Exam (elaborations)
TEXAS LIFE INSURANCE EXAM
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TEXAS LIFE INSURANCE EXAM
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TEXAS LIFE INSURANCE EXAMWho is considered a field underwriter? - Answers-An agent
When must insurable interest exist in life insurance? - Answers-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? - Answers-Policy delivery
The Medical Information Bureau is?(MIB) - Answers-a source of medical information to
alert insurers to adverse medical history
A substandard risk compared to a standard risk would pay? - Answers-a higher
premium
Which document describes specific information about policy provisions and benefits? -
Answers-Policy summary
Does not have an insurable interest? - Answers-Insured's best friend
If an agent fails to obtain an applicants signature on the insurance application, the agent
must? - Answers-Return the application to the applicant for signature
What includes information regarding a person's credit, character, reputation, and habits?
- Answers-Consumer report
When the insured purchased a new home, he wanted to purchase a life insurance
policy that would protect his family against losing it should he die before the mortgage
was paid. Which of the following policies is best suitable for that need? - Answers-
Decreasing term
An annually renewable term policy? - Answers-Renews each year with an increased
premium
The time period during which an annuitant contributes to annuity is called? - Answers-
The accumulation period
An example of limited-pay life policy? - Answers-Life paid-up at the age 65
An individual owns an adjustable life policy. Sometimes in the future he wants to
increase the death benefit. What is correct regarding the death benefit increase? -
Answers-It can be increased by providing evidence of insurability
What is true regarding a universal life policy? - Answers-The premiums can be
decreased by the insured
, With a traditional whole life policy, the death benefit.. - Answers-Remains constant over
time
Whose life expectancy is taken into consideration in an annuity? - Answers-Annuitant
An insured receives a monthly summary of his life insurability policy. The cash value this
month is significantly lower than it was last month. What type of policy is it? - Answers-
Variable
An individual inherited a large sum of money at age 40 and wanted to use it to provide a
guarantee income after his retirement at age 60. Which of the following types of
annuities would best meet this need? - Answers-Deferred
What would be considered a disadvantage of term insurance? - Answers-If the insured
dies after the end of the term, there is no death benefit to the beneficiary
The renewable provision allows the policy-owner to renew the coverage at the
expiration date - Answers-Without evidence of insurability
Which type of life insurance policy generates immediate cash value? - Answers-Single
premium
What is true regarding a joint life policy? - Answers-Premium is based on the average
age of the insureds
The insured is also the policyowner of a whole life policy. What age must the insured
attain in order to receive the policy's face amount? - Answers-100
What provision of a life insurance policy states the application is part of the contract? -
Answers-Entire contract
A life insurance policy clause that prevents an insurance company from denying
payment of a death claim after a specific period of time is known as the.. - Answers-
Incontestability clause
When a death claim is submitted, the insurer discovered that the insured understated
her age on the application for a life policy. What will the insurer take? - Answers-Pay a
reduced death benefit based on the insured's actual age
What term refers to the transfer of some or all of the ownership of some or all of the
ownership rights of a life insurance policy from one individual to another? - Answers-
Assignment
What is true about the free-look period in a life insurance policy? - Answers-It
commences when the policy is delivered
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