100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
INS.TEXAS STATUTES AND RULES COMMON TO LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH COMPLETE SOLUTIONS $15.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. TEXAS LIFE & HEALTH INSURANCE
  4.  
  5. TEXAS LIFE & HEALTH INSURANCE

Exam (elaborations)

INS.TEXAS STATUTES AND RULES COMMON TO LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH COMPLETE SOLUTIONS
 7 views  0 purchase
  • Course
  • TEXAS LIFE & HEALTH INSURANCE
  • Institution
  • TEXAS LIFE & HEALTH INSURANCE

INS.TEXAS STATUTES AND RULES COMMON TO LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH COMPLETE SOLUTIONS

Preview 2 out of 10  pages

Document information

  • September 5, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • instexas statutes and rules common to life and he

Written for

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

Seller

avatar-seller
biggdreamer

Reviews received

Content preview

INS.TEXAS STATUTES AND RULES
COMMON TO LIFE AND HEALTH
INSURANCE EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
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; an unfair trade practice in which an agent uses physical or mental force with the
intent of inducing an applicant to purchase insurance

Commission - Answer-payment to the agent by the insurance company for placing
insurance, usually percentage of the policy premium

Commissioner - Answer-the head of the State Department of Insurance

Except - Answer-not subject to an obligation

Home office - Answer-insurer's headquarters, principal place of business

Inducement - Answer-an offer that attempts to influence the other party

Insolvent - Answer-unable to meet financial obligations

Moral turpitude - Answer-conduct that is contrary to community standards of justice,
honesty or good morals

Reciprocity - Answer-a mutual interchange of rights and privileges; a situation in which
two parties provide the same help or advantages to each other (for example, Producer
A living in State A can transact business as a nonresident in State B if State B's resident
producers can transact business in State A)

Restitution - Answer-restoration to the original condition or repayment

Statute - Answer-a formal written law enacted by legislature; insurance statutes can be
found in the state Insurance Code

Transacting Insurance - Answer-includes any of the following (by mail or any other
means):
- Solicitation
- Negotiations
- Sale (effectuation of the contract of insurance)
- Advising an individual concerning coverage or claims

, Location of incorporation - Answer-Insurance companies are classified according to this
(domicile); regardless of where an insurance company is incorporated, it must obtain a
Certificate of Authority before transacting insurance within the state

Domestic insurer - Answer-an insurance company that is incorporated n this state; in
most cases, the company's home office is in the state in which it was formed (the
domicile); for instance, a company chartered in Pennsylvania would be considered a
Pennsylvania domestic company

Foreign insurer - Answer-an insurance company that is incorporated in another state or
territorial possession (such as Puerto Rico, Guam or American Samoa); for example, a
company chartered in California would be a foreign company within the state of New
York

Alien insurer - Answer-an insurance company that is incorporated outside of the United
States

Stock Companies - Answer-owned by the stockholders who provide the capital
necessary to establish and operate the insurance company and who share in any profits
or losses; officers are elected by the stockholders and manage stock insurance
companies; traditionally they issue nonparticipating policies, in which policy owners do
not share in profits or losses

Nonparticipating (stock) policy - Answer-does not pay dividends to policy owners;
taxable dividends are paid to stockholders

Mutual companies - Answer-owned by the policy owners and issue participating
policies; policy owners are entitled to dividends, which, in the case of mutual
companies, are a return of excess premiums and are therefore nontaxable; dividends
are generated when the premiums and the earnings combined exceed the actual costs
of providing coverage, creating a surplus; dividends are not guaranteed

Certificate of Authority - Answer-insurers must apply for and be granted a license (or
COA) from the state department of insurance and meet any financial (capital and
surplus) requirements set by the state before they may transact business in a specific
state; insurers who meet the state's financial requirements and are approved to transact
business in the state are considered authorized or admitted into the state as a legal
insurer

General Powers and Duties of Commissioner of Insurance - Answer-chief executive and
administrative officer of the state Department of Insurance; must be a citizen of the state
of Texas, be well informed and qualified in the field of insurance and insurance
regulation, and have at least 5 years of experience in the administration of business or
government or as a practicing attorney or certified public accountant; appointed by the

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller biggdreamer. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79223 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

TEXAS LIFE AGENT EXAM QUESTION AND ANSWERS
$15.49
  • (0)
  Add to cart