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TEXAS LIFE AND HEALTH INSURANCE EXAM FX QUESTIONS AND DETAILED CORRECT ANSWERS | A+GRADE
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TEXAS LIFE AND HEALTH INSURANCE EXAM FX QUESTIONS AND DETAILED CORRECT ANSWERS | A+GRADE 2024- 2025
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TEXAS LIFE AND HEALTH INSURANCEEXAM FX QUESTIONS AND DETAILED
CORRECT ANSWERS | A+GRADE 2024-
2025
upon surrender of a life insurance policy, what portion of
the cash value will be taxed? Correct Answer only the
portion in excess of the premium paid
life insurance may be used to pay state inheritance taxes
and federal estate taxes eliminating the need to sell assets
from the estate. what is this called? Correct Answer estate
conservation
SIMPLE plans are available to groups of how many
employees? Correct Answer no more than 100
what type of policy is typically issued without proof of
insurability from the insured? Correct Answer group policy
what re the three types of social security benefits? Correct
Answer retirement, disability and survivors
what is the term used for a written request for an insurer to
issue an insurance contract based on the provided
information? Correct Answer application
,If an underwriter requires extensive information about the
applicant's medical history, what report will best serve this
purpose? Correct Answer attending physician's statement
what is the best way to make a change on an application
for insurance? Correct Answer Start over with a fresh
application
if an insurer decides to obtain medical information from
different sources in order to determine the insurability of
an applicant, who must be notified of the investigation?
Correct Answer the applicant
in health insurance, the policy itself and the insurance
application form what? Correct Answer the entire contract
whose responsibility is it to inform an applicant for health
insurance about the insurer's information gathering
practices? Correct Answer the agent
what information are the members of the medical
information bureau required to report? Correct Answer
adverse medical information about the applicants or
insured
if an agent makes a correction on the application for health
insurance, who must initial the Correct Answer? Correct
Answer the applicant
,when should an agent obtain a statement of good health
from the insured? Correct Answer when the premium was
paid upon policy delivery and not at the time of application
Who must sign a health insurance application? Correct
Answer The policyowner, the insured (if different), and the
agent
who is responsible for paying the cost of a medical
examination required in the process of underwriting?
Correct Answer insurer
What is the entire contract in health insurance
underwriting? Correct Answer the application and the
policy issued
in an annuity, the accumulated money is converted into a
stream of income during which phase? Correct Answer
annuitization period
what happens to the cash value when a whole life
insurance policy matures? Correct Answer Cash value is
paid to the policyowner
Regarding annuity payments, what is the difference
between the annuitant and the beneficiary of an annuity?
Correct Answer the annuitant receives payments from the
annuity during the annuitization period; the beneficiary
recieves benefits after the annuitants death.
, who recieves income payments from an annuity? Correct
Answer annuitant
the death protection component of a universal life policy is
expressed as what type of coverage? Correct Answer
annually renewable term
When would a 20-pay whole life policy endow? Correct
Answer When the insured reaches age 100
what are the death benefit option in universal life policies?
Correct Answer option a- level death benefit
option b- increasing death benefit
Mortality tables are used by insurance companies to
predict what? Correct Answer life expectancy and the
death rates for specific groups of individuals
What type of whole life insurance policy generates
immediate cash value? Correct Answer single premium
whole life
An annuity purchased with multiple payments that begins
income payments after one year from the moment of
purchase is known as what type of annuity? Correct
Answer flexible premium deffered annuity
who bears the investment risk in a fixed annuity? Correct
Answer the insurer
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