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Insurance license practice XCEL solutions FINAL EXAM -12 - Texas life only Questions and Answers
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Insurance license practice XCEL solutions FINAL EXAM -12 - Texas life only Questions and Answers
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Insurance license practice XCELsolutions FINAL EXAM #12 - Texas life
only Questions and Answers
Question 1
Which settlement option pays a stated amount to an annuitant, but no residual value to
a beneficiary? - Answers -Life income
Question 2
A new agent must complete at least _____ hours of continuing education within 24
months of initial license? - Answers -24 hours
Question 3
L takes out a life insurance policy and dies 10 years later. During the claim process, the
insurer discovers that L has understated range on the application. Under the
misstatement of age provision the insurer will? - Answers -Adjust the death benefits to a
reduced amount
Question 4
An example of false advertising would be? - Answers -And insurer exaggerating in
dividends in a magazine advertisement
Question 5
With whom an agent legally share commissions? - Answers -Another agent with the
same line of insurance
Question 6
Insurance agent as a fiduciary responsibility to all of the following EXCEPT? - Answers -
Other agents
Question 7
Which of these is not an example of doing insurance business? - Answers -Selling
shares of stock
Question 8
taking receipt of premiums and holding them for the insurance company is an example
of? - Answers -Fiduciary responsibility
Question 9
, How does an indexed annuity differ from a fixed annuity? - Answers -Indexed annuity
owners receive crediting interest time to the fluctuation of the linked index
Question 10
which of the following policies combines investment choices with a form of Term
coverage? - Answers -Variable universal life
Question 11
How long does an insurance company appointment remain in force? - Answers -Until
terminated
Question 12
in Texas an individual life insurance policy is REQUIRED to have a grace period of? -
Answers -31 days
Question 13
Which statement is TRUE regarding a variable whole life policy? - Answers -A minimum
guaranteed death benefit is provided
Question 14
in an insurance contract the insurer is the only party who makes a - Answers -Unilateral
Question 15
which of these is NOT considered to be an element of an insurance contract? - Answers
-Negotiating
Question 16
What does a 401(k) plan generally provide its participants? - Answers -Salary-deferral
contributions
Question 17
All these statements concerning Settlement Options are true, EXCEPT? - Answers -
Only the beneficiary may select
Question 18
A domestic insurance company in Texas is considered a company that? - Answers -Is
incorporated and formed in Texas
Question 19
Which of the following statements about non-contributory employee group life insurance
is FALSE? - Answers -A minimum number of employees is required to participate
Question 20
when a misrepresentation on a life insurance policy application is discovered what
action may an insurance company take? - Answers -void the policy only if it is
discovered during the contestable period and proven to be material
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