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Texas Life Insurance Exam Texas Life Insurance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass $13.49   Add to cart

Exam (elaborations)

Texas Life Insurance Exam Texas Life Insurance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass

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  • PA Life Insurance
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  • PA Life Insurance

Texas Life Insurance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass

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  • August 21, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PA Life Insurance
  • PA Life Insurance
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TIPSCORE
Life Insurance Exam (Texas).pdf file:///C:/Users/HP/Desktop/NIW/Life%20Insurance%20Exam%20(Te




Life Insurance Exam (Texas)


1. 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)

2. insurable interest

(General Concept): - must exist at the time of the application

- insuring one's own life, family member, or a business partner

3. Solicitation and sales presentation: - illustration- presentation of nonguaran- teed

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.

4. Underwriting (Field underwriting (by agent): - application completed and signed

- agent's report: agent's observation about the application that can assist in under- writing
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-premiums with application and conditional receipts

5. underwriting ( company underwriting): - multiple sources of information: appli- cations,

consumer reports, MIB (Medical Information Burea)

- Risk Classification: 3 types of risk : standard, substandard, preferred

6. Underwriting (Federal Regulation): - Fair Credit Reporting Act: protect con- sumers

against circulations of inaccurate or obsolete information

- USE PATRIOT Act/ Anti-money Laundering and Suspicious Activity Reports Rules

7. Premium Determination: - 3 key Factors for life insurance: mortality, interest, and expense

- Mode: the more frequently premium is paid, the higher the premium

8. Policy Issue and Delivery: Effective date of coverage - if the premium is not paid with

the application, the agent must obtain the premium and a statement of continued good

health at the time of the policy delivery

9. Agent/ Producer: a legal representative of an insurance company; the classifi- cation of

producers usually includes agents and brokers' agents are the agents of the insurer

10. Applicant of proposed insured: a person applying for insurance

11. Beneficiary: a person who receives the benefits of an insurance policy

12. Broker: an insurance producer who is not appointed by an insurance company and who

represents the client
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13. Death benefits: the amount paid upon death of the insured in a life insurance policy




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