Exam (elaborations) Texas Life, Accident, and Health Insurance Exam Questions with Correct Answers Exam (elaborations) Texas Life Health and Accident Pt 4 Exam Questions with Correct Answers Exam (elaborations) Texas Life and health Types of Health Policies Exam Questions with Correct Answers ...
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Commissioner of Insurance *2 Years* - Answer-Appointed by the governor for a term of ____ years. Commissioner of Insurance *5 years* - Answer-Must have at least _____ years' experience in business or government. Commissioner of Insurance *$50,000* - Answer-Must provide a ____________ sure...
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Add to cartCommissioner of Insurance *2 Years* - Answer-Appointed by the governor for a term of ____ years. Commissioner of Insurance *5 years* - Answer-Must have at least _____ years' experience in business or government. Commissioner of Insurance *$50,000* - Answer-Must provide a ____________ sure...
Under the ACA, health insurance can no longer be underwritten based on which of the following factors? AThe applicant's tobacco use BThe applicant's health condition CThe applicant's family composition DThe applicant's age - Answer-BThe applicant's health condition When health insurers set...
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Add to cartUnder the ACA, health insurance can no longer be underwritten based on which of the following factors? AThe applicant's tobacco use BThe applicant's health condition CThe applicant's family composition DThe applicant's age - Answer-BThe applicant's health condition When health insurers set...
The Patient Protection and Affordable Care Act is sometimes referred to as: - Answer-Obamacare What document contains long-term care insurance policy benefits, exclusions and limitations? - Answer-Outline of coverage If an additional premium is required by the insurer for newborn child coverag...
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Add to cartThe Patient Protection and Affordable Care Act is sometimes referred to as: - Answer-Obamacare What document contains long-term care insurance policy benefits, exclusions and limitations? - Answer-Outline of coverage If an additional premium is required by the insurer for newborn child coverag...
Cease and desist - Answer-To stop or discontinue Coercion - Answer-Forceful act or threat aimed to influence a person to act against his or her will. Commission - Answer-Payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium Commissio...
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Add to cartCease and desist - Answer-To stop or discontinue Coercion - Answer-Forceful act or threat aimed to influence a person to act against his or her will. Commission - Answer-Payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium Commissio...
An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity ...
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Add to cartAn annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity ...
Reserve - Answer-is funds held by the company to help fulfill future claims Minimum reserves are set by - Answer-the state Department of Insurance Multi-line insurer - Answer-an insurance company independent agent that provides a one-stop shop for businesses or individuals seeking coverage for...
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Add to cartReserve - Answer-is funds held by the company to help fulfill future claims Minimum reserves are set by - Answer-the state Department of Insurance Multi-line insurer - Answer-an insurance company independent agent that provides a one-stop shop for businesses or individuals seeking coverage for...
reserves - Answer-the accounting measurement of an insurer's future obligations to its policy holders stock companies - Answer-owned by stockholder, who get paid a share of the company's profit through dividends. NON_PAR mutual companies - Answer-no stockholders, policy holders own the compa...
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Add to cartreserves - Answer-the accounting measurement of an insurer's future obligations to its policy holders stock companies - Answer-owned by stockholder, who get paid a share of the company's profit through dividends. NON_PAR mutual companies - Answer-no stockholders, policy holders own the compa...
Medicare - Answer-A federal program of health insurance for persons 65 years of age and older The program has been expanded to provide coverage to citizens and legal residents of any age who have been: Diagnosed with chronic or permanent kidney failure, or End Stage Renal Disease Received Soc...
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Add to cartMedicare - Answer-A federal program of health insurance for persons 65 years of age and older The program has been expanded to provide coverage to citizens and legal residents of any age who have been: Diagnosed with chronic or permanent kidney failure, or End Stage Renal Disease Received Soc...
Children's health insurance program (CHIP) - Answer-A federal-state program that offers health insurance and medical care to the children of families that make too much to qualify for Medicaid but not enough to afford private health insurance Educational reform act - Answer-A 1984 statute that r...
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Add to cartChildren's health insurance program (CHIP) - Answer-A federal-state program that offers health insurance and medical care to the children of families that make too much to qualify for Medicaid but not enough to afford private health insurance Educational reform act - Answer-A 1984 statute that r...
T was treated for an ailment 2 months prior to applying for a health insurance policy. This condition was noted on the application and the policy was issued shortly afterwards. How will the insurer likely consider this condition? - Answer-Insurer will likely treat as a pre-existing condition which m...
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Add to cartT was treated for an ailment 2 months prior to applying for a health insurance policy. This condition was noted on the application and the policy was issued shortly afterwards. How will the insurer likely consider this condition? - Answer-Insurer will likely treat as a pre-existing condition which m...
If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely - Answer-pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provi...
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Add to cartIf, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely - Answer-pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provi...
Which of the following elements of an insurance contract requires payment of premium ? - Answer-Consideration Which of the following individuals would be a likely candidate to purchase a deferred annuity ? - Answer-Someone who wants to grow retirement funds tax deferred If an individual willfu...
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Add to cartWhich of the following elements of an insurance contract requires payment of premium ? - Answer-Consideration Which of the following individuals would be a likely candidate to purchase a deferred annuity ? - Answer-Someone who wants to grow retirement funds tax deferred If an individual willfu...
Financing Health and Human Services - Answer-Health and human services are both privately and publicly funded in Texas, as in all other states. The primary challenge of financing health and human services is providing better services to the growing population. Socialized Medicine - Answer-A syste...
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Add to cartFinancing Health and Human Services - Answer-Health and human services are both privately and publicly funded in Texas, as in all other states. The primary challenge of financing health and human services is providing better services to the growing population. Socialized Medicine - Answer-A syste...
A Medicare supplement policy may be cancelled for which of the following reasons? - Answer-the premium has not been paid by the insured an insured may assign up to ____ of policy ownership under an individual life insurance policy? - Answer-100% an example of false advertising would be? - Answ...
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Add to cartA Medicare supplement policy may be cancelled for which of the following reasons? - Answer-the premium has not been paid by the insured an insured may assign up to ____ of policy ownership under an individual life insurance policy? - Answer-100% an example of false advertising would be? - Answ...
Scheduled benefits are generally A)lower than reasonable and customary allowances B)higher than reasonable and customary allowances C)paid in addition to reasonable and customary allowances D)the same as reasonable and customary allowances - Answer-A Which of the following is NOT a ...
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Add to cartScheduled benefits are generally A)lower than reasonable and customary allowances B)higher than reasonable and customary allowances C)paid in addition to reasonable and customary allowances D)the same as reasonable and customary allowances - Answer-A Which of the following is NOT a ...
Insurers cannot evaluate the person and charge the appropriate premium for the converted coverage. The insurer cannot deny the person coverage even if he or she would otherwise be considered uninsurable. - Answer-Group health plans that provide medical expense coverage have a conversion privilege...
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Add to cartInsurers cannot evaluate the person and charge the appropriate premium for the converted coverage. The insurer cannot deny the person coverage even if he or she would otherwise be considered uninsurable. - Answer-Group health plans that provide medical expense coverage have a conversion privilege...
Mandatory Provisions - Answer-Written parts of a life contract that must be included in the agreement according to state insurance laws, at the election of the insurance company. (Entire Contract, Time Limit on Certain Defenses (Incontestable), Grace Period, Reinstatement, Notice of claim, Claim For...
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Add to cartMandatory Provisions - Answer-Written parts of a life contract that must be included in the agreement according to state insurance laws, at the election of the insurance company. (Entire Contract, Time Limit on Certain Defenses (Incontestable), Grace Period, Reinstatement, Notice of claim, Claim For...
LIFE SECTION 1 - Answer-LIFE SECTION 1 1) Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-year-amortized $50,000 business-improvement loan. Which of the following plans would adequately protect Ms. Timms at the minimum premium outlay? - Answer-A- $50,000 ...
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Add to cartLIFE SECTION 1 - Answer-LIFE SECTION 1 1) Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-year-amortized $50,000 business-improvement loan. Which of the following plans would adequately protect Ms. Timms at the minimum premium outlay? - Answer-A- $50,000 ...
Provisions - Answer-define the characteristics of an insurance contract and are fairly universal from one policy to the next Riders - Answer-are added to a policy to modify provisions that already exist Options - Answer-offer insurers and insureds ways to invest or distribute a sum of money av...
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Add to cartProvisions - Answer-define the characteristics of an insurance contract and are fairly universal from one policy to the next Riders - Answer-are added to a policy to modify provisions that already exist Options - Answer-offer insurers and insureds ways to invest or distribute a sum of money av...
reserve - Answer-funds held by the company to help fulfill future claims stock companies - Answer-insurance companies owned and controlled by a group of stockholders whose investment in the company provides a safety margin necessary in issuance of guaranteed, fixed premium, nonparticipating polic...
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Add to cartreserve - Answer-funds held by the company to help fulfill future claims stock companies - Answer-insurance companies owned and controlled by a group of stockholders whose investment in the company provides a safety margin necessary in issuance of guaranteed, fixed premium, nonparticipating polic...
What is the purpose of the buyer's guide? A. To Allow the consumer to compare the costs of different policies B. To provide the name and address of the agent. C. to list all policy riders. D. To provide information about the policy. - Answer-A. To Allow the consumer to compare the costs of diff...
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Add to cartWhat is the purpose of the buyer's guide? A. To Allow the consumer to compare the costs of different policies B. To provide the name and address of the agent. C. to list all policy riders. D. To provide information about the policy. - Answer-A. To Allow the consumer to compare the costs of diff...
Why does an insurer have a 2-year suicide clause? a) because the commissioner of insurance requires it. b) suicide is never paid for in life insurance. c)to prevent payment of an immediate claim for a person contemplating suicide. d) to help an insurer be more profitable. - Answer-Answer: C To ...
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Add to cartWhy does an insurer have a 2-year suicide clause? a) because the commissioner of insurance requires it. b) suicide is never paid for in life insurance. c)to prevent payment of an immediate claim for a person contemplating suicide. d) to help an insurer be more profitable. - Answer-Answer: C To ...
Accident - Answer-An unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance - Answer-A type of insurance that protects the insured against loss due to accidental bodily injury. Accidental Bodily Injury - Answer-Unplanned, unforeseen traumatic injury t...
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Add to cartAccident - Answer-An unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance - Answer-A type of insurance that protects the insured against loss due to accidental bodily injury. Accidental Bodily Injury - Answer-Unplanned, unforeseen traumatic injury t...
1. Which policy pays the face amount at the end of the payment period? - Answer-Endowment at age 65 2. P wants a life policy with quick cash value accumulation. Which policy should the producer recommend? - Answer-20 Pay Limited Life 3. Which of the following would be used to pay premiums on a...
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Add to cart1. Which policy pays the face amount at the end of the payment period? - Answer-Endowment at age 65 2. P wants a life policy with quick cash value accumulation. Which policy should the producer recommend? - Answer-20 Pay Limited Life 3. Which of the following would be used to pay premiums on a...
Which type of risk is considered insurable? - Answer-pure risk All of the following are characteristics of pure risk EXCEPT: -The loss must be due to chance -The loss must be predictable -The loss must be speculative -The loss must be measurable and definite - Answer-The loss must be speculat...
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Add to cartWhich type of risk is considered insurable? - Answer-pure risk All of the following are characteristics of pure risk EXCEPT: -The loss must be due to chance -The loss must be predictable -The loss must be speculative -The loss must be measurable and definite - Answer-The loss must be speculat...
How many hours of ethics continuing education must an agent complete in any 2-year license period? A. 4 B. 5 C. 3 D. 2 - Answer-D The commissioner has the power to A. appoint a stock insurance company board of directors B. issue certificates of authority to insurers C. authorize a mutual insuran...
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Add to cartHow many hours of ethics continuing education must an agent complete in any 2-year license period? A. 4 B. 5 C. 3 D. 2 - Answer-D The commissioner has the power to A. appoint a stock insurance company board of directors B. issue certificates of authority to insurers C. authorize a mutual insuran...
National Association of Insurance Commissioners (NAIC) - Answer--non-profit organization -drafts model legislation to address emerging problems in industry -helps make state laws uniform while maintaining more localized control U.S. Congress has assigned most aspects of insurance regulation to th...
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Add to cartNational Association of Insurance Commissioners (NAIC) - Answer--non-profit organization -drafts model legislation to address emerging problems in industry -helps make state laws uniform while maintaining more localized control U.S. Congress has assigned most aspects of insurance regulation to th...
Be honest, trustworthy, and reliable - Answer-Which of the following is a requirement for obtaining a Texas insurance agent's license? Activate Insurance companies' financial reserves - Answer-Which of the following actions does the Commissioner of Insurance NOT have the power to conduct? is...
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Add to cartBe honest, trustworthy, and reliable - Answer-Which of the following is a requirement for obtaining a Texas insurance agent's license? Activate Insurance companies' financial reserves - Answer-Which of the following actions does the Commissioner of Insurance NOT have the power to conduct? is...
AIDS - Answer-Group Health Insurance may not cancel a person's coverage during the term of the policy because the person has been diagnosed as having, or is being treated for, HIV or AIDS. Nevertheless, an insurer may cancel the coverage if the insured committed fraud or made a material misrepresen...
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Add to cartAIDS - Answer-Group Health Insurance may not cancel a person's coverage during the term of the policy because the person has been diagnosed as having, or is being treated for, HIV or AIDS. Nevertheless, an insurer may cancel the coverage if the insured committed fraud or made a material misrepresen...
Life insurance transfers to a life insurance company... - Answer-the risk of financial loss resulting from the death of an insured person health insurance transfers to a health insurance company... - Answer-the risk of financial loss resulting from the illness, injury, or disability of an insured...
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Add to cartLife insurance transfers to a life insurance company... - Answer-the risk of financial loss resulting from the death of an insured person health insurance transfers to a health insurance company... - Answer-the risk of financial loss resulting from the illness, injury, or disability of an insured...
Which of the following BEST describes how a Preferred Provider Organization (PPO) is less restrictive than a Health Maintenance Organization (HMO)? A)Typically not subject to deductibles B)Not regulated by the federal government C)More Benefits Available D)More physicians to choose from - Answ...
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Add to cartWhich of the following BEST describes how a Preferred Provider Organization (PPO) is less restrictive than a Health Maintenance Organization (HMO)? A)Typically not subject to deductibles B)Not regulated by the federal government C)More Benefits Available D)More physicians to choose from - Answ...
Which is true regarding obtaining underwriting sources? - Answer-The applicant must be informed of the sources contacted and how the information is being gathered If an applicant does not received a new insurance policy, who would be held responsible? - Answer-The Agent Which of the following ...
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Add to cartWhich is true regarding obtaining underwriting sources? - Answer-The applicant must be informed of the sources contacted and how the information is being gathered If an applicant does not received a new insurance policy, who would be held responsible? - Answer-The Agent Which of the following ...
what kind of life insurance product covers children under their parent's policy? - Answer-A Term Rider Which of these do NOT constitute policy delivery? - Answer-Policy issued with a rating Which of the following statements is correct regarding an employer/employee group health plan? - Answer...
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Add to cartwhat kind of life insurance product covers children under their parent's policy? - Answer-A Term Rider Which of these do NOT constitute policy delivery? - Answer-Policy issued with a rating Which of the following statements is correct regarding an employer/employee group health plan? - Answer...
An applicant who receives a preferred risk classification qualifies for - Answer-Lower premiums than a person who receives a standard risk The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage ...
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Add to cartAn applicant who receives a preferred risk classification qualifies for - Answer-Lower premiums than a person who receives a standard risk The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage ...
What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Answer-Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called - Answer-reserves When third-p...
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Add to cartWhat type of reinsurance contract involves two companies automatically sharing their risk exposure? - Answer-Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called - Answer-reserves When third-p...
At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Answer-Upon completion of the application Who elects the governing body of a mutual insurance company? - Answer-policyholders An insurance applicant MUST be informed of an...
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Add to cartAt what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Answer-Upon completion of the application Who elects the governing body of a mutual insurance company? - Answer-policyholders An insurance applicant MUST be informed of an...
D is an architect receiving Disability Income benefits who is not able to return to work full time, but can work on a part-time basis. Which of these features would allow D to continue receiving benefits? *Residual Benefit clause *Waiver Benefit clause *Concurrent Benefit clause *Guaranteed Be...
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Add to cartD is an architect receiving Disability Income benefits who is not able to return to work full time, but can work on a part-time basis. Which of these features would allow D to continue receiving benefits? *Residual Benefit clause *Waiver Benefit clause *Concurrent Benefit clause *Guaranteed Be...
T owns an Accident & Health policy and notifies her insurance company that she has chosen a less hazardous occupation. Under the Change of Occupation provision, which of the following actions may her insurance company take? - Answer-Increase her policy's coverage amount When an insurer issues a ...
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Add to cartT owns an Accident & Health policy and notifies her insurance company that she has chosen a less hazardous occupation. Under the Change of Occupation provision, which of the following actions may her insurance company take? - Answer-Increase her policy's coverage amount When an insurer issues a ...
Insurance - Answer-Contractual coverage binding the insurer (insurance company) to indemnify (compensate for loss) the insured (people or businesses) against a specified loss in return for money (premiums). Law of Large Numbers - Answer-What insurance is based on. The bigger the observed sample, ...
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Add to cartInsurance - Answer-Contractual coverage binding the insurer (insurance company) to indemnify (compensate for loss) the insured (people or businesses) against a specified loss in return for money (premiums). Law of Large Numbers - Answer-What insurance is based on. The bigger the observed sample, ...
Which of the following would be considered a nonqualified retirement plan? - Answer-Split-dollar plan A key person insurance policy can pay for which of the following? - Answer-Costs of training a replacement In a life settlement contract, whom does the life settlement broker represent? - Answ...
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Add to cartWhich of the following would be considered a nonqualified retirement plan? - Answer-Split-dollar plan A key person insurance policy can pay for which of the following? - Answer-Costs of training a replacement In a life settlement contract, whom does the life settlement broker represent? - Answ...
Group health insurance is characterized by all of the following EXCEPT - Answer-Adversion selection - if an insurer issues a group health insurance policy, they must cover everyone in the group under the master contract. Group underwriting process is designed to avoid adverse selection. Can an in...
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Add to cartGroup health insurance is characterized by all of the following EXCEPT - Answer-Adversion selection - if an insurer issues a group health insurance policy, they must cover everyone in the group under the master contract. Group underwriting process is designed to avoid adverse selection. Can an in...
A life insurance policy in Texas must contain all the following provisions, EXCEPT: Select one: a. Incontestability b. Legal action c. Assignment d. Settlement - Answer-d Which of the following must happen before an HIV test is performed on an applicant? Select one: a. The insurer must i...
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Add to cartA life insurance policy in Texas must contain all the following provisions, EXCEPT: Select one: a. Incontestability b. Legal action c. Assignment d. Settlement - Answer-d Which of the following must happen before an HIV test is performed on an applicant? Select one: a. The insurer must i...
risk - Answer-chance of loss speculative risk - Answer--involves the chance of gain or loss and is NOT insurable -ex: gambling pure risk - Answer-involves only the chance of loss and is insurable exposure - Answer-being subject to the possibility of loss because of an activity, location, o...
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Add to cartrisk - Answer-chance of loss speculative risk - Answer--involves the chance of gain or loss and is NOT insurable -ex: gambling pure risk - Answer-involves only the chance of loss and is insurable exposure - Answer-being subject to the possibility of loss because of an activity, location, o...
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