines if the insurance policy is an MEC. Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? - ANSWER-Third-party ownership ...

A Variable insurance policy: -guarantees a minimum rate of return -does not allow the policyowner to assume the investment risk -does not guarantee a return on its investment accounts -does not guarantee an assignment provision - ANSWER--does not guarantee a return on its investment accounts ...