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Texas Life Insurance Exam Questions with Correct Answers Graded A+, Latest updates
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Texas Life Insurance Exam Questions with Correct Answers Graded A+, Latest updates P completes an application for a $10,000 life policy, but does not give the producer the initial premium. P's cove... rage becomes effective when ✔✔ P receives the policy and pays the premium A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be carrer? ✔✔ 20-Pay Life accumulates cash value faster than Straight Life How does an indexed annuity differ from a fixed annuity ? ✔✔ Indexed annuity owners receive credited interest tied to the fluctuations of the linked index During a sales presentation for a participating life insurance policy, an agent MUST ✔✔ make a prospect understand that dividends are NOT guaranteed T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable beneficiary. What action will the insurance company take if T requests a change of beneficiary? ✔✔ request of the change will be refused Which provision allows the policyowner to change a term life policy to a permanent one without providing proof of good health? ✔✔ conversion T has a term policy that allows him to continue the coverage after expiration of the initial policy period. What type of term coverage is this? ✔✔ renewable What is NOT a required provision in group life policies? ✔✔ Right to loan The Insurance Commissioner must give how many days notice prior to holding a hearing regarding an agent's unfair or deceptive practice? ✔✔ 30 The Accelerated Death Benefit provision in a life insurance policy is also known as a(n) ✔✔ Living Benefit In Texas, an individual life insurance policy is required to have a grace period of ✔✔ 31 days Which statement is correct regarding the premium payment schedule for whole life policies? ✔✔ Premiums are payable throughout the insured's lifetime/ coverage lasts until death of the insuredCompany Z has a Cross Purchase Buy-Sell Agreement in place among its three founding partners. If the agreement is funded with individual life insurance, what would it require? ✔✔ Each partner must own a policy on the other partners Why would the Insurance Commissioner examine the records of an insurance company? ✔✔ To determine the solvency of the company Which of the following features of a group Term Life policy enables an individual to leave the group and continue his or her insurance without providing evidence of insurability? ✔✔ Conversion privilege [Show More]
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