Exam (elaborations)
TEXAS LIFE, ACCIDENT AND HEALTH STATE 2024 EXAM PREP QUESTIONS WITH CORRECT ANSWERS
- Course
- Institution
TEXAS LIFE, ACCIDENT AND HEALTH STATE 2024 EXAM PREP QUESTIONS WITH CORRECT ANSWERS
[Show more]
Content preview
TEXAS LIFE, ACCIDENT AND HEALTHSTATE 2024 EXAM PREP QUESTIONS
WITH CORRECT ANSWERS
Over-funded life insurance policies where the proceeds are subject to taxation are
called: - Answer-MECs (Modified Endowment Contracts)
Modified endowment contracts are over-funded life insuance policies in which proceeds
are subject to taxation.
The most common plan used with an HSA is: - Answer-HDHP
HSAs (Health Savings Accounts) are frequently used with HDHPs (high deductible
health plans).
Sally is a self-employed software programmer that works from home. If she becomes
unable to work due to a disability, which type of policy would pay her rent? - Answer-
Individual disability income policy
She is self-employed, an individual disability income policy would cover her.
What approach calculates the amount of money a family needs immediately upon the
death of the insured to pay for their expenses and basic necessities? - Answer-Needs
The needs approach calculates the amount of money a family needs immediately upon
the death of the insured to pay for their expenses and basic necessities.
A decreasing term life policy would be the most appropriate for: - Answer-A 41 year old
lawyer who wants a policy to pay his mortgage if he dies.
A decreasing term life policy would be the most appropriate for a 41 yr old lawyer who
wants a policy to pay his mortgage if he does.
Which of the following must happen before an HIV test is performed on an applicant? -
Answer-A consent form must be signed by the applicant prior to the test.
The applicant must consent to the test and sign a consent form before the test is
performed.
An agent's appointment remains in force: - Answer-Until terminated or surrendered
An appointment remains in force until the insurer terminates the appointment or the
agent surrenders their appointment.
, What type of insurer is formed under the laws of anyplace outside of the United States?
- Answer-Alien
An alien insurer is one formed under the laws of any place outside the United States.
How many continuing education credit hours must Texas agents complete during each
license period? - Answer-24
Agents must complete 24 hours of continuing education during every licensing period
(every 2 years).
Cindy has a new medical plan that provides both health care services and health care
insurance. She is covered by: - Answer-An HMO (Health Maintenance Organization)
She is covered under an HMO.
According to the Physical Examination and Autopsy provision, who is responsible for
paying the cost of examining the insured? - Answer-The insurer
Where not prohibited by law, the insurer may request that a physical examination or
autopsy of the insured be performed while a claim is pending. The cost of such
procedure is the insurer's responsibility.
Samson has a policy that allows the insurer to cancel the policy at any date specified in
the contract, and to raise his premiums. Which type of policy is it? - Answer-Optionally
Renewable
An optionally renewable policy allows the insurance company to cancel the policy for
any reason, on dates set in the contract. The insurer can also increase the premiums.
In life insurance, insurance interest must be present at the time of: - Answer-Application
Insurable interest must be present when the application is made.
Tyler owns a major medical policy with 70/30 coinsurance and a $3,000 deductible. If he
submits a claim for $20,000, how much will he pay? - Answer-$8,100
He'll pay $8,100. The math works out $20,000 - $3,000 = $17,000. Then $17,000 x .30
= $5,100. Then add the $3,000 deductible with the $5,100 coinsurance ($3,000 +
$5,100= $8,100).
In a life policy, a statement of good health is needed when: - Answer-The application
does not include the premium.
A statement of good health is needed when the application does not include the initial
premium with the application.
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 biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now