Life & Health License Test Texas Exam FX Latest 2022

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Life & Health License Test Texas Exam FX Latest 2022 What is the main purpose of the Seven-pay Test? ✔✔It determines if the insurance policy is an MEC. Which of the following insurance arrange... ments will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? ✔✔Third-party ownership Which of the following best defines the "owner" as it pertains to life settlement contracts? ✔✔The policyowner of the life insurance policy Which of the following is NOT an example of a business use of Life Insurance? ✔✔Workers Compensation An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. The insured knows that his financial state will worsen even more with the upcoming medical expenses. What option could the insured utilize? ✔✔Viatical settlement Which of the following is INCORRECT concerning a noncontributory group plan? ✔✔The employer receives a master policy, and employees receive a certificate of insurance. A life insurance policy used to fund an agreement that contractually establishes the intent of someone to purchase a business upon the insured business owner's death is a ✔✔Buy-sell agreement. Which of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated? ✔✔Those who have been insured under the plan for at least 5 years A partnership buy-sell agreement in which each partner purchases insurance on the life of each of the other partners is called a ✔✔Cross-purchase plan. A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as ✔✔Survivor protection Which of the following is NOT true regarding policy loans? ✔✔Money borrowed from the cash value is taxable. Who is the owner and who is the beneficiary on a Key Person Life Insurance policy? ✔✔The employer is the owner and beneficiary. [Show More]

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