Texas Life & Health insurance exam questions and answers 100% pass

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Texas Life & Health insurance exam questions and answers 100% pass At what point does an informal contract become binding? ✔✔When one party makes an offer and the other accepts when must insur... able interest be present in order for a life insurance policy to be valid? ✔✔when the application is made Which is the following BEST describes a warranty? ✔✔Statement guaranteed to be true A life insurance arrangement which circumvents insurable interest statutes is called... ✔✔Investor Originated Life Insurance (IOLI) in regards to representations or warranties, which of these statements is true? ✔✔If material to the risk, false representations will void a policy The part of a life insurance policy guaranteed to be true is called a... ✔✔Warranty NOT a type of agent authority! ✔✔principal Life and health insurance policies are... ✔✔Unilateral Contract In an insurance contract, the insurer is the only party who makes legally enforceable promise. What kind of contract is this? ✔✔unliateral NOT a typical characteristic of the nature of an insurance contract... ✔✔bilateral what is the consideration given by an insurer in the Consideration clause of life policy? ✔✔Promise to pay a death benefit to a named beneficiary which of these require an offer, acceptance, and consideration? ✔✔contract Q purchases a $500,000 life insurance policy and premiums over the first six months. Q dies suddenly and the beneficiary is paid $500,000. This exchange of unequal values reflects which of the following insurance contract features? ✔✔Aleatory Contract A life insurance policy would be considered a wagering contract WITHOUT: ✔✔Insurable Interest Insurance policies are offered on a "take it or leave it" basis, which makes them... ✔✔Contracts of Adhesion Which of the following statements are CORRECT about accelerated death benefits? ✔✔Must have a terminal illness to qualify The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called... ✔✔Accidental death and dismemberment rider (AD&D) an insured's inability to preform two or more activities of daily living may trigger which type of life policy rider? ✔✔Long term care an option that is a method of distributing a life insurance policy's death benefit OTHER than a lump sum payment. ✔✔settlement P is blinded in an industrial accident . which provision of his life insurance policy will pay a stated benefit amount? ✔✔Accidental death or dismemberment clause What action can a policyowner take if an application for a bank loan requires collateral? ✔✔Assign policy ownership to the bank Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? ✔✔Variable Universal Life P is the insured on a participating life policy. Which statement is true if P's premiums are waived due to disability? ✔✔P will still receive declared dividends What benefit does the payor clause on a juvenile life policy provide? ✔✔Premiums are waived if the payor becomes disabled Which provision requires proof of insurability after a policy has lapsed? ✔✔Reinstatement A life insurance policyowner would like to take out a policy loan against the cash value in his Whole life policy. The interest rate appl [Show More]

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