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INS.TEXAS STATUTES AND RULES COMMON TO LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH COMPLETE SOLUTIONS $15.49   Add to cart
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INS.TEXAS STATUTES AND RULES COMMON TO LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH COMPLETE SOLUTIONS
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  • TEXAS LIFE & HEALTH INSURANCE
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  • TEXAS LIFE & HEALTH INSURANCE

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

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

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  • instexas statutes and rules common to life and he

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

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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

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