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Texas Life and Health Insurance Exam Bundle

Texas Life and Health Insurance Exam Bundle

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Texas Life and Health Insurance Exam Questions with 100% Correct Answers

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What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called - reserves When third-party own...

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Texas Life and Health Insurance Exam Questions with Complete Solutions| Rated A+

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At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Upon completion of the application Who elects the governing body of a mutual insurance company? - policyholders An insurance applicant MUST be informed of an investi...

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Texas Life and Health Final Exam Review Questions with 100% Correct Answers

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If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely - pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age The provision...

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Texas Life and Health Insurance Exam Questions with 100% Complete Solutions

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At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Upon completion of the application Who elects the governing body of a mutual insurance company? - policyholders An insurance applicant MUST be informed of an investi...

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Texas Life and Health Insurance Exam Questions with Complete Solutions

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What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Treaty The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called - reserves When third-party own...

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Texas Life and Health Insurance Questions with Answers| Rated A+

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individual - premiums paid with after tax dollars, not tax deductible- death benefit tax free, lump sum- death benefit taxabkle to an estate- dividend tax free, accumulate at interest, interest taxable insurance - transfer of risk agent - producer or field underwriter insurer - ...

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Life & Health Insurance Exam Questions with 100% Correct Answers| Rated A+

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Insurance - transfer of risk Speculative risk - has a possibility of both loss and gain Pure risk - only has a possibility of loss (no gain) Exposure - risks for which an insurance company would be liable expressed in units Peril - cause of a loss Hazard - an incr...

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Texas Health and Life Insurance Exam Questions with Answers Rated A+

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Why does an insurer have a 2-year suicide clause? a) because the commissioner of insurance requires it. b) suicide is never paid for in life insurance. c)to prevent payment of an immediate claim for a person contemplating suicide. d) to help an insurer be more profitable. - Answer: C To prev...

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Texas State Exam Simulator - Life and Health Insurance 200 Questions Practice Exam Questions with Answers

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An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity ...

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Texas Life and Health Insurance Practice Test Questions with Answers

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T owns an Accident & Health policy and notifies her insurance company that she has chosen a less hazardous occupation. Under the Change of Occupation provision, which of the following actions may her insurance company take? - Increase her policy's coverage amount When an insurer issues a poli...

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Life & Health Insurance Texas Final Exam Questions with Answers

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A Variable insurance policy: -guarantees a minimum rate of return -does not allow the policyowner to assume the investment risk -does not guarantee a return on its investment accounts -does not guarantee an assignment provision -does not guarantee a return on its investment accounts The ...

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Texas Life and Health Insurance Final Exam Questions with 100% Complete Answers| Rated A+

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D is an architect receiving Disability Income benefits who is not able to return to work full time, but can work on a part-time basis. Which of these features would allow D to continue receiving benefits? *Residual Benefit clause *Waiver Benefit clause *Concurrent Benefit clause *Guaranteed Be...

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Life & Health Insurance Exam Colorado Questions with Complete Solutions

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Traditional Whole Life - -Ordinary (Straight) Life -Limited-Pay & Single-Premium Whole Life -Adjustable Whole Life Ordinary (Straight) Life - -Until 100 or Death, whichever comes first -Permanent Protection -Rates & benefits based on law of large numbers (Mortality Rate) -Guaranteed, ...

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Insurance License Texas Life and Health Questions with Correct Answers

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At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? - Upon completion of the application Who elects the governing body of a mutual insurance company? - policyholders An insurance applicant must be informed of an investi...

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Texas License Life Insurance Questions with Correct Answers| Rated A+

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At what point must a life insurance applicant be informed of their rights that fall under the Fair credit act? - Upon completion of the application What is the name of the law that requires insurers to disclose information gathering practices where the information was obtained? - Fair Credi...

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Pearson vue Texas Life and Health Insurance Test Questions with 100% Correct Solutions

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Who is obligated to make sure all questions are answered and all necessary signatures are collected on the application? The Agent An underwriter is reviewing an applicant with an extensive medical history. Which of the following would give the underwriter a better understanding of how the appl...

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Texas Life, Accident, and Health Insurance Questions with 100% Correct Solutions

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risk - chance of loss speculative risk - -involves the chance of gain or loss and is NOT insurable -ex: gambling pure risk - involves only the chance of loss and is insurable exposure - being subject to the possibility of loss because of an activity, location, or characteristic...

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Texas Life and Health State Exam Simulator Questions with 100% Correct Answers

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The Universal Life Policy is called an unbundled Life Policy because the policyholder can see the expense charges, the interest earned, and the - Cost of insurance The investment gains from a Universal Life Policy usually go toward - the cash value What is the MINIMUM benefit period that...

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Life and Health Insurance Texas License Chapter Exam Question with Correct Answers

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The accounting measurement of an insurer's future obligations to its policy holders - Reserves Who elects the governing body of a mutual insurance company? - Policyholders A group owned insurance company that is formed to assume and spread liability risks of its members is known as - ...

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Texas Life and Health EXCEL Final Review Questions with Complete Solutions

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A certificate of _____ permits an insurance company to transact business in Texas. - Authority Which of the following statements about Health Reimbursement Arrangements (HRA) is CORRECT? - If the employee paid for qualified medical expenses, the reimbursements may be tax-free The individ...

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Texas Life and Health Insurance Exam Questions with 100% Complete Answers Rated A+

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Which of these characteristics is consistent with a Straight Life Policy? - Premiums are payable for as long as there is insurance coverage in force Which of the following are Equity Indexed annuities typically invested in? - S&P 500 Which of the following does Social Security NOT provid...

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Texas Life and Health Insurance-Group 1 Questions with 100% Complete Answers| Rated A+

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Insurance - Contractual coverage binding the insurer (insurance company) to indemnify (compensate for loss) the insured (people or businesses) against a specified loss in return for money (premiums). Law of Large Numbers - What insurance is based on. The bigger the observed sample, the more...

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TX General Lines Life, Accident and Health Exam Prep Test Questions with Answers

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Health insurance coverage under COBRA, HIPAA guarantees that the person will - Have Acces to a guaranteed-issue individual health policy, regardless of health All the following statements about ordinary (or straight) whole life insurance are correct - The cash value remains level throughout...

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Texas Life and Health Final Exam Questions with 100% Complete Solutions | Graded A+

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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? - Conditional receipt Which of the following...

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Texas Life and Health Chapter 8 Questions with Correct Answers

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Health Insurance - provides protection to consumers for certain losses due to covered sickness and/or accidents. Sickness - an illness or disease that occurs after the policy is issued Accidental Bodily Injury - a spontaneous, unforeseen, and unintended event resulting in injury po...

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Fx Texas Life And Health Insurance Exam Questions with Verified Solutions

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What law protects consumers from the circulation of inaccurate or obsolete information? - The Fair Credit Reporting Act What do individuals use to transfer their risk of loss to a larger group? - Insurance What term describes the fee a person pays an insurance company to start coverage? ...

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Texas Health and Life Insurance ExamFX Questions with Answers

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What is the purpose of the buyer's guide? A.To Allow the consumer to compare the costs of different policies B. To provide the name and address of the agent. C. to list all policy riders. D. To provide information about the policy. - A.To Allow the consumer to compare the costs of different ...

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Texas Group 1 Life and Health Insurance Section 2 Questions with Answers

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Viatical Settlements - A terminally ill policyowner sells his or her life insurance policy at a discount for cash to a third party. STOLI plans (Stranger originated life insurance) - a third party is involved who has no relation with the policy owner and initiates the purchase of the policy...

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Day 01: Texas PLE - Life and Health Insurance Xcel: Texas Pre-licensing Education (PLE) - Life and Health Insurance

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reserves - the accounting measurement of an insurer's future obligations to its policy holders stock companies - owned by stockholder, who get paid a share of the company's profit through dividends. NON_PAR mutual companies - no stockholders, policy holders own the company. get paid...

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Life Insurance Exam (Texas) Questions with 100% Verified Solutions

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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) insurable interest (General Concept) - - must exist at the time of the application - insuring one's ow...

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Texas Life and Health Section 2: Life Insurance Basics Questions with Answers

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Insurable Interest - An underwriting test for an application of insurance that demonstrates the person purchasing a policy has a legal interest in the continued longevity of the insured -In life insurance, the owner must have an insurable interest at the time of application (ex. spouse, parent...

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Texas General Lines - Life, accident and health insurance Practice Exam Questions and Answers

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1) Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-year-amortized $50,000 business-improvement loan. Which of the following plans would adequately protect Ms. Timms at the minimum premium outlay? A- $50,000 Whole Life policy B- $50,000 Level Term policy ...

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