Texas Life Insurance exam 2023 with 100% correct answers
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Course
Texas life insurance
Institution
Texas Life Insurance
Who is considered a field underwriter?
An agent
When must insurable interest exist in life insurance?
Application or issue date
If no receipt is issued at the time of application, a statement of good health is usually required at the time of?
Policy delivery
The Medical Info...
Texas Life Insurance exam
Who is considered a field underwriter? correct answerAn agent
When must insurable interest exist in life insurance? correct answerApplication or issue date
If no receipt is issued at the time of application, a statement of good health is usually required at the time of? correct answerPolicy delivery
The Medical Information Bureau is?(MIB) correct answera source of medical information to alert insurers to adverse medical history
A substandard risk compared to a standard risk would pay? correct answera higher premium
Which document describes specific information about policy provisions and benefits? correct answerPolicy summary
Does not have an insurable interest? correct answerInsured's best friend
What is the main source of underwriting information used by the company in the risk selection process? correct answerApplication
An insured submits the full premium along with a completed application, and the policy is issued 10 days
later. When does the coverage begin? correct answerOn the date of application
What is the main responsibility of a company's underwriting unit? correct answerRisk selection and classification
What best describes the USA PATRIOT Act with regards to the insurance industry? correct answerTo prevent terrorism activities through monitoring of financial transactions If the agent feels that could misrepresentation on the part of the applicant for insurance, what must the agent do? correct answerInform the insurance comapny
Representations are statements made by the applicant that are? correct answerConsidered true to the best of the applicant's knowledge
If an agent fails to obtain an applicants signature on the insurance application, the agent must? correct answerReturn the application to the applicant for signature
What includes information regarding a person's credit, character, reputation, and habits? correct answerConsumer report
When the insured purchased a new home, he wanted to purchase a life insurance policy that would protect his family against losing it should he die before the mortgage was paid. Which of the following policies is best suitable for that need? correct answerDecreasing term
An annually renewable term policy? correct answerRenews each year with an increased premium
The time period during which an annuitant contributes to annuity is called? correct answerThe accumulation period
An example of limited-pay life policy? correct answerLife paid-up at the age 65
An individual owns an adjustable life policy. Sometimes in the future he wants to increase the death benefit. What is correct regarding the death benefit increase? correct answerIt can be increased by providing evidence of insurability
What is true regarding a universal life policy? correct answerThe premiums can be decreased by the insured
With a traditional whole life policy, the death benefit.. correct answerRemains constant over time
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