Risk Management and Insurance > QUESTIONS & ANSWERS > Life Insurance Exam (Texas) Questions and Answers 100% Pass (All)
Life Insurance Exam (Texas) Questions and Answers 100% Pass
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Life Insurance Exam (Texas) Questions and Answers 100% Pass Insurance (General concept) ✔✔- transfers the risk of loss from an individual to an insurer - based on the principle of indemnity -... based on the principle of risk (risk pooling) insurable interest (General Concept) ✔✔- must exist at the time of the application - insuring one's own life, family member, or a business partner Solicitation and sales presentation ✔✔- illustration- presentation of nonguaranteed elements - buyer's guide is generic information about life polices which must be provided at the time of application - policy summary is a description of features and benefits of the policy being issued and must be provided when the policy is delivered. Underwriting (Field underwriting (by agent) ✔✔- application completed and signed - agent's report: agent's observation about the application that can assist in underwriting -premiums with application and conditional receipts underwriting ( company underwriting) ✔✔- multiple sources of information: applications, consumer reports, MIB (Medical Information Burea) - Risk Classification: 3 types of risk : standard, subst [Show More]
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