Exam (elaborations)
TX GENERAL LINES LIFE & HEALTH QUESTIONS & ANSWERS
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TX GENERAL LINES LIFE & HEALTH QUESTIONS & ANSWERS
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TX GENERAL LINES LIFE & HEALTH QUESTIONS &ANSWERS
After an investigation, an insurer denies a false claim. The insurer must: - Answers-
Provide a reasonable explanation
Gambling and investing in the stock market are known as what type of risk? - Answers-
Speculative Risk
Which would be considered an Unfair Claims Practice under Texas Law? - Answers-
Failing to promptly provide a reasonable explanation for denial of claim payment.
When a producer collects money on an application for insurance and puts it into a
separate account from his/her own personal account. This would make that producer? -
Answers-Fiduciary
As statement on a proof of loss or on an application which is guaranteed to be true in all
respect and if found to be false could void the contract would be called ? - Answers-
Warranty
All of the following are not competent to enter into a contract ACCEPT? - Answers-75
year old unemployed person
Statement made in an application for life insurance which is substantially true would be
considered? - Answers-Representation
When the insured pays a premium in exchange for the insurers promise to pay, this
provision is called? - Answers-Consideration
How many hours of continuing education hours must be ethics per renewal period? -
Answers-2
Paula has a life policy with her mother listed as her primary beneficiary. Paula marries
and changes the OWNERSHIP on her policy to her spouse. Paula later dies without
making any changes. Who will receive death proceeds? - Answers-Mother
How long is the grace period in an individual Life Insurance policy in Texas? - Answers-
31 days
Which is not true about coverage for newborns on health policies? - Answers-Covers
congenital effects only
If an insurer deceives a prospects regarding the Insurers assets, corporate structure or
financial standing. This would be? - Answers-False Advertising
, If an insurer accepts an incomplete application and issues the policy, what must they
do? - Answers-Honor the policy
Statements made on a claim form or an application for insurance that are believed to be
true are? - Answers-Representations
Which of these would be considered insurable? - Answers-Pure risk
What is the minimum coverage For long-term care policy in Texas - Answers-12 Months
A false statement in an application is - Answers-Misrepresentation
The federal act that protects consumers by Making sure the data Collected is kept
confidential Accurate and use for Specific purpose is called - Answers-Fair credit
reporting act
A person that's been in business for years gets their license revoked. Which must they
do? - Answers-Wait five years then reapply
According to the fair credit reporting act When must the applicant be informed Of
obtaining a credit report In the underwriting of a policy? - Answers-At the time of
application
When an insurer relies on the prior claims history Of the group to be insured In
determining the rate to be charged It is called? - Answers-Experience rating
When a producer has a financial responsibility For funds collected while doing business
This would be best described as? - Answers-A fiduciary
If I miss representation is found to be material the insurer would? - Answers-Void the
policy
An insurer has its home office in California. To its business in Rhode Island. It would be?
- Answers-Admitted
In a mutual insurance company the producer must do which of these At the time of
application? - Answers-Informed the client that dividends are not guaranteed
Which of the following would NOT be considered Transacting the business of
insurance? - Answers-Paying a claim
Statements made on the application that are believed to be true to the best of the
applicants knowledge are? - Answers-Representations
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