Insurance license practice XCEL solutions FINAL EXAM #12 - Texas life only
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Insurance license practice XCEL solution
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Insurance License Practice XCEL Solution
Insurance license practice XCEL solutions FINAL EXAM #12 -
Texas life only
Insurance Questions and Answers
1. Settlement Option:
Answer: Life income - This option pays a stated amount to an annuitant but provides no residual value to a beneficiary.
2. Continuing Education Requirement...
Insurance license practice XCEL solutions FINAL EXAM #12 -
Texas life only
Insurance Questions and Answers
1. Settlement Option:
Answer: Life income
- This option pays a stated amount to an annuitant but provides no residual value to a beneficiary.
2. Continuing Education Requirement for New Agents:
Answer: 24 hours
- A new agent must complete at least 24 hours of continuing education within 24 months of initial
license issuance.
3. Misstatement of Age Provision Outcome:
Answer: Adjust the death benefits to a reduced amount
- If L understated their age on the application, the insurer will adjust the death benefit based on what
the premium paid would have purchased for the actual age.
4. Example of False Advertising:
Answer: An insurer exaggerating dividends in a magazine advertisement
- This constitutes misleading promotion about policy benefits.
5. Sharing Commissions Legally:
Answer: Another agent with the same line of insurance
- Agents can legally share commissions with other agents who operate in the same line of insurance.
6. Agent's Fiduciary Responsibility:
Answer: Other agents
- An agent has fiduciary responsibility to clients and the insurer, but not to other agents.
, 7. Not Doing Insurance Business:
Answer: Selling shares of stock
- This activity is not classified as doing insurance business.
8. Taking Receipt of Premiums:
Answer: Fiduciary responsibility
- Holding premiums for an insurance company demonstrates the fiduciary duty an agent has.
9. Difference Between Indexed and Fixed Annuities:
Answer: Indexed annuity owners receive crediting interest tied to the fluctuations of a linked index
- This distinguishes indexed annuities from fixed annuities.
10. Policy Combining Investment Choices and Term Coverage:
Answer: Variable universal life
- This policy type offers flexibility with investment choices alongside term coverage.
11. Duration of Insurance Company Appointment:
Answer: Until terminated
- An insurance appointment remains in force until it is officially terminated.
12. Grace Period for Individual Life Insurance in Texas:
Answer: 31 days
- A grace period of 31 days is required for individual life insurance policies in Texas.
13. True Statement Regarding Variable Whole Life Policy:
Answer: A minimum guaranteed death benefit is provided
- This is a key feature of variable whole life insurance.
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