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DAY 02: TEXAS PRE-LICENSING EDUCATION - LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS $11.49   Add to cart
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DAY 02: TEXAS PRE-LICENSING EDUCATION - LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS
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DAY 02: TEXAS PRE-LICENSING EDUCATION - LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS

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  • September 5, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • day 02 texas pre licensing education life and h

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  • TEXAS LIFE & HEALTH INSURANCE
  • TEXAS LIFE & HEALTH INSURANCE

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DAY 02: TEXAS PRE-LICENSING
EDUCATION - LIFE AND HEALTH
INSURANCE EXAM QUESTIONS WITH
CORRECT ANSWERS
A policyowner is allowed to pay premiums more than once a year under which
provision? - Answer-Mode of Premium

A level premium indicates - Answer-the premium is fixed for the entire duration of the
contract

Which of the following best describes a contingent beneficiary? - Answer-Person
designated by the insured to receive policy proceeds in the event that the primary
beneficiary dies before the insured

A whole life insurance policyowner does not wish to continue making premium
payments. Which of the following enables the policyowner to sell the policy for more
than its cash value? - Answer-Life settlement contract

If the insured and primary beneficiary are both killed in the same accident and it cannot
be determined who died first, where are the death proceeds to be directed under the
Uniform Simultaneous Death Act? - Answer-Insured's contingent beneficiary - Under the
Uniform Simultaneous Death Act, if both insured and primary beneficiary are killed in
the same accident and there is insufficient evidence to show who died first, policy
proceeds will be paid as if the insured died last. In other words, the proceeds will be
paid to the secondary or contingent beneficiary.

How would a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy? - Answer-If the primary beneficiary dies before the
insured

On a life insurance policy, who is qualified to change the beneficiary designation? -
Answer-Policyowner

T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba
accident shortly afterwards. How much of the death benefit will the mother receive? -
Answer-$0

Which statement regarding the Change of Beneficiary provision is true?Which
statement regarding the Change of Beneficiary provision is true? - Answer-The
policyowner can change the beneficiary

, M purchased an Accidental Death and Dismemberment (AD&D) policy and named his
son as beneficiary. M has the right to change the beneficiary designation at anytime.
What type of beneficiary is his son? - Answer-Revocable

Quarterly premium payments increase the annual cost of insurance because - Answer-
Interest to the insurer is decreased while the administrative costs are increased
The higher the frequency of payments, the higher the premiums.

A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the
insured dies? - Answer-Proceeds will go to the contingent beneficiary

C is trying to determine whether to convert her convertible term life policy to whole life
insurance using her original age or attained age. What factor would affect her decision
the most? - Answer-The cost

Which type of life insurance beneficiary requires his/her consent when a change of
beneficiary is attempted by the policyowner? - Answer-Irrevocable beneficiary

What is the underlying concept regarding level premiums? - Answer-The early years are
charged more than what is needed

Which of the following correctly explains the actions an agent should take if a customer
wants to apply for an insurance policy? - Answer-Complete the application and review
the information with the customer prior to obtaining the customer's signature, then send
the application off to the insurance company

M completes an application for life insurance but does not pay the initial premium. All of
these actions must occur before M's policy goes into effect EXCEPT - Answer-free-look
period has expired

A life insurance application must be signed by all of these EXCEPT - Answer-Exception:
beneficiary
Correct: the policyowner, the agent and the insured (if an adult) must all sign.

T applies for a life insurance policy and is told by the producer that the insurer is bound
to the coverage as of the date of the application or medical examination, whichever is
later. Assuming that T is an acceptable risk, what item is given to T? - Answer-
Conditional receipt

On January 8, an applicant filled out an application for a life insurance policy but did not
include the initial premium. The insurance company approved the application on
January 14 and issued the policy January 15. The producer delivered the policy on
January 26 and collected the first premium. When did the coverage become effective? -
Answer-January 26

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